Management and Organizational Studies 2320A/B Chapter Notes - Chapter 2: Strategic Business Unit, Swot Analysis, Competitive Advantage

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2320A/B
• Professor: Alex Mc Dougall

Document Summary

What is a marketing strategy: marketing strategy: identifies a firms target market, a related marketing mix- the four. Product excellence: high perceived value and effective branding and positioning, positioning their product or service by using a clear, distinctive brand image; and constantly reinforcing that image through their merchandise, service, and promotion. Multiple sources of advantage: a single strategy is not sufficient to build a sustainable competitive advantage. Step 2: conduct a situation analysis: swot analysis: asses both internal environmental with regarded to strengths and. Weaknesses and external such as opportunities and threats: asses opportunities and uncertainaties due to changes in cultural, demographic, social, Targeting: target marketing/ targeting: the process of evaluating the attractiveness of various segments and then deciding which to pursue as a market. Step 4: implementing marketing mix and allocate resources. Product and value creation: firms attempt to develop products and services that customer perceive as valuable enough to buy.