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12 Cards in this Set
- Front
- Back
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Describe company-wide strategic planning.
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- Defining a market-oriented mission
- Mission statement: reflects the organisation’s purpose and what it wants to accomplish in the larger environment - Criteria for mission statements: Meaningful Specific Motivating Emphasize the company’s strengths in the marketplace Appealing to all stakeholders |
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Explain the business portfolio.
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Business portfolio: the collection of businesses and products that make up the company
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What is the portfolio analysis?
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Portfolio analysis: the process by which management evaluates the products and businesses that make up the company
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Describe the BGG growth-share matrix.
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The BCG (Boston Consulting Group) growth-share matrix is well-known among marketers. It’s a portfolio-planning method that evaluates a company’s strategic business units (SBUs) in terms of its market growth rate and relative market share
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Describe the strategies for growth and downsizing.
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Market penetration: a growth strategy focused on increasing sales of current products to current market segments with existing products
Market development: a growth strategy focused on identifying and developing new market segments for current products Product development: a growth strategy focused on offering modified or new products in current markets Diversification: a growth strategy focused on starting up or buying businesses outside of current products and markets Downsizing: reducing the business portfolio by eliminating businesses or products that are not profitable or that no longer fit the company’s overall strategy |
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How can companies partner to build relationships?
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(a) Working closely with partners in other departments to form an effective value chain that serves the company’s customers
(b) Partnering effectively with other companies in the marketing system to form a competitively superior value delivery network Increasingly common that competitors co-operate in some areas, e.g. BMW and Mercedes on hybrid technology to meet strong competition from e.g. Japanese Lexus with its long tradition of hybrid cars |
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Which are the components of a customer-driven marketing strategy?
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Market segmentation
Market targeting Market differentiation and positioning |
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Name the four P's.
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Product
Price Promotion Place |
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Name the four C's.
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Customer solution
Customer cost Convenience Communication |
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What is the goal of SWOT-analysis?
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It is to match the company strengths to attractive opportunities in the environment, while eliminating or overcoming the weaknesses and minimizing the threat.
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What is SWOT-analysis?
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It is a widely used tool for conducting a situation analysis.
Strengths: internal capabilities that may help a company reach its objectives Weaknesses: internal limitations that may interfere with a company's ability to achieve objectives Opportunities: external factors that the company may be able to exploit to its advantage Threats: current and emerging external factors that may challenge the company's performance |
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Shortly explain measuring ROI on marketing investments.
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- Important to evaluate marketing efforts
- Marketing ROI: measures profits from marketing divided by the costs - Some aspects of marketing are not quantifiable, making this difficult e.g. brand image - Some organisations develop dashboards that reflect a range of marketing activities |
