BU352 Chapter Notes - Chapter 2: Swot Analysis, Marketing Mix
Document Summary
Marketing strategy: identifies a firm"s target market(s), a related marketing mix the four ps, and the bases upon which the firm plans to build a sustainable competitive advantages. Sustainable competitive advantage: something the firm can persistently do better then its competitors that is not easily copied and thus can be maintained over a long period of time. Customer excellence: involves a focus on retaining loyal customers and excellent customer service. Operational excellence: involves a focus on efficient operations and excellent supply chain management. Product excellence: involves a focus on achieving high-quality products and effective branding and positioning. Locational excellence: involves a focus on a good physical location and internet presence. Planning phase: where marketing executives and other top managers define the mission and objectives of the business, and evaluate the situation by assessing how various players, both inside and outside the organization, affect the firm"s potential for success.
