LO 2 1 Define a marketing strategy Chapter 2 Marketing Strategies and a Marketing Plan Marketing strategy identifies 1 a firms target markets 2 a related marketing mix its four Ps and 3 the bases on which the firm plans to build a sustainable competitive advantage o Sustainable competitive advantage an advantage over the competition that is not easily copied and maintained over a long period of time Four Macro strategies that focus to develop sustainable competitive advantage o Customer excellence retaining loyal customers excellect customer serv o Operational excellence achieved through efficient operations and excellent supply chain and human resource management o Product excellence products with high perceived value and effective positioning and branding o Locational excellence having a good physical location and internet presence LO 2 2 Describe the elements of a marketing plan Marketing plan a written document composed of an analysis of the current marketing situation opportunities threats and objectives specified in terms of the four Ps action programs projected pro forma income statements STEP ONE Define the business mission statement o A broad description of a firm s objectives and the scope of activities it plans to undertake What kind of business are we LO 2 3 Analyze marketing situation with SWOT STEP TWO Situational analysis SWOT LO 2 4 Describe how a firm decides which consumer markets to pursue STEP THREE Identify opportunities with STP o STP the process of segmentation targeting and positioning that firms use to identify and evaluate opportunities for increasing sales and profits o Marketin segment group of consumers who respond similiarly to a firm s marketing efforts o Targeting process of evaluating the attractiveness of various segments and then deciding which to pursue as a market o Positioning process of defining the marketing mix variables so that the target customers are clear distinctive desirable understanding of what the product does or represents in comparison with competitors o Four Ps Product Price Promotion Place LO 2 5 Outline the implementation of the marketing mix as means to increase customer value STEP FOUR Implement Marketing Mix STEP FIVE Evaluate performance using marketing metrics LO 2 6 Summarize portfolio analyses and its use to evaluate marketing performance Chapter 3 Social Media Describe the 4E framework of social media marketing Social media refers to content distributed through online and mobile technologies to facilitate interpersonal interactions Invention Mid to late 1990s Industrialization 2000 2006 Entrepreneurial 2007 now 4E Framework o EXCITE customers with relevant offers Mobile apps games FB Offers must be relevant o EDUCATE them about the offering Clear call to action draw customers through computers phones etc Blogs YouTube HubSpot o Help the EXPERIENCE the products direct or indirect o Give them the opportunity to ENGAGE with their social network LO 3 2 Understand the types of social media Blogging microblogging Social Network sites o Create EXCITEMENT o FB LinkedIn Google o Creators Gives new ways to post and share creative new ideas Social butterflies expand relationships Used social media to show how smart always on the go o Bonders o Professionals o Sharers Want to help others Media Sharing sites Thought Sharing o ENGAGE customers o Rely on capability to enable users to share content they generated o YouTube Instagram Flickr Tumblr etc o EDUCATING and ENGAGING o Blogs web page that has periodic posts o Corporate blog website created by company to educate customers o Professional blogs written by people who review and give recommendations on products and services o Personal blogs written by people for leisure reviews and recommendations for free o Micro blogs consists of short posts twitter LO 3 3 Understanding types of mobile Apps Mobile marketing useful in EXCITEMENT for 4E framework o Price Check apps o Fashion Apps o Location based gamified apps LO 3 4 Recognize and understand the three components of a social media strategy LISTEN ANALYZE o Companies can learn a lot by monitoring and listening to what their consumers say on their social media sites o Sentitment analysis technique that allows marketers to analyze data form sical media sites to collect consumer comments about companies and their products o Hits total requests for page o Bounce rate the percentage of times a visitor leaves a page almost immediately o Click path shows how users proceed through the info o Conversion rates percentage of consumers who buy or act after viewing o Keyword analysis evaluation of what words consumers use to search for products DO o 1 Identify strategy and goals o 2 Identify target audience o 3 Develop the campaign experiment and engage o 4 Develop the budget o 5 Monitor the change LO 3 5 Understand methods for marketing yourself using social media Social reach how many people a person influences Extended network total number of people a person or entity reaches or has Influence extenet to which a person influences followers influence on Chapter 15 Supply Chain and Channel Management LO 15 1 Understand the importance of marketing channels and supply chain mgmt Distribution center a facility for the receipt storage and redistribution of goods to company stores or customers LO 15 2 Understand the difference between direct and indirect marketing channels Direct there are no intermediaries C2C or manufacturer to customer Indirect one or more intermediaries LO 15 3 Describe how marketing channels are managed Vertical conflict members or the same channel for example wholesalers retailers and manufacturers are in disagreement Horizontal conflict members at the same level of marketing channel for example two competing retailers are in disagreement such as a price war Chapter 17 Integrated Marketing Communications LO 17 2 Explain the four steps in the AIDA Model There is not always a direct link between a particular marketing communication and a consumer s purchase Marketing communications move customers stepwise through a series of mental stages for which there are several models AIDA Model o Awareness leads to Brand awareness a potential customer s abilty to recognize or recall that the brand name is a type of retailer or product service Strength of the link between the brand and type of merchandise Aided Recall when consumers indicate they know the brand when the name is presented to them Top of Mind Awareness the highest level of