Ch 6: Strategic Planning for Marketing

About This Chapter

Review the engaging lessons in this chapter to boost your understanding of strategic planning for marketing. Explore concepts that include competitive advantage, the marketing mix and SWOT.

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.

7 Lessons in Chapter 6: Strategic Planning for Marketing
Test your knowledge with a 30-question chapter practice test
Competitive Advantage: The Importance of Strategic Marketing

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.

Business Plans: How to Develop a Business Mission Statement

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.

What is SWOT: Situation Analysis in Marketing

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.

Types of Competitive Advantage: Cost, Product, Niche & Sustainable Advantages

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.

How to Identify Strategic Alternatives in Marketing

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.

Target Market Strategies for Successful Business

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.

The Marketing Mix: Product, Place, Price & Promotion

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.

Chapter Practice Exam
Test your knowledge of this chapter with a 30 question practice chapter exam.
Not Taken
Practice Final Exam
Test your knowledge of the entire course with a 50 question practice final exam.
Not Taken

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