MKT 100 Lecture Notes - Lecture 2: Boston Consulting Group, Competitive Advantage, Quora

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Fathima Saleem

Document Summary

*metrics quiz opens up at 4pm after class* Make sure your strengths, weaknesses, etc. tie into making the decision, not random. Chapter 2: developing marketing strategies & marketing plans. A related marketing mix- the four p"s. Once you have a strategy in place, it can help you achieve a sustainable competitive advantage. Sustainable competitive advantage: something the firm can persistently do better than its competitors, that is not easily copied and thus can be maintained over a long period of time. You have to improvise and find better ways to implement the four p"s. By having metrics in place, we find out what works and what doesn"t work. Division planning (applies only to large firms with more than 1 distinct line of business. Define the company"s mission, set company"s goals, and establish the business portfolio. Set goals and establish portfolio of products and markets for the business unit. Develop marketing plans for specific products, brands, or markets.