MKT 201 Lecture Notes - Lecture 2: Competitive Advantage, Human Resource Management, Operational Excellence
Document Summary
A marketing strategy identifies (1) a firm"s target markets(s), (2) a related marketing mix the four ps and (3) the bases upon which the firm plans to build a sustainable competitive advantage. Firms use four macrostrategies to build their sustainable competitive advantage. Customer excellence focuses on retaining loyal customers and excellent customer service. Operational excellence is achieved through efficient operations and excellent supply chain and human resource management. Product excellence entails having products with high perceived value and effective branding and positioning. Finally, locational excellence entails having a good physical location and internet presence. A marketing plan is composed of an analysis of the current marketing situation, its objectives, the firm"s strategy for the four ps, an analysis of opportunities and threats, and appropriate financial statements. A marketing plan represents the output of a three-phase process: planning, implementation, and control. The planning phase requires that managers define the firm"s mission and vision and assess the firm"s current situation.
