MKT 300 1st Edition Lecture 4Outline of Last Lecture I. Overview of Chapter One: What is Marketing?Outline of Current Lecture I. Sustainable Competitive AdvantageII. The Marketing PlanCurrent Lecture I. Sustainable Competitive Advantage: Point of Strategy is keeping….a. Operational Excellence: FedEx/UPSb. Customer Excellence: Amazon, ChickFilA, Southwest, Nordstromc. Product Excellence: Appled. Locational Excellence: McDonalds, ChickFilA, Starbucks, CVSIII. The Marketing Plana. Step One: Defining the Mission and/or Visioni. Who we are, values (Self-Assessment), What business are we in?ii. Ex: Subwayb. Step Two: Conduct a Situation Analysis using SWOTi. Strengths, Weaknesses, Opportunities, Threatsii. First two: inside companyiii. Second two: outside company (trends, economy, laws)iv. Video: Food Wars—Healthy snacks vs Junk Food1. Carrot vs. Cheetos2. More people shopping perimeter of grocery store—Campbell’s bought Bolthouse Farmsv. Video: Breakfast Wars—Taco Bell vs. McDonaldsc. Step Three: Identifying and Evaluating Opportunities Using STPi. Segmentation: Chopping up market into smaller pieces (gender, age, income)ii. Targeting: Target marketiii. Positioning: molding 4 P’s to target marketd. Step Four: Implement Marketing Mix and Allocate Resourcesi. Product and Value Creation1. Successful products and services are those that customers perceive as valuable enough to buyThese notes represent a detailed interpretation of the professor’s lecture. GradeBuddy is best used as a supplement to your own notes, not as a substitute.ii. Price and Value Capture1. Price must allow for customers to perceive good value for the product they receiveiii. Place and Value Delivery1. The product must be readily accessibleiv. Promotion and Value Communication1. Television, Radio, Magazinese. Step Five: Evaluate Performance and Make
View Full Document
Unlocking...