Within the text the marketing plan elements are discussed in debt and explains how a strategic plan can help protect and grow the firms resources. We dive further into how to fully execute a companies mission statement and discuss the importance of strategic planning and having a competitive advantage.
Strategic Planning is the managerial process of creating and maintaining a fit between the organizations objectives and resources and the evolving market opportunities.
A Competitive Advantage is a set of unique features of a company and its products that are perceived by the target market as significant and superior to the competition. It is a factor or factors that causes customers to patronized a firm and not the competition. There are three types of competitive advantage. These different types are cost, product/service differentiation, and niche.
Companies like Chipotle Mexican Grill have a diverse menu that caters to the needs and wants of the consumer. Many customers love chipotles diverse menu options that let the consumer mix and match thier meals to their liking. This comes in handy especially for when it comes to respecting cultures around the world for example some consumers do not eat pork due to relgious reasons. This is an advantage that chipotle has against its competitors, the option to choose what meat or form of meal the consumer prefers.
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