Marketing Review 1

Front 1

What is marketing strategy planning?

Back 1

Strategic (management) planning-- the managerial process of developing and maintaining a match between an organization's resources and its market opportunities
- planning not only for marketing but also production, finance, human resources, and other areas.

Front 2

What is involved in marketing strategy planning?

Back 2

- Internal and external analysis (context, SWOT and 4Cs)
- segmentation, targeting and positioning (+differentiation)
- Marketing Mix (4Ps)

Front 3

Marketing strategy

Back 3

- Specifies a target market and marketing mix (4Ps).
- Big picture of what a firm will do in some market
- Combines similar customer wants with variables company can control
- specifies particular target customers
4Cs, SWOT analysis

Front 4

Marketing strategy Planning

Back 4

- set objectives
- evaluate opportunities
- creating market strategies
- prepare marketing plans
- develop marketing program.

Front 5

difference between marketing strategy, marketing plan, and marketing programs

Back 5

marketing strategy- 4Cs, SWOT
marketing plan- when you add details to marketing strategy (include tactics, timeline, who's doing what, budget, etc)
Marketing program- when you put marketing plans together

Front 6

4Cs

Back 6

Context- Social/Cultural, Political/legal, Economic, Technological (SPET)
Customers- Who buys/uses our products? and why?
Company- Business/Mission, Culture, Objectives/Goals, Strategy, Special capabilities or "comp. advantage" based on quality, time cost or innovation"
Competitors- Direct, Indirect

Front 7

SWOT

Back 7

Strengths- Company's core competencies
Weaknesses- Factors that customers dislike or in which competitors excel
Opportunities (External)- Product- market needs that the company can profitably address
Threats (External)- Challenges posed by an unfavorable trend

Front 8

Market-product analysis (expansion grid)-- where do we want to grow?

Back 8

1. market penetration
- reduce prices, heavy adv.
- extend usage situations
2. Market development
- identifying new markets (e.g. geographic, demographic)
3. Product Development
- offering modified or new products
4. Diversification
- going into new business
- modifying goods for new markets

Front 9

Segmentation, Targeting, and Positioning (STP)

Back 9

- having a target audience (narrowed down)
- creating that brand attitude
Adidas : Impossible is nothing

Front 10

Marketing Mix

Back 10

The 4Ps
- product
- placement
- price
- promotion