COMM 296 Chapter Notes - Chapter 2: Competitive Advantage, Marketing Strategy, Marketing Plan

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Published on 15 Jul 2016
COMM 296
COMM 296: Introduction to Marketing Jenny Tao
(1) Define a marketing strategy
- Marketing strategy: a firm’s target market, marketing mix, and method of
obtaining a sustainable competitive advantage
- Sustainable competitive advantage: something the firm can persistently do better
than its competitors (not easily covered)
- Four macro/overarching strategies of marketing mix to deliver value and
sustainable competitive advantage:
o Customer excellence: involves a focus on retaining loyal customers and
excellent customer service
Develop precise and clear positioning strategy
Create emotional attachment through loyalty programs
Earning good service reputation
o Operational excellence: involves a firm’s focus on efficient operations and
excellent supply chain management
Lower deliver cost means ensuring good value for customers, earn
profitability and satisfy customers
Strong vendor relationships can earn exclusive selling rights; obtain
special terms of purchase
Employees (HR) important in building customer loyalty
o Product excellence: involves a focus on achieving high-quality products;
effective branding and positioning is key
Provide products with high perceived value and effective branding
and positioning
o Locational excellence: a method of achieving excellence by having a strong
physical location and/or Internet presence
Important for retailers and service providers
(2) Describe the elements of a marketing plan
(3) Analyze a marketing situation using SWOT analyses
(4) Describe how a firm chooses which consumer group(s) to pursue with its marketing efforts
(5) Outline the implementation of the marketing mix as a means to increase customer value
(6) Summarize portfolio analysis and its use to evaluate marketing performance
- Marketing plan: a written document composed of an analysis of the current marketing
situation, opportunities and threats for the firm, marketing objectives and strategy
specified in terms of the marketing mix, action programs, and projected statements
- Stages of marketing plan:
o Planning phase
Step 1: Define Business Mission
Mission statement: broad description of firm’s objectives and
scope of activities it plans to understand (why types of
business are we? How to accomplish goals and objectives)
Step 2: Situation Analysis (SWOT)
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