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a firm's target market, marketing mix (four P's), and method of obtaining a sustainable competitive advantage

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marketing strategy

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Something the firm can persistently do better than its competitors

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Sustainable competitive advantage

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an advantage over the competition that is not easily copied and thus can be maintained over a long period of time

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Sustainable competitive advantage

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a competitive advantage acts like a

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wall that the firm has built around its position in a market.

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establishing a sustainable competitive advantage is key to

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long term financial performance

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There are four macro, or overarching, strategies that focus on aspects of the marketing mix to create and deliver value and develop sustainable competitive advantages

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1) Customer Excellence 2) operational excellence 3) product excellence 4) Locational excellence

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focuses on retaining loyal customers and excellent customer service

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customer excellence

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Achieved through efficient operations and excellent supply chain and human resource management

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operational excellence

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Having products with high perceived value and effective branding and positioning.

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product excellence

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Having a good physical location and internet presence

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Locational excellence

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achieved when a firm develops value based strategies for retaining loyal customers and provides outstanding customer service

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customer excellence

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Methods of developing customer loyalty to achieve customer excellence

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1) developing a clear and precise positioning strategy 2) creating an emotional attachment through loyalty programs 3) Implement special retention programs to keep customers

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Marketers may build competitive advantage by

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offering excellent customer service.

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involves a firms focus on efficient operations and excellent supply chain management

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operational excellence

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achieved through efficient operations, excellent supply chain management, and strong relationships with their suppliers

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operational excellence

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Firms with strong relationships may gain exclusive rights to

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(1) sell merchandise in a particular region (2) obtain special terms of purchase that are not available to competitors (3) receive popular merchandise that may be in short supply

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involves focusing on achieving high quality products; effective branding and positioning is key

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Product excellence

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in what type of excellence is branding and positioning key?

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Product Excellence

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occurs by providing products with high perceived value and effective branding and positioning.

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product excellence

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A method of achieving excellence by having a strong physical location and or internet presence.

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location

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is particularly important for retailers and service providers

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location

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A written document composed of an analysis of the current marketing situation, opportunities and threats for the firm, marketing objectives and strategy specified in terms of the four P's, action programs, and projected or pro forma income statements

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marketing plan

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the three major phases of the marketing plan are

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planning, implementation, contorl

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A Written marketing plan involves five steps

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1) Business mission and objectives 2) Situation analysis (SWOT) 3) Identify opportunities ( Segmentation, Targeting, Positioning) 4) Implement marketing mix (Product, Price, place, promotion) 5) Evaluate performance using marketing metrics

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What steps of a marketing plan are in the planning phase?

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1) Business mission and objectives 2) Situation analysis (SWOT)

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What steps of a marketing plan are in the implemention phase?

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3) Identify opportunities ( Segmentation, Targeting, Positioning) 4) Implement marketing mix (Product, Price, place, promotion)

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What steps of a marketing plan are in the control phase?

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5) Evaluate performance using marketing metrics

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The part of the strategic marketing planning process when marketing executives, in conjunction with other top managers, (1) Define the mission or vision of the business and (2) Evaluate the situation by assessing how various players, both in and outside the organization, affect the firm's potential for success

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planning phase

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The part of the strategic marketing planning process when marketing managers (1) Identify and evaluate different opportunities by engaging in segmentation, targeting, and positioning and (2) Implement the marketing mix using the four P's

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implementation phase

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The part of the strategic marketing planning process when managers evaluate the performance of the marketing strategy and take any necessary corrective actions

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control phase

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Can you skip steps in the marketing process?

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yes

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A broad description of a firm's objectives and the scope of activities it plans to undertake; attempts to answer two main questions: (1) What type of business is it (2) What does it need to do to accomplish its goals and objectives?

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mission statements

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What does a mission statement ask?

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1) What type of business is it 2) What does it need to do to accomplish its goal and objectives

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you have to look at the external environment in response to

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opportunities and threats

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you have to look to your internal environment for your

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strengths and weaknesses

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a swat analysis should asses the opportunities and uncertainties of the marketplace due to changes in

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1) cultural 2) Demographic 3) Social 4) technological 5) Economic 6) political forces

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with a SWAT analysis firms can

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anticipate and interpret change

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positive internal attributes of the firm

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strengths

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negative attributes of the firm

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weaknesses

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negative aspects of the company's external environment

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threats

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positive aspects of the external environment

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opportunities

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the processes of segmentation, targeting, and positioning that firms use to identify and evaluate opportunities for increasing sales and profits

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STP: segmentation, targeting, and positioning

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: the firm first divides the marketplace into subgroups or segments, then determines which of those segments it should pursue or target, and finally decides how it should position its products and services to meet the needs of those chosen targets best.

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STP process

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A group of consumers who respond similarly to a firm's marketing efforts

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market segment

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The process of dividing the market into groups of customers with different needs, wants, or characteristics---who therefore might appreciate products or services geared especially for them.

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market segmentation

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After a firm has identified the various market segments it might pursue, it evaluates each segment's attractiveness and decides which to pursue using a process known as

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target marketing or targeting.

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the process of evaluating the attractiveness of various segments and then deciding which to pursue as a market

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target marketing or targeting.

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involves the process of defining the marketing mix variables so that target customers have a clear, distinctive, desirable understanding of what the product does or represents in comparison with competing products

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Market positioning

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anything that is of value to a consumer and can be offered through a voluntary exchange

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product

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products include

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services

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requires firms to charge a price that customers perceive as giving them a good value for the product they receive

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value based marketing

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make the product or service readily accessible when and where the customer wants it.

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place

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Marketers communicate the value of their offering, or the value proposition to their customers through a variety of media including television, radio, magazines, sales forces, and the internet.

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promotion

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a measuring system that quantifies a trend, dynamic, or characteristic

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metric

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At each level of an organization, the ___ ___ and its ____ should be help accoutnable only for the revenues, expenses, and profits that they can control

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business unit and its manager

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some commonly used metrics to assess performance include

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revenues, sales, profits

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performance evaluations are used to pinpoint

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problem areas

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the metrics used to evaluate a firm depend on

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1) The level of organization at which the decision is made 2) the resources the manager controls

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management evaluates firm's various products and businesses-its portfolio- and allocates resources according to which products are expected to be the most profitable for the firm in the future

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portfolio analysis

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generally performed at the strategic business unit or product line level of the firm

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portfolio analysis

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A Division of the firm itself that can be managed and operated somewhat independently from other divisions and may have a different mission or objectives

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strategic business unit

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groups of associated items, such as those that consumers use together or tnhink of as part of a group of similar products

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product lines

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Percentage of a market accounted for by a specific entity

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market share

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High Market Growth rate, High Relative Market Share

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star

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Low Market Growth rate, high relative market share

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cash cow

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Low Relative Market Share, High growth rate

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Question marks

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Low relative market share, low growth rate

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Dogs

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A measure of the product's strength in a particular market, defined as the sales of the focal product divided by the sales achieved by the largest firm in the industry

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relative market share

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The annual rate of growth of the specific market in which the product competes

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market growth rate

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thus measures how attractive a particular market is.

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market growth rate

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require a heavy resource investment in things such as promotions and new production facilities to fuel their rapid growth.

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stars

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AS their market growth slows will migrate from heavy users of resources to heavy generators of resources and become cash cows.

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stars

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have already received heavy investments. Have excess resources that can be spun off to those products that need it.

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cash cows

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Are the most managerially intentisve products in that they require significant resources to maintain and potentially increase their market share.

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Question marks

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may generate enough resources to sustain themselves, but are not destined for stardom and should be phased out unless thye are needed to complement or boost the sales of another product for competitive purposes.

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dogds

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The strategic planning process is not

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SEQUENTIAL

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employs the existing marketing mix and focuses the firm's efforts on existing customers

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market penetration

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achieved by attracting new consumers to the firm's current target market or encouraging current consumers to patronize the firm more often or buy more merchandise on each visit.

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market penetration

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a growth strategy that employs the existing marketing offering to reach new market segments, whether domestic or international.

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a market development strategies

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A growth strategy that offers a new product or service to a firm's current target market

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Product Development

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a growth strategy whereby a firm introduces a new product or service to a market segment that it does not currently serve

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diversification strategy

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diversification opportunities may either be

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related or unrelated

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a growth strategy whereby the current target market and/or marketing mix shares something in common with the new opportunity

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related diversification

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a growth strategy whereby a new business lacks any common elements with the present business.

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unrelated diversification

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The bases for sustainable competitive advantage

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1) Customer Excellence 2) Locational Excellence 3) Product Excellence 4) Operational Excellence

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The marketing plan

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1) Business mission and objective 2) Situational analysis 3) Identifying and evaluating opportunities using STP 4) Implement marketing mix and aloocate resources 5) Evaluate performance using marketing metrics and make adjustments

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the business mission says

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what do we stand for?

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a short sided approach to marketing -defining a company as the goods and services instead of the benefits sought

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marketing myopia

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During the first stage of the marketing plan companies must balance

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staying within core competency and marketing myopia

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In the first stage of the marketing plan what must balance?

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Mission statment

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Who do you define the business mission for?

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The entire organization and corporation

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During the second phase of the marketing plan what do you do?

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Create a SWOT analysis

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The second phase of the marketing plan is also known as the

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implementation

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determines the firms strengths, weaknessses, opportuniteis, and threats and identifies the firms competitive advantage while understanding what the firms core competencies are (done in second stage of marketing plan)

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SWOT Analysis

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What is the third part of the marketing plan

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Identify and evaluate opportunities using STP

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The third part of the marketing plan is also known as the

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implementation phase

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STP is

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segmentation, targeting, positioning

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The third step of the marketing plan is based on

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Identify opportunities using segmentation, targeting, and positioning

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The third step of the marketing plan is also known as

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the implemetation phase

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The fourth step in the marketing plan is

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implement marketing mix and allocate resources

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The foruth step of the marketing plan is also known as

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implementation phase

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value creation

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product

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value capture

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price

question

value delivery

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place

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value communication

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promotion

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method to classifying current business units products that helps determine how to allocate resources by indicatiing if growth or consolidation is appropriate

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portfolio analysis (Boston consulting group growth matrix)

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portfolio analysis leads to a

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specific marketing objective

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What is the fifth step of marketing plan?

answer

Evaluate performance using marketing metrics and make adjustments

question

The fifth step of the marketing plan is also known as the

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control phase

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The category you want to invest and grow in

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stars

question

The category you want to maintain and milk

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cash cows

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The category you want to watch and hold

answer

question marks

question

the Category you want to drop-consolidate

answer

Dogs

question

Growth strategy for current products current markets

answer

market penetration

question

the growth strategy for current products, new markets

answer

market development

question

the growth strategy for new products, current markets

answer

product developmemnt

question

The growth strategy for new products, new markets

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diversification

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The most high risk growth strategy

answer

Diversification

question

The four ways to consolidate

answer

1) Harvesting 2) Divestment 3) pruning 4) Retrenchment

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Cut back on resources deveoted to product/market

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Harvesting

question

Eliminate entire product line or division

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divestment

question

a Market Strategy is designed to provide

answer

a sustainable competitive advantage

question

a market strategy is developed through

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marketing planning

question

customer value is created by

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1) Customer Excellence 2) operational excellence 3) product excellence 4) locational excellence

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business objective are normally reflected in a

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mission statement

question

Portfolio analysis indicates which is appropriate ____ or ____

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growth or consolidation

question

eliminate specific product

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pruning

question

cut back geographically

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retrenchment

question

what is planned for a specific product line over the next 12-24 months

answer

specific marketing objective

question

includes target market and specific growth and consolidation strategy

answer

specific marketing objective

Chapter 2 Marketing Strategy – Flashcards

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