Name the three characteristics of a Core Competency.
1. it is a source of competitive advantage and makes a significant contribution to perceived customer value
2. it has applications in a wide variety of markets
3. it is difficult for competitors to imitate
Name the five Core Business Processes.
1. Market-Sensing Process
2. New-Offering Realization Process
3. Customer Acquisition Process
4. Customer Relationship Management Process
5. Fulfillment Management Process
Name and define the two forms of marketing plans.
Strategic Marketing Plan: lays out the target markets and the firm’s value proposition, based on analysis of best market opportunities.
Tactical Marketing Plan: specifies the marketing tactics including product features, promotions, merchandising, pricing, sales channels and service.
Name three characteristics of a good mission statement.
– focus on a limited number of goals
– stress the firm’s major policies and values
– define major competitive spheres within which the firm will operate
– take along-term view
– are short, memorable and meaningful
A company considering whether they can gain more market share with its current products in the current market is using what type of strategy?
Define “Diversification Strategy”
A company considering launching a new product in a new market.
Define “Environmental Threat”
A challenge posed by an unfavorable trend or development that, in the absence of marketing action, would lead to lower sales or profit.
What is the difference between “goals” and “strategy”?
Goals: indicate what a business unit wants to achieve.
Strategy: the game plan for getting to the achievement
Name Michael Porter’s 3generic strategies.
1. Overall cost leadership.
In which generic strategy do businesses concentrate on achieving superior performance in an important customer benefit area valued by a large part of the market?
A key marketing metric is brand equity. Name 3 measures of brand equity.
– customer awareness, attitudes and behaviors
– market share
– relative price premium
– number of complaints
– distribution and availability
– total number of customers
– perceived quality
– loyalty and retention
Define “Marketing Control”.
The process by which firms assess the effects of their marketing activities and make necessary changes and approaches.
Name the 4 steps in the Control Process.
1. Goal Setting: what do we want to achieve?
2. Performance Measurement: what is happening?
3. Performance Diagnosis: why is it happening?
4. Corrective Action: what should we do about it?