Management and Organizational Studies 2320A/B Chapter Notes - Chapter 2: Line Level, Operational Excellence, Financial Statement

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2320A/B
• Professor: Emily Chen- Bendle

Document Summary

A marketing strategy identifies: a firm"s target market(s, a related marketing mix (4 p"s, the basis upon which the firm plans to build a sustainable competitive advantage. Sustainable competitive advantage an advantage over the competition that is inimitable / not easily copied and thus can be maintained over a long period of time. Firms use four macro strategies to build their sustainable competitive advantage: Marketing plan a written document analyzing the current marketing situation (swot), marketing objectives and strategy for the 4 p"s, action programs, and projected financial statements. Effective marketers plan their strategies to react to changes in the environment, the competition, and their customers by creating a marketing plan. The three major phases of the marketing plan are planning, implementation, and control. A written marketing plan also provides a reference point for evaluating whether or not the firm met its objectives. The 5 steps of creating a market plan: business mission & objectives, situation analysis.