[COMM 296] - Final Exam Guide - Ultimate 48 pages long Study Guide!

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Published on 29 Nov 2016
School
Department
Course
UBC
COMM 296
FINAL EXAM
STUDY GUIDE
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COMM296 - Chapter 2 - Developing Marketing Strategies/Marketing Plan
-Marketing Strategy
-Identifies a firm’s target market, marketing mix and method of obtaining a sustainable
competitive advantage.
-Sustainable Competitive Advantage = something firm can do better than its competition
for an extended period of time (hence sustained)
-Customer Excellence
-developed value based strategy for retaining loyal customers and provides out standing
customer services
-Retaining loyal customers
-view them as lifelong customers
-create segmentation or emotional attachment
-Provide excellent customer service
-ex. Lululemon ensures that customer clothing is backed by lifelong guarantee and allows
CSR to make judgement upon usage/wear when customers come to get something fixed
-Operation excellence
-firms focus on efficient operations and excellent supply chain management
-Product Excellence
-firms focus on high quality products meaning the brand and positioning are key
-Locational Excellence
-strong physical location and internet presences
Having multiple sources of advantage is a key to major success… in most markets a single
advantage is not enough. A firm must build a wall of multiple advantages for best success.
SWOT Analysis
-Scan of environment broken then into internal (Strength and Weakness) and external analysis
(broken into threats/opportunities)
Strength - resource/capabilities that can be used to develop competitive advantage. This
includes patents,brand name,good customer rep,exclusive access to high grade natural
resources or favourable access to distribution network.
Weakness - absence of certain strength
Opportunity - external environment analysis reveals new opportunities for profit or growth. This
would include unfulfilled customer need, arrival of new technology, loosening of regulations or
removal of the trade barriers.
Threats - change in external environment that presents a threat to firm. This includes shift in
consumer taste, new substitute, new regulations
Matrix
-S+O = pursue opportunity that are good company fit
-W+O = overcome weakness to pursue opportunity
-S+T = use firm strengths to reduce external threat vulnerability
-W+T = defensive plan to prevent firm weakness from making it high susceptible to external
threats
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Marketing Plan
1) Executive summary
-the high level summary of the marketing plan
2) The Challenge
-brief of marketing product and its associated goals
3) Situational Analysis
-Company analysis
-goals,focus,culture, strength, weakness, market share
-Customer analysis
-number,type,value drivers, decision process, concentration of customer base for particular
process
-Competitor Analysis
-market position,strength,weakness, market shares
-Collaborators
-subsidiaries, joint ventures, distribution
-Climate
-Macro-Environment (PEST)
-poli/legal environment
-economic environment
-social/cultural environment
-tech environment
-SWOT Analysis
4) Market Segmentation
-description of segment, % of sales, what the segment wants, how the segment uses the
product , support, how to reach the segment and the price sensitivity of segment
5) Alternative Marketing Strategy
-discontinue product, rebrand the product, position the product as premium
6) Selected Marketing Strategy
-Four P’s and Marketing Mix
-Product = brand name, quality of scope of product line ,warranty, packaging
-Price = Pricing Strategy - List price, discounts, bundling, payment term, financing and
leasing options
-Place = Distribution channels, motivation channels, evaluating distribution, locations,
logistics
-Promotion = Advertising, P.R, promo programs, budget, projected results
7) Short/Long term projections
-immediate effects, log term expectations and special actions
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