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What are the 4 P's of the marketing mix?
What are the 4 marketing concepts?
Important consumer distinction:
Segmentation, Targeting, and Positioning.
Consumer percieved value?
Benifits / Costs
Make and sell
- Market driven
- & market driving
Sense and respond
- Culture + strategy +
Phases of Strategic Marketing
- Planning Phase:
- -Define Mission
- -Evaluate Situation
- -Identify Oppurtunities
- Implementation Phase
- Implement marketing mix, allocate resources
- Control Phase
- Evaluate the performance of the marketing strategy
Developing a marketing plan
- Customer excellence, which focuses on retaining loyal customers and excellent customer service.
- Operational excellence through efficient operations and excellent supply chain management.
- Product excellence, or achieving high-quality products; effective branding and positioning are key.
Strengths – What are the firm’s strengths?
Weaknesses – What are the firm’s weaknesses?
Opportunities – What opportunities are present in the market?
Threats – What might threaten the firm’s position in the market?
The Marketing Plan
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