Chapter 2
implementation phase
marketing managers identify and evaluate different opportunities by engaging in a process known as segmentation, targeting, and positioning (STP) (step 3 of marketing plan)
loyalty is more than simply preferring to purchase from one firm instead of another. It means that...
customers are reluctant to patronize competing firms
locational excellence
having a good physical location and internet presence
product excellence
having products with high perceived value and effective branding and positioning
marketing strategy
identifies (1) a firm's target market(s), (2) a related marketing mix (its four Ps), and (3) the bases on which the firm plans to build a sustainable competitive advantage
Mission Stement
a broad description of a firm's objectives and the scope of activities it plans to undertake
4 macro strategies that focus on aspects of marketing mix
customer excellence, operational excellence, product excellence, and locational excellence
marketers also may build sustainable competitive advantage by offering excellent
customer service
planning phase
define the mission and/or vision of the business
firms that offer good customer service must..
instill its importance in their employees over a long period of time so that it becomes part of the organizational culture
3 major phases of the marketing plan
planning, implementation, control
customer service is
provided by employees, and, invariably, humans are less consistent than machines
Situation Analysis (SWOT)
strengths, weaknesses, opportunities, threats
Over time, advantages will erode because of these competitive forces, but by building high, thick walls, markerters can...
sustain their advantage, minimize competitive pressure, and boost profits for a longer time. thus, establishing a sustainable competitive advantage is key to long term financial performance
Disney's My Magic system enables
visitors to swipe the magic band wristbands to get on rides, make purchases, and open their hotel room door
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 four Ps, action programs, and projected or pro forma income (and other financial) statements.
A competitive advantage acts like
a wall that the firm has built around its position in a market. this wall makes it hard for outside competitors to contact customers inside - otherwise known as the marketer's target market
operational excellence
achieved through efficient operations and excellent supply chain and human resource management
sustainable competitive advantage
an advantage over the competition that is not easily copied and thus can be maintained over a long period of time
in a marketing plan, for the 2nd step they...
evaluate the situation by assesing how various players, both in and outside the organization, affect the firm's potential for success
customer excellence
focuses on retaining loyal customers and excellent customer service
A single strategy is...
not sufficient to build a sustainable competitive advantage
