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Chapter 2

MKT 100 Chapter Notes - Chapter 2: Lee Valley Tools, Aquafina, Tim Hortons


Department
Marketing
Course Code
MKT 100
Professor
Paul Gillespie
Chapter
2

Page:
of 5
Markeng Chapter 2
(Developing Markeng Strategies and a Markeng Plan)
Marketing Strategy and Sustainable Competitive Advantage
Markeng Strategy 
 
 
  !"# !#! $$
Sustainable Compeve Advantage
o%!# &!'#! !!&#! 
#!$! !!(
o) *#! $$
+ %!
+ #!!&
+ %!#!
+ ,!&#!
Building a Sustainable Compeve Advantage/Developing Customer Value
oCustomer Excellence
+ -!&#!
)!!#" !## # !"!
!(!.
Example:,!&& !
+ !$##!$#
oOperaonal Excellence
+ )/#! !
!"! !$#!"!"+ ##
+ %! ! 
+ )# &#
+ 0$!#!#&"1"&"1
22!"$#!!(#! !.3!
!1!!$!#!1 !&(!$(&
#!.
+Example: &#(!*4 !$!
$#.5!##$$!&16!#! .
oProduct Excellence
+ 7 #$$
+ )8#$ !!
+Example: $.%!&!! !!!$
oLocaonal Excellence
+ #! $$!!#!#!&
 #
+Example:7!!%#$$! !#! $$
"!#!#!.$&/#(!#! !!
!!!!#!
Mulple Sources of Advantage
o5!$
o5!$#
o5!!
o9 #
o0!:2  !#!"! !!
oExample:;<9!!$#=!!$
The Marketing Plan
A markeng plan is a wrien document composed of an analysis of the current markeng situaon,
opportunies and threats for the rm, markeng objecves and strategy in terms of the 4 P’s, acon
programs and projected income or other nancial statements.
o !!&# !(1!(!"!!!! ."!
(!(!!  !!&#.
+ ) ;&!#1 8&(!!&
!#"!&(! !#>! !$
#!1 (#&(!##.
o)$"+# 2!! 1#!(&
#!&#.
3 phases of the markeng plan
 Planning Phase:;#$!! !
!?#$!(1$!&!"$! &1
!!!@!18# !##.
 Implementaon Phase:;(&$8
! !& !#!"!11 !!.
&$!  &(!.
 Control Phase:  !(#  !#"
$ (!#!(&&#&#!#$
#!.
Step 1: De+ne the Business Mission and Objecves
oMission statement:!# !!(!?#$#! !(#$
!>' !""!2!;& !(A
;!!!!##! !!?#$A
oExample:7!!B!!$ !2& !#
$#(!!#!#!! 1!$!
 .B$!!2&$&"!.
oExample (Non-Pro+t):7%!0!!!! !$!(
5& $#&(!!
!#1 !!!1$!##&.
+ !!#!! !!!8!
+ *!+ !!@!" #(&!+!&!?#$
Step 2: Conduct a Situaon Analysis (Using SWOT)
oSituaon Analysis:  >%;B&!
$!"!SW
$!!(O !T.
o%;B&#! $1!8!
.(! ! !"# !$
""! !$.
Step 3: Idenfy and Evaluate Opportunies by using STP
oSTP: !#!(!11 !!!(&
$! !(!# !.
o;%1$ #!! !1
"#!(!! !&#!"! !!
 !#$#!!(!#!.
oSegmentaon: !#!($!#! !(#!"
#$! 1"1!###"!(!
 # !#!$# #&(!"&.
oTargeng: !#!($'#$!($!
#"#! .
oPosioning:$!$ !#!($!
#!$#1#1!(" !#!!
 #! !"#!  !#
Step 4: Implement Markeng Mix and Allocate Resources
oProduct and Value Creaon
+ C#&!##!(& !#!!($1
' !$!  !#$##! #$$!!
&.
+Example:0!% &%!!#!8!!!#(! ! 
"!:#!8.
oPrice and Value for Money
+ D! #!$#! #$.