MARKETING I CHAPTER 2
WHAT IS A MARKETING STRATEGY? X3
1. IDENTIFIES *target markets, *a related marketing mix, *and the basis for a sustainable competitive advantage. 2. Build a sustainable competitive advantage by *customer, *operational, *productuct or locational exellence. 3. Product exellence through branding and positioning.
HOW DOES A FIRM SET UP A MARKETING PLAN? X3
1. It composes an analysis of the current marketing situation, its objectives, the strategy for the four Ps, ans appropriate financial statements. 2. It includes a three-phase process of planning, implementation, and control. 3. It includes the firms mission and vision and its assessment of the current situation.
HOW ARE SWOT ANALYSES USED TO ANALYZE THE MARKETING SITUATION? X2
1. They help analyze the firm’s Strengths, Weaknesses, Opportunities, Threats. 2.They help managers assess their firm’s situation and plan its strategy accordingly.
HOW DOES A FIRM CHOOSE WHAT GROUP(S) OF PEOPLE TO PURSUE WITH ITS MARKETING EFFORTS? X4
1. It goes through the segmentation. targeting, and positioning process (STP). 2. SEGMENTATION– It divides a group of people and segments them based on needs, wants, or characteristics. 3. TARGETING– It targets certain groups based on the form’s percwived ability to satisfy the needs of those groups better than the competition. 4. POSITIONING– It positions its products or sevices according to marketing mix variables.
HOW DOES THE IMPLEMENTATION OF THE MARKETING MIX INCREASE CUSTOMER VALUE? X3
1. It makes trade–offs between product and price to give customers the best value. 2. It informs a customer abour a product, service, and/or firm and helps form a positive image about the firm. 3. It adds value by getting products and services to customers when they want them and in the quantity desired.
WHAT IS PORTFOLIO ANALYSIS AND HOW IS IT USED TO EVALUATE MARKETING PERFORMANCE? X2
1. Tool to evaluate the firm’s products and business and then allocate resources. 2. The Boston Consulting Group Product Portfolio Analysis uses relative market share and market growth rate to determine the attractiveness of the products.
HOW CAN FIRMS GROW THEIR BUSINESSES? X4
1. They can use basic growth strategies. 2. MARKET PENETRATION attempts to get current customers to buy mote of a priduct or service. 3. MARKET DEVELOPMENT uses the current marketing mix to appeal to now market segments. 4.PRODUCT DEVELOPMENT growth involves offering a new product ot service to the firm’s current target market. 5. DIVERSIFICATION introduces a new product ot service to a new customer segment.
WHAT ARE THE VARIOUS COMPONENTS OF A MARKETING STRAREGY? X3
IDENTIFIES 1. a firm’s target market(s), 2. a related marketing mix– their four P’s, 3. the basis upon which the firm plans to BUILD A SUSTAINABLE COMPETITIVE ADVANTAGE.
LIST THE FOUR MACRO STRATEGIES THAT CAN HELP A FIRM DEVELOP A SUSTAINABLE COMPETITIVE ADVANTAGE? X3
1. CUSTOMER EXELLENCE 2. OPERATIONAL EXCELLENCE 3. PRODUCT EXELLENCE 4. LOCATIONAL EXCELLENCE
WHAT ARE THE FIVE STEPS IN CREATING A MARKETING PLAN? X4
1. DEFINE THE BUSINESS MISSION AND OBJECTIVES 2. CONDUCT A SITUATION ANALYSIS USING S.W.O.T. (STRENGTHS, WEAKNESSES, OPPURTUNITIES, THREATS) 3.IDENTIFYING AND EVALUATING OPPORTUNITIES USING STP (SEGMENTATION, TARGETING, AND POSITIONING) 4. IMPLEMENT MARKETING MIX AND ALLOCATE RESOURCES (four P’s) 5. EVALUATE PREFORMANCE USING MARKETING METRICS
WHAT TOOL HELPS A MARKETER CONDUCT A SITUATION ANALYSIS?
SWOT ( STRENGTHS, WEAKNESSES, OPPORTUNITIES, THREATS)
WHAT IS STP?
SEGMENTATION, TARGETING, AND POSITIONING.
WHAT ARE THE FOUR GROWTH STRATEGIES? X4
1. MARKET PENETRATION 2. MARKET DEVELOPMENT 3. PRODUCT DEVELOPMENT 4. DIVERSIFICATION
WHAT TYPE OF STRATEGY IS GROWING THE BUSINESS FROM EXISTING CUSTOMERS?
WHICH STRATEGY IS THE RISKIEST?
A firm’s *Target market, *Marketing mix, *and method of obtaining a Sustainable Competitive Advantage.
Sustainable Competitive Advantage
Something the firm can do persistantly better than its competitors.
WHAT ARE THE FOUR MACRO STRATEGIES FOR DEVELOPING CUSTOMER VALUE?
1. CUSTUMER EXCELLENCE 2. OPERATIONAL EXCELLENCE 3. PRODUCT EXCELLENCE 4. LOCATIONAL EXCELLENCE
Involves a focus on retaining loyal customers and excellent customer service.
Ivolves a firm’s focus in efficent operations and excellent supply chain managment.
Involves a focus on achieving high quality products; effective branding and positioning is key.
A written document compossed of an analysis of the current marketing situation, opportunities and treats for the firm, marketing objectives and strategy spedified in terms of the four Ps, action programs, and prijected or pro forma income statements.
The first part of the marketing plan process (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.
The second part of the marketing plan process (1). Identify and evaluate different opportunities by engaging in segmentation, targeting, and positioning (STP) and (2). implement the marketing mix using the four Ps.
The third part of the marketing plan process (1) evaluate preformance using marketing metrics and take corrective actions.
SUSTAINABLE COMPETITIVE ADVANTAGE
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