About This Chapter
Strategic Planning for Marketing - Chapter Summary
This chapter makes it simple for you to understand all that's involved in strategic planning for marketing. Watch entertaining video lessons at your leisure to learn the strategies businesses use for marketing success. Review the basics of competition and specifics about products and promotion. In no time, you will be able to do the following:
- Describe competitive advantage and the importance of strategic marketing
- Share steps involved in developing a business mission statement
- Identify and describe components of SWOT
- List the sources of competitive advantage
- Explain ways to identify strategic alternatives in marketing
- Provide target market strategies
- Discuss product, place, price and promotion
The lessons in this chapter are available as videos and full transcripts. Watch the videos to boost your knowledge of strategic planning for marketing with help from fun visual and audio effects. Review the transcripts if you like to read your lessons or even print them to highlight key facts and take additional notes on paper. With each lesson is a short quiz you can take to assess your knowledge of this subject area. A chapter exam is also available to reinforce lesson concepts.
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 CPSM Exam Study Guide - Certified Professional Services Marketer course
- Marketing Research
- Demographics in Marketing Research
- Marketing Data Collection Techniques
- Marketing Data Analysis Techniques
- Marketing Planning
- Business & Client Development for Marketing
- Customer Experience & Satisfaction
- Methods of Assessing Customer Satisfaction
- Marketing Proposals
- Proposal Presentations
- Contracts & Proposal Tracking in Marketing
- Promotional Activity in Marketing
- Advertising in Marketing
- Management in Marketing
- Marketing Recruitment & Training
- Overview of Interpersonal Communication
- Group Dynamics & Team Building
- Organization Design & Structure
- Marketing Ethics & Regulation
- CPSM Exam Study Guide - Certified Professional Services Marketer Flashcards