BU352 Chapter Notes - Chapter 2: Market Segmentation, Operational Excellence, Marketing Mix
Document Summary
Chapter 2: developing marketing strategies and a marketing plan. A related marketing mix- the four p"s. The bases upon which the firm plans to build a sustainable competitive advantage which is an advantage over the competition that is not easily copied and thus can be maintained over a long period of time. Hrm: product excellence: having products w/ high perceived value and effective branding and positioning, locational excellence: having a good physical location and internet presence. A written document analyzing the current market situation (swot), marketing objectives and strategy for the four p"s, action programs, and projected financial statements. Step 1: define the business mission and objections. Another key goal or objective often embedded in a mission statement is how the firm is building a sustainable competitive advantage. After developing its mission, a firm must then perform a situation analysis using a swot analysis assessing both the internal and external.
