Chapter 2 Flashcards
Sustainable competitive advantage is not __________________ and can __________________ over time.
easily copied, be maintained
Four types of advantage=
customer excellence, operational excellence, product excellence, and locational excellence
Marketing Plan: Step One
1) Business mission statement/objective
Marketing Plan: Step Two
2) Situation Analysis (SWOT)
Marketing Plan: Step Three
3) Identify and evaluate opportunities using STP (segmentation, targeting, position)
Marketing Plan: Step Four
4) Implement the Marketing Mix (4P’s) and allocate resources
Marketing Plan: Step Five
5) Evaluate performance using marketing metrics
SWOT
Strengths, weaknesses, opportunities, and threats
Segmentation
Process of dividing market into groups of customers w/ diff. needs, wants, or characteristics- who therefore may appreciate products or services esp. geared towards them
Targeting
Firms evaluate each segments attractiveness and decide which to pursue (ex: Hertz cars targeting families b/c high value in SUV’s)
Positioning
Process of defining the marketing mix variables so that the target customers have clear, distinctive, desireable understanding of what the product does or represents in comparison w/ competing products
Current market/current product
Market penetration
Current market/new product
Product development
New market/current product
Market development
New market/new product
Diversification
