MKTG 3104 Chapter Notes - Chapter 2: Competitive Advantage, Marketing Plan, Operational Excellence
Document Summary
But, by building high, thick walls, marketers can sustain their advantage, minimize competitive pressure, and boost profits for a longer time. Mission statement a broad description of a firm"s objectives and the scope of activities it plans to undertake. Swot is strengths, weaknesses, opportunities and threats: implementation phase. Step 3: identify opportunities [segmentation, targeting, positioning (spt)] Market segment consists of consumers who respond similarly to a firm"s marketing efforts. Market segmentation is the process of dividing the market into groups of customers with different needs, wants or characteristics. Target marketing is evaluating each segment"s attractiveness and decides which to pursue. Market positioning involves the process of defining the marketing mix variables so that target customers have a clear understanding of what the product does or represents when compared to competing products. Step 4: implement marketing mix [product, price, place, promotion] Integrated marketing communications encompasses a variety of communication disciplines to provide clarity and consistency: control phase.
