MKT 100 Study Guide - Final Guide: Swot Analysis, Marketing Mix, Pro Forma

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Fathima Saleem

Document Summary

A marketing strategy identifies a firm"s target market (s), a related marketing mix-the four. Ps and the bases upon which the firm plans to build a sustainable competitive advantage. Sustainable competitive advantage: an advantage over the competition that is not easily copied and thus can be maintained over a long period of time. The second step in a marketing plan, uses a. Step 3: identify and evaluate opportunities by using stp. Step 4: implement marketing mix and allocate resources. Marketers implement the marketing mix-4ps--for each product and service on the basis of what it believes its target market will value. At the same time, it makes important decisions about how it will allocate its scarce resources to its various products and services. Step 5: evaluate performance by using marketing metrics. Evaluating the results of the strategy and implementation program by using marketing metrics. A metric is a measuring system that quantifies , a trend, dynamic or characteristics.