developing marketing strategy and plan Flashcards
What does marketing strategy consist of?
- target market
- marketing mix
- sustainable competitive advantage
how to achieve sustainable competitive advantage
- customer excellence
- product excellence
- locational excellence
- operational excellence
What is customer excellence?
good customer service to retain customer loyalty
What is operational excellence?
improving organization’s processes to achieve efficiency
What is product excellence?
high-quality products that provide significant value to customers. it focuses on innovation, investment, and development
What is locational excellence?
strategic location, one of a kind
what is marketing plan?
written statement that involves swot, target audience, mission, and vision
what is vision?
long term
what is mission?
overall purpose
What are the phases of the marketing plan?
- planning
- implementation
- control
what are the steps in planning
- identify business mission and objectives
- conduct situational analysis (swot)
What are the steps in implementation?
- identify opportunities using STP
- implement marketing mix
What are the steps in control?
evaluate performance using marketing metrics
growth strategies
- market penetration
- market development
- product development
- diversification
What is market penetration?
-increasing sales of existing product
-same product and same audience
-create offers
What is market development?
-same product and new audience
-Create more branches
What is product development?
new product but same audience
What is diversification? and types
new product in new market
related: remain in familiar market
unrelated: no previous market experience
what is portfolio analysis?
tool to assess and prioritize different products
what is star
high market share, high growth market
what is cash cow
high market share, low growth market
what is question mark
low market share, high growth market
what is dog
low market share, low market growth
example of customer excellence
Ritz empowers employees by giving them 2000 dollars to solve customer problems without asking manager