4Ps
What are the 4ps?
Price, Place, Promotion, Product
A written document composed of an analysis of the current marketing situation, opportunities and threats for the firm, marketing objectives and strategy specified in terms of the four Ps, action programs, and projected or pro forma income (and other financial) statements.
marketing plan
What does SWOT stand for?
Strengths, weaknesses, opportunities, threats
retaining customer loyalty, excellent customer service
customer excellence
_____ ______ identifies a firm's target market, a related marketing mix, and the basis on which the firm plans to build a competitive advantage
Marketing strategy
This term refers to both goods and services
Product
The part of the strategic marketing planning process when marketing executives, in conjunction with other top managers, (1) define the mission or vision of the business and (2) evaluate the situation by assessing how various players, both inside and outside the organization, affect the firm’s potential for success.
planning phase
What are the two internal factors
strengths and weaknesses
involved a firm's focus on excellent supply chain management, and efficient transportation
Operational Excellence
something a firm can persistently do better than its competators
Sustainable Competitive Advantage
This "P" deals with getting the product to the customer
Place
What two steps are in the implementation phase?
Step 3 (Identify and evaluate opportunities) and Step 4 (Implement Marketing mix and allocate resources)
You ask these questions during what section?
• What are our advantages?
• What do we do well (what is our expertise)?
• What are our assets?
• What resources do we have access to?
• Where are we making money
Determining strengths
involves a focus on achieving high quality, effective branding, and positioning is key
Product Excellence
What do Porter’s 5 Forces include?
Supplier power
Threat of new entrants
Buyer power
Degree of rivalry
Threat of substitutes
This "P" deals with getting information about the product to customers
Promotion
Segmentation, targeting, and positioning are apart of what stage?
Step 3: Identifying and Evaluate Opportunities using STP
What are the two external factors
opportunities and threats
A method of achieving excellence by having a strong physical location and/or internet presence
A market __________ growth strategy focuses on increasing sales of the firm's current products to its current target markets.
Penetration
In order for the ______ ____ to work properly, all 4Ps must be identified properly.
Marketing Mix
Control phase
what is an opportunity for Starbucks?
- Expansion in to new markets
- Technological advances
- New way of distribution
- Expanding the Product Mix/Offerings
The 4 marco strategies develop ____ ______
customer value
In which type of diversification strategy does a firm enter into an entirely new business?
Unrelated