About This Chapter
A competitive advantage is something every business wants to have when it comes to their marketing. In these lessons, you'll explore the different aspects of marketing and marketing development that lead to a competitive advantage for your business. You'll study why strategy is important and look at concepts, such as cost, products and promotion.
One of the most distinguishing aspects of a good business is a strong business plan. Acting as your business blueprint, your business plan allows you to project, develop and consider all of the aspects, roadblocks and other things that will affect your business. You'll learn how to develop a strong mission statement for your plan to give it a strong start.
Have you ever heard of the term SWOT? It is a marketing term that you will quickly become familiar with as you learn what it stands for and the different components that comprise it. You'll see how to fully use situation analysis in marketing through employing SWOT.
A deeper look into competitive advantage will allow you to study the different types of advantages your business may have. You'll discover how you may step ahead of the competition through cost, product, niche or sustainable advantages.
The lessons will go on to discuss how to identify strategic alternatives in marketing and the development of target market strategies. As you watch our video lessons, you'll also study the marketing mix. Get an explanation of product, place, price and promotion and how these things are all important to your marketing methods. Thanks for watching our videos!
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.
Earning College Credit
Did you know… We have over 200 college courses that prepare you to earn credit by exam that is accepted by over 1,500 colleges and universities. You can test out of the first two years of college and save thousands off your degree. Anyone can earn credit-by-exam regardless of age or education level.
To learn more, visit our Earning Credit Page
Transferring credit to the school of your choice
Not sure what college you want to attend yet? Study.com has thousands of articles about every imaginable degree, area of study and career path that can help you find the school that's right for you.
Other chapters within the Business 102: Principles of Marketing course
- Marketing Philosophies and Ethics
- The Marketing Environment
- International Marketplace
- Consumer Decision Making
- Business Marketing and Marketing Research
- Segmentation and Product Marketing
- Managing a Product and Retailing
- Services Marketing, Marketing Channels & Supply Chain Management
- Promotion, Advertising and Public Relations
- Selling and Pricing Strategy
- Studying for Business 102