ch.1-2

Question 1

What is the marketing strategy

Answer 1

Identifies:

• a firm’s target market
• A related marketing mix
• The bases upon which the firm plans to build a sustainable competitive advantage.

Question 2

Sustainable competitive advantage

Answer 2

• something that we can do that others can’t

- dissuade competitors to enter the market

Question 3

Examples of sustainable competitive advange

Answer 3

-strong brand
-innovative capabilities
- extensive distribution network
loyal costumers

Question 4

customer value

Answer 4

• customer excellence
• operational excellence
• product excellence
• locational excellence

Question 5

customer excellence

Answer 5

• customers are loyal
• we can change the price and they’ll be loyal
• use data to find out likes and dislikes
• introduce new products easily

Question 6

operational excellence

Answer 6

costumers get hat they want when they want it at a lower cost than our customers

• strong supplier relationship
• excellent supply chain management

Question 7

product excellence

Answer 7

high perceived value

effective branding and positioning

Question 8

location excellence

Answer 8

depending on your location, you can have a lot of success. easy for customers to get.

Question 9

5 steps of marketing plan

Answer 9

1. define business objectives
2. conduct a situation analysis (SWOT)
3. Identify and evaluate opportunities by STP(segmentation, targeting, positioning)
4. Implement marketing mix and allocate resources
5. Evaluate performance by using marketing metrics