What is a Marketing Strategy?
• A Marketing Strategy identifies a firms target market(s), a
related marketing mix (the 4 Ps), and the bases on which the
firm plans to build a sustainable competitive advantage
What are some
◦ (1) Bounty using life sized spills to
promote their strong paper towel
◦ (2) Loyalty Programs like the way
Starbucks that offers promotions on
the value of your loyalty to the
4 Key Macros
• Customer Excellence: Focuses on retaining loyal customers and excellent customer
• OperationalExcellence: Achieved through efficient operations and excellent
supply chain and humanresources management
• Product Excellence: Having products with high perceived value and effective
branding and positioning
• Locational Excellence: Having a good physical location and Internet presence.
Customer excellenceis achieved when a firm develops value-based
strategiesfor retaining loyalcustomersand providesoutstanding
A companywould need a great product that’shigh quality,
consumer and sometimesenvironmentallyfriendly, and incentive
programsthat offer one to keep buying from the samecompany
This is the second way to achieve a
sustainable competitive advantage
through efficient operations, excellent supply
chain management, and a strong relationship
◦ Sustainable competitive advantage:
advantage over the competition that is not so
easily copied and can be maintained over a
period of time.
The third way to achieve sustainable advantage
occurs by providing products with high perceived
value and effective branding and positioning.
Many firms have difficulty developing a competitive
advantage through their merchandise and service
offerings, especially if competitors can deliver a
similar products or services easily.
Particularly important for retailers and service
products. The three most important thing to
retailing is location, location, location.
Picture 4 shown to the left shows all the
Starbucks coffee locations in New York, New
York. Location Location. Notice how they
dominate the lower Manhattan area. That many
locations causes the market to focus on
Starbucks while the rest of the coffee shops get
lost behind all the Starbucks stores on every
The Marketing Plan
◦ PlanningPhase is step 1 in which marketing executives in conjunctionwith other
top managers define the missionand or vision for the business.
◦ Implantation Phase the second step marketing managers identify and evaluate
different opportunities by engaging in a process known as segmentation,targeting,
◦ Step 3 they are responsiblefor implementing the marketing mix using the 4 Ps.
◦ Control Phase this phase entails evaluating the performance of the marketing
strategy using marketing metrics and taking any necessary corrective actions.
◦ Lastly step 5 is to evaluate the entire process.
Create a Mission Statement which is a
broad description of a firms objectives.
At IKEA our vision is to create a
better everyday life for the many
people. Our business idea supports
this vision by offering a wide range
of well-designed,functional home
furnishing products at prices so low
that as many people as possiblewill
be able to afford them.
◦ After developing a missiona firm would
use SWOT analysis that asses both the
internal environment with regards to its
Step 3: Identify and Evaluate
divides the marketplace
by the firm into
which of those
segments it should
how the product should
be positioned to best
meet the needs of those
◦ When the firm has identified and evaluated
different growth opportunities by
performing STP analysis. Marketers
implement the actual marketing-mix
product, price, place, and promotionfor
each product and service on the basis of
what they believe their target market value
◦ The final step is to evaluate the results of
the strategy and implantationprogram
using marketing metrics.
◦ A metric is a measuring system that
qualifies a trend, dynamic, or
◦ The final step is for understanding the
causes of the performance regardless of
whether that performanceexceeded met
or fell below established goals enables
firms to make appropriate adjustments.
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