ECON344 Chapter Notes - Chapter 2: Human Resource Management, Swot Analysis, Pro Forma

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CHAPTER 2 Developing Marketing Strategies and a Marketing Plan
BU 352 Spring 2016
MARKETING STRATEGY: (1) Target market (2) Marketing Mix, 4Ps (3) bases of sustainable competitive advantage
4 Ways of delivering Customer Value:
1. Customer: retain loyal customers and provide excellent service
2. Operational: excellent supply chain and human resource management
3. Product: highly perceived value and branding
4. Locational: best physical location as well as internet presence.
MARKETING PLAN: composed of an analysis of the current marketing situation, opportunities and threats for the firm,
marketing objectives and strategy specified in terms of the four Ps, action programs, and projected or pro forma income
statements. The three major phases: planning, implementation, and control.
1. Define a mission statement
2. Conduct SWOT analysis
3. STP
a. define distinct segments
b. pick a target segment
c. position define 4 Ps
4. Implement the 4 Ps
5. Evaluate Performance
Market Penetration: Use the existing market and
product, but build on those customers
Market Development: Enter a new market with the
same product
Product Development: With the same target market,
create a new product for it
Diversification: new market and new product
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