Chapter 2: Developing marketing strategies and a marketing plan. When you finish this chapter, you should: Define a marketing strategy, describe the elements of a marketing plan, analyze a marketing situation using SWOT analysis, describe how a firm chooses which consumer group(s) to pursue with its marketing efforts, outline the implementation of the marketing mix as a means to increase customer value, summarize portfolio analysis and its use to evaluate marketing performance, describe how firms grow their business. | developing marketing strategies and a marketing plan two Copyright © 2015 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. 1 LEARNING OBJECTIVES LO 2-1 Define a marketing strategy. LO 2-2 Describe the elements of a marketing plan. LO 2-3 Analyze a marketing situation using SWOT analysis. LO 2-4 Describe how a firm chooses which consumer group(s) to pursue with its marketing efforts. LO 2-5 Outline the implementation of the marketing mix as a means to increase customer value. LO 2-6 Summarize portfolio analysis and its use to evaluate marketing performance. LO 2-7 Describe how firms grow their business. 2 Customer Excellence Courtesy Lufthansa USA. 3 Operational Excellence Efficient operations Excellent supply chain management Roger Tully/Stone/Getty Images 4 Product Excellence Courtesy Bridgestone Americas, Inc 5 Locational Excellence Many say “The three most important things in retailing are | developing marketing strategies and a marketing plan two Copyright © 2015 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. 1 LEARNING OBJECTIVES LO 2-1 Define a marketing strategy. LO 2-2 Describe the elements of a marketing plan. LO 2-3 Analyze a marketing situation using SWOT analysis. LO 2-4 Describe how a firm chooses which consumer group(s) to pursue with its marketing efforts. LO 2-5 Outline the implementation of the marketing mix as a means to increase customer value. LO 2-6 Summarize portfolio analysis and its use to evaluate marketing performance. LO 2-7 Describe how firms grow their business. 2 Customer Excellence Courtesy Lufthansa USA. 3 Operational Excellence Efficient operations Excellent supply chain management Roger Tully/Stone/Getty Images 4 Product Excellence Courtesy Bridgestone Americas, Inc 5 Locational Excellence Many say “The three most important things in retailing are location, location, location.” Photo by Tim Boyle/Getty Images 6 What are the various components of a marketing strategy? List the four macro strategies that can help a firm develop a sustainable competitive advantage. The Marketing Plan Planning Phase Implementation Phase Control Phase Step 1: Business mission & objectives Step 2: Situation analysis SWOT Step 5: Evaluate performance using marketing metrics Step 3: Identify opportunities Segmentation Targeting Positioning Step 4: Implement marketing mix Product Price Place Promotion Marketing strategy 8 Three Phases of a Strategic Plan Ryan McVay/Getty Images Comstock Images/Almay Getty Images/Digital Vision 9 Step 1: Define the Business Mission MADD mission statement: MADD strives to stop drunk driving, support the victims of this violent crime and prevent underage drinking. 10 Step 2: Conduct a Situation Analysis Strengths Strong brand Strong celebrity endorsers Innovative products Strengths Strong brand Portfolio of brands Strong .
