Chapter 2
Marketing Strategies and Planning
By Boundless
Competitive advantage is gained when a firm acquires attributes that allow it to perform at a higher level than others in the same industry.
Obtaining customer feedback to ensure customer satisfaction and loyalty is essential to any marketing plan or strategic planning process.
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A strategic business unit is a semi-autonomous corporate unit that focuses on a product offering and market segment.
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One of the main goals of marketing planning and strategy is to produce multiple sources of competitive advantage in the marketplace.
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The Ansoff Opportunity Matrix describes a company's possible growth opportunities with current as well as new markets and products.
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The purpose of the BCG Matrix is to determine investment priorities for a company with a portfolio of products/BUs.
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The GE / McKinsey matrix is a model used to assess the strength of a strategic business unit (SBU) of a corporation.
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A marketing plan details actions necessary to achieve one or more specified objectives essential to selling a product or service.
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A marketing plan has a strong impact on the internal operations of an organization.
A marketing plan's elements may vary based on the organization and its industry, but readers still expect to see certain common elements.
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A formal marketing plan provides a clear reference point for activities throughout the planning period.
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An organizational vision should be made up of two fundamental components: a core ideology and an envisioned future.
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When defining a mission statement, remember that a mission statement answers the question, "Why do we exist? ".
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Managers can use various methods of analysis to understand the firm's own capabilities, customers, and business environment.
The marketing objectives must be based on the company's financial objectives.
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There are five steps you can follow to define your target market and become positioned to reach your potential customers.
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By profiling customers and determining goals and tactics, you can create a marketing mix that will help you succeed in building a strong customer base.
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To ensure that the marketing programs reach the objectives, marketers must focus on how to best implement the chosen strategy.