A marketing strategy is the actions a firm intends to implement to appeal to potential customers. A successful strategy identifies $(1)$ a firm's target markets, $(2)$ a related marketing mix$$its four Ps$,$ and $(3)$ the basis on which the firm plans to build a sustainable competitive advantage. This activity is important because marketing managers must understand how to implement a successful marketing strategy. Home Shopping Network $($HSN$)$ is one example of a firm that has very successfully implemented its strategy using multichannel marketing efforts. HSN continually monitors opportunities and threats and reevaluates its strategies in response to these.

HSN is a $$2\mathrm{.}8$ billion multichannel retailer, using television, e$-$commerce, m$-$commerce, catalogs, and brick and mortar stores. It has even recently launched apps for all major smartphones. HSN currently reaches $90$ million homes, $24$ hours a day, $7$ days a week, $365$ days a year. Managing its marketing efforts and staying on top of the competition require careful and ongoing strategic planning and implementation. The goal of this activity is for you to identify the different components of a marketing strategy. HSN created product value by having

Multiple Choice

catalog sales.

award

$-$

winning ads.

exclusive designer agreements.

discount prices.

good retail locations.