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28 Cards in this Set

  • Front
  • Back
A fundamental pattern of present and planned objectives, resource deployments, and interactions of an organization with markets, competitors, and other environmental factors.
Strategy
A strategy should specify (3):
1. What (objectives to be accomplished
2. Where (on which industries and product-markets to focus)
3. How (which resources and activities to allocate to each product-market to meet environmental opportunities and threats to gain a competitive advantage)
1. Scope
2. Goals and objectives
3. Resource deployments
4. Identification of a sustainable competitive advantage
5. Synergy
Components of a Strategy
Hierarchy of Strategies:
1. Corporate Strategy
2. Business-Level Strategy
3. Functional Strategies
It's primary focus are the decisions about the organization's scope and resource deployments across its divisions or business.
Corporate Strategy
1. What business(es) are we in?
2. What business(es) should we be in?
3. What portion of our total resources should we devote to each of these businesses to achieve the organization's overall goal and objectives?
Essential questions of the corporate strategy.
It's focus is to know how a business unit competes within its industry.
Business-Level Strategy
1. Sustainable competitive advantage
2. Appropriate scope
3. Synergy across product-markets and across functional departments.
Business Strategy's Major Issues
It's focus is to effectively allocate and coordinate marketing resources and activities to accomplish the firm's objectives within a specific product-market.
Marketing Strategy
1. Specifying the target market(s) for a particular product or product line.
2. Seek for competitive advantage and synergy through a well-integrated program of marketing mix elements.
Marketing Strategy's Critical Issues
Holds that the planning and coordination of all company activities around the primary goal of satisfying customer needs is the most effective means to attain and sustain a competitive advantage and achieve company objectives over time.
Marketing concept
Pay a lot of attention to customer research before products are designed and produced.
Market-oriented organizations.
Return on assets, sales growth and new product success.
Are som positive effects of a market orientation.
¿The companies should try to satisfy all customers need regardless of the cost?
No, market concept is consistent with the notion of focusing on only those segments of the customer population that the firm can satisfy both effectively and profitably.
Business that focus most of their attention and resouces on such functions as product and process engineering, production, and finance in order to acquire and manage the resources necessary to keep pace with growing demand.
Product-oriented or production-oriented companies.
A firm that achieved success by being in tune with its environment loses touch with its market because managers become reluctant to tamper with strategies and marketing programs that worked in the past. This is called...?
Strategic Inertia
1. Increased globalization
2. growth of service sector of the economy and the importance of maintaining customer satisfaction and loyalty
3. Rapid development of new information and communications technologies
4. Growing importance of relationships for improved coordination and increased efficiency of marketing programs and for capturing a larger portion of customers' lifetime value.
Recent developments affecting the strategic role of marketing.
1. Analysis of the 4 Cs
2. Integrating the Marketing Strategy (MS) with the firm's other strategies
3. Market opportunity analysis
4. Formulating MS for specific situations
5. Implementation and control
6. The marketing plan
Process for formulating and implementing a Marketing Strategy (MS)
Analysis necessary to provide the foundation for a good strategic marketing plan.
Analysis of the "Four Cs"
1. the Company's internal resources, capabilities, and strategies
2. the environmental Context (brad social, economic, technology trends) in which the firm will compete
3. the relative strengths and weaknesses of Competitors and trends in the competitive environment
4. the needs, wants, and characteristics of current and potential Customers
The 4 C's
1. Understanding Market Opportunities
2. Measuring Market Opportunities
3. Market Segmentation, Targeting, and Positioning Decisions
Part of the Market Opportunity Analysis
1. Conducting an examination of the external environment, including the markets served and the industry of which the firm is a part.
2. Examine the management team that will be charged with implementing whatever strategy is developed in order to determine if they have what it takes to get the job done.
Requirements for understanding Market Opportunities
Distinct subsets of people with similar needs, circumstances, and characteristics that lead them to respond in a similar way to a particular product or service offering or to a particular strategic marketing program.
Market segments
Who should decide which segments represent attractive and viable opportunities for the company?
The Manager
To design the product and its marketing program so as to emphasize attributes and benefits that appeal to the customers in the target segment and at once distinguish the company's offering from those of competitors.
Position
The marketing strategy of a firm should be consistent with (4):
1. the resources
2. the organizational structure
3. the coordination and control systems
4. the skills and experience of company personnel
It is a written document detailing the current situation with respect to customers, comeptitors, and the external environment and providing guidelines for objectives, marketing actions, and resource allocations over the planning period for either an existing or a proposed product or service.
Marketing Plan
1. Executive Summary
2. Current situations and trends
3. Performance review (for an existing product or service only)
4. Key issues
5. Objectives
6. Marketing strategy
7. Action plans
8. Projected profit-and-loss statement
9. Controls
10. Contingency plans
Elements of a Marketing Strategy