MKT 305 Chapter Notes - Chapter 2.3: Marketing Mix, Competitive Advantage
MKT Chapter 2.3 Textbook Notes
Wednesday, August 29, 2018
9:17 AM
Breakthrough opportunities
-opportunities that help innovators develop hard to copy marketing strategies that are
profitable long-term
-not letting competitors imitate your product and share in the profits
Competitive advantage
-a firm has a marketing mix that the target market sees as better than a competitor's mix
S.W.O.T analysis
-identifies and lists the firms:
Strengths
Weaknesses
Opportunities
Threats
Differentiation
-the marketing mix is distinct from what is available from a competitor
Market penetration
-trying to increase sales of a firm's present products in its present markets
-probably through an aggressive marketing mix
Market development
-trying to increase sales by selling present products in new markets
Product development
-offering new or improved products for present markets
Diversification
-moving into totally different lines of business
-might be unfamiliar products, markets, or levels in the production-marketing system
