About This Chapter
Below is a sample breakdown of the Competitive Advantage chapter into a 5-day school week. Based on the pace of your course, you may need to adapt the lesson plan to fit your needs.
|Day||Topics||Key Terms and Concepts Covered|
|Monday||Strategic marketing||Using strategic marketing to gain a competitive advantage|
|Tuesday||Business plans and SWOT analysis||Developing a missions statement; conducting a situation analysis using strengths, weaknesses, opportunities and threats|
|Wednesday||Competitive advantage options||Cost, product, niche and sustainable advantages|
|Thursday||Strategic alternatives||Market penetration, market development, product development and diversification|
|Friday||Target markets and the marketing mix||Identifying a target market strategy; the four Ps: product, place, promotion and price|
1. Competitive Advantage: The Importance of Strategic Marketing
Companies have many options when it comes to gaining market share and increasing profits. Learn about strategic marketing and the tools companies use to their advantage.
2. Business Plans: How to Develop a Business Mission Statement
Companies must develop an effective business mission statement in order to have an effective foundation for their marketing plan. This lesson explains what a mission statement is and the characteristics of a good business mission statement.
3. What is SWOT: Situation Analysis in Marketing
A successful business needs to know its capabilities as well as the marketplace in which it competes. In this video, learn how to define a mission statement and conduct a situational analysis.
4. Types of Competitive Advantage: Cost, Product, Niche & Sustainable Advantages
Companies need that special something to draw in new customers and keep them coming back. Learn about competitive advantage and the different ways a company can have it.
5. How to Identify Strategic Alternatives in Marketing
Marketing managers must decide the type of strategic alternative that will be undertaken for their marketing plan. Managers can choose from four options to increase sales and profits.
6. Target Market Strategies for Successful Business
If you've ever felt persuaded to buy an item by an ad, you've likely been defined as part of a target market. Though you may not know it, advertisements are created specifically for people similar to you. In this lesson, you'll learn how marketing firms identify a target market, create basic target market strategies and use a marketing mix for a product or service.
7. The Marketing Mix: Product, Place, Price & Promotion
A marketing plan is the central part of the overall marketing strategy. A marketing plan's main focus is the marketing mix, which consists of product, place, promotion and price decisions. All four elements are very flexible and have many options. The main purpose of the marketing mix is to effectively communicate with the target market.
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Other chapters within the Principles of Marketing Syllabus Resource & Lesson Plans course
- Marketing Philosophies & Ethics: Lesson Plans
- The Marketing Environment: Lesson Plans
- International Marketplace: Marketing Lesson Plans
- Consumer Decision Making: Marketing Lesson Plans
- Business Marketing & Research: Lesson Plans
- Segmentation & Product Marketing: Lesson Plans
- Managing a Product & Retailing: Marketing Lesson Plans
- Services Marketing, Channels & Supply Chain Management: Lesson Plans
- Promotion, Advertising & Public Relations: Marketing Lesson Plans
- Selling & Pricing Strategy: Marketing Lesson Plans