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12 Cards in this Set
- Front
- Back
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Define a strategy. |
Long term course of action designed to deliver unique customer experience while achieving its goals. |
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What are the 3 levels of an organization? |
Corporate: top management directs overall strategy for organization.
Strategic business unit: subsidiary units of organization market set of offerings to clearly defined customer group. This level merges with corporate level in less complex firms.
Functional: departments (marketing departments) of small # of people responsible for accomplishing 1 task/set of goals |
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What makes up the organizational foundation? |
core values: principles that guide conduct over time mission: statement of function culture: norms of behavior |
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What is the organizational direction/business goals? |
profit sales revenue unit sales market share quality customer satisfaction employee welfare social responsibility |
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Know the business portfolio analysis. |
Cash cow: low growth, high market share. Needs < investment to maintain market share.
Stars: high growth, high market share. needs > investment to finance rapid growth.
Question marks: high growth, low market share. Major investments. Decide which ones to eliminate and which ones to make into stars.
Dogs: low market share, low growth. May generate enough cash to maintain themselves, but not become real winners. |
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Market/product relationship. |
Every market has a current product and a new product.
Every product has a current market and a new market.
(Don't put the same words together). |
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What are the 4 components of market-product strategy? |
Market penetration: > sales of present products in present markets.
Market development: send existing products into new markets.
Product development: create new products for present markets.
Diversification: create new products for new markets. Can be related or unrelated.
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SWOT analysis |
Strengths & weaknesses are internal.
Opportunities & threats are external.
Convert weaknesses & threats into strengths & opportunities.
Do the swot for Tim Horton's. |
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What is a marketing strategy? |
The means by which a goal is achieved. |
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What are marketing tactics? |
Day to day operational decisions for success |
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What is a marketing program? |
Developing the 4Ps of the marketing mix |
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What are the different phases of the strategic marketing process? |
Planning, Implementation, & Evaluation |
