#2 Marketing Plan Flashcards
Steps to a MKT plan
(5)
- Business planning
- Situation Analysis
- Develop Strategy
- Implement Strategy
- Monitor and Control
**
1 Business Planning is…
Setting goals, vissions and missions
Mission and Vision statement
MISSION: purpose of the company.
VISSION: how they see themselves when they accomplished that purpose.
2 Situation Analysis is…
understanding the firm in the business enviornment
Understanding the situation is if…
I can control it or not
INTERNAL/EXTERNAL
SWOT ANALYSIS
Strenghts
INTERNAL
What are they good at
Weakness
INTERNAL
in what are they bad at
Opportunity
EXTERNAL
that might present
THREATHS
EXTERNAL
That might threath them
SWOT ANALYSIS tool…
use the tool to develop an strategy into the 4P’s
3 Develop strategy is…
align the 4P’s with STP
What is STP
Segmentation
Targeting
Positioning
What is a sustainable competitive advantage?
something the firm persistently do better than their competitors
the more you are better, the better, mejor en 2 q en 1
4 Implement Mkt mix
Implementing it in the 4P’s
5 Monitor and Control is…
Evaluating the performance
by using mkt metrics
Example of a Mkt Metric
Boston Consulting Group
Star product
high-growth markets and are high-market-share products
iphone
Cash cow product
low-growth markets but are high-market-share products
macbooks
Question mark product
high-growth markets but have relatively low market shares
apple play TV
Dog product
low-growth markets and have relatively low market shares
ipod music
Customer excellence focuses on…
retaining loyal customers and excellent customer service
Firms use ____ to build their sustainable competitive advantage
four macro strategies
customer, operational, product, locational EXCELLENCE
Locational excellence entails…
having a good physical location and Internet presence
Product excellence entails…
having products with high perceived value and effective branding and positioning
Operational excellence is achieved through…
efficient operations and excellent supply chain and human resource management
A marketing plan is composed of an analysis of…
- the current marketing situation
- its objectives
- the strategy for the four Ps
- appropriate financial statements.
Macro Strategies based on excellence
- customer
- operational
- product
- location
Customer excellence
retaining loyal customers
Anne H. vestidos de dama boda
Locational Excellence
good physical and internet presence
Tim Hortons
Operational Excellence
efficient operations system
Amazon prime
Product Excellence
best performing product
Luxury bags due to quality
