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35 Cards in this Set
- Front
- Back
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What is a Marketing Strategy? |
1. identify a firm's target market 2. Create a related marketing plan 3. Build a sustainable competitive advantage |
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How do you build a sustainable competitive advantage? |
location excellence operational excellence (efficiency, supply chain) customer excellence (loyalty, service) product excellence |
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What are Key Marketing Principles? |
- Objectives (specific, measurable, actionable) - Strategies (how to achieve the company objectives) - Plan (4 P's product, place, promotion, place) |
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What is SWOT? |
method of organizing and utilizing the various bits and pieces of information gained from Situation Analysis |
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What does SWOT stand for? |
Strengths Weaknesses Opportunities Threats |
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What are internal information? |
strengths and weaknesses (financial performance, production facilities and capacity, market share, customer perceptions, product quality, product availability, communications) |
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What are external information? |
opportunities and threats market, economic conditions, social trends, technology, political/legal |
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What are external variables - Microenvironmental Factors (CDSTEP)? |
culture/ethnicity demographic social technological economic political/legal |
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What are steps to Marketing Planning Process? |
1. Mission Statement 2. SWOT Analysis 3. Identify and Evaluate Market with STP (Segmentation, Targeting, Positioning) 4. Implementing Marketing Mix 5. Evaluate Performance |
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What's #1 mission statement? |
a broad description of a firm's long term goals and what they stand for build a sustainable competitive advantage will have a corporate mission and often a company will always have a brand mission for each core |
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What is Segmentation? |
divide larger market into groups of people with similar needs, wants, or characteristics |
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What is Targeting? |
evaluate attractiveness of of segments to pursue select one or more segments |
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What is Positioning? |
create a clear, distinct, desirable understanding of what the product does or represents in comparison with other competing products |
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How do you target marketing and positioning? |
promotion strategy place strategy product & service strategy price strategy |
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What is the SWOT Matrix? |
Convert Weaknesses to Strengths Minimize/Avoid Threats to Opportunities |
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How do you Position? |
define the brand; positioning statement brand personality USP (Unique Selling Proposition) Key benefits & attributes that distinguish from competitors Tagline |
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What is Step 5 Evaluating Performance about? |
financial metrics: - sales - profits - market share social responsibility metrics: - corporate social responsibility - employee satisfaction |
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What is a Star? |
high market share in high market growth rate |
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What is a Question Mark? |
low market share in high market growth rate |
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What is a Cash Cow? |
high market share in low market growth rate |
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What is a Dog? |
low market share in low market growth rate |
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What are Growth Strategies? |
market penetration product development market development diversification |
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What is Market Penetration? |
existing product, existing market increase usage i.e. baking soda return of lapsed users |
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What is Market Development? |
existing product, new market segment take current product and find new users i.e. retail store to new market |
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What is Product Development? |
- new product, current market segment i.e. chocolate cheerios - requires a good understanding of the firm's current customers needs & wants |
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What is Diversification? |
- new product, new market i.e. Mini Car, Fibre One Bars - introduces a new product or service to a market segment that currently is not served - related & unrelated |
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What is Related Diversification? |
current target market and/or marketing mix shares something in common with the new opportunity; vendors, distribution |
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What is Unrelated Diversification? |
new businesses lacks any common elements with the present business |
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What is the first step in any planning? |
understand your internal corporate situation and competencies and what's happening in the external environment |
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What is Environmental Scanning? |
where you get the information for your SWOT and how you identify opportunities to pursue, threats to react to and weaknesses leads to developing your strategy |
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What are Microenvironmental Factors? |
company competitions corporate partners |
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What are Competitors? |
- identify and analyze direct and indirect competitors - know strengths and weaknesses - Competitive Intelligence (CI) - Competitive Strategy |
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What use is Competitive Intelligence (CI)? |
used to collect and synthesize info |
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How do you collect competitive information? |
- review your brand strategy and the target market to determine competitive marketplace - store visits and tradeshows - review public materials - websites... - AC Neilsen data |
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What are Corporate Partners? |
- firms are part of alliances - align with suppliers - Just in Time Delivery Systems |
