Marketing Chapter 2 Part 2 – Flashcards
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Small business saying "locally owned" is an example of
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Positioning strategy
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When discussing the marketing planning process, STP stands for
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Segmentation, targeting and positioning
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Additional investment to create more opportunities for students to find jobs is related to
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product value
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Idea of value based marketing requires firms to charge a price that
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Captures the value customers perceive that they are receiving. Value based marketing=customers perceived value
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Ebooks create what value since they can be downloaded anywhere
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Place value creation. Getting customers products when and where they need them
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In value based marketing promotion communicates what
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the value proposition to customers through a variety of media
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Ads in search engines are an example of what 4 p
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promotion
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"thats great lets keep doing what were doing" ignores what step of the marketing planning process
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Evaluate performance
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First objective of the evaluate performance phase of marketing planning process is to
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review implementation programs and results using metrics.
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Starting point for evaluating performance is
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compare goals to actual performance and for any goals not met to review implementation programs looking for explanations
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Attempt to determine why performance of diff units varied and whether the variation
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was due to internal or external factors
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Understanding the causes of performance regardless of whether that performance exceeded met or fell below the firms goals
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enables firms to make appropriate adjustments
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once the causes of above or below goal performance are understood
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firms can decide how the marketing plan should be adjusted
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After conducting STP analysis and developing strategies for each of the four p's she now has to make what decisions
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resource allocation. She has chosen a target market, determined positioning strategies and developed marketing mixes. She now has to consider available resources and determine how they will be allocated across the different options available for implementation
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In most companies, portfolio management is typically done at the SBU or ___ level of the firm
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product line.
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A ___ is a group of products that consumers may use together or perceive as similar in some wat
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product line
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relative share of a market is
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determined by comparing its market share to market shares of competitors
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To determine how attractive a particular market is using bcg portfolio analysis, market growth rate is established as one axis
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BGC matrix uses market growth rate on one axis and relative market share on the other
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In BCG portfolio analysis, products in low growth markets that have received heavy investment and now have excess funds available to support other products are called
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Cash cows. High relative market share in low growth market. Generates excess cash that can support other product lines
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High relative market share in high growth market
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Star
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A dog should be phased out unless its
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complementing or boosting the sales of another product
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Strategic marketing planning process is
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Not always sequential
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What are the 4 major growth strategies marketers typically use
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Market penetration, market development, product development and diversification
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Product development strategy
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Firms develop new products for their existing customers
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Market penetration strategy
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Sell more of her current products to current customers
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Market development strateg
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Employs the existing marketing offering to reach new market segments
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Selling books to us usually and wanting to sell international
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Market development growth strategy
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Existing product to new customers
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Market development strategy
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Expanding into international markets is generally
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more risky than expansion in domestic markets
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Selling more existing services to existing customers is a
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market penetration grwoht strategy
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Sell new things to current customers
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Product development strategy
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Introducing newly developed products or services to a market segment the company is not currently serving is called
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Diversification
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What is the third step in the marketing planning process
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identify opportunities
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Marketing planning process steps
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Define business mission, situation analysis, identify opportunities, implement marketing mix and allocate resources and evaluate performance
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After defining a business mission what should a firm do next to develop a marketing plan
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perform a situation analysis
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Best way to build a sustainable competitive advantage using product excellence
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positioning the product using a clear distinctive brand image
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Implementation phase
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marketing managers identify and evaluate different opportunities by engaging in segmentation, targeting and positioning (STP)(step 3)
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CDSTEP
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Cultural demographic social technological economic and political forces
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Question mark
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High growth market but low market share
