17 Marketing Strategy Flashcards
What are the 4 key planning questions?
Where are we now? (Business Mission - Marketing Audit - SWOT Analysis)
Where would we like to be? (Marketing objectives)
How do we get there? (Core Strategy - Marketing Mix decisions)
Are we on course? (Control System)
Describe the marketing planning process (9 steps)
Business mission
Marketing audit
SWOT Analysis
Marketing objectives
Core strategy
Competitive advantage
Marketing Mix decisions
Organization and implementation
Control
What should an effective mission statement (Leitbild) do?
- Provide a solid understanding of the business
- Contain personal conviction and motivation of the leader
- Create strategic intent of winning troughout the organization
- Enable Success
What is a marketing audit?
A systematic examination of the business’s marketing environment, goals, stratgies and activities, with a view to identifying key strategic issues, problem areas and opportunities.
External marketing audit: microenvironment. Give examples for kex topics. PESTEL
P + L: EU/national laws, political instability
En: Economic Growth/decrease, unemployment, economic trends
S: Changes in world population, attitude and lifestyle changes
T: Innovations, Smart technologies, AI
Env: Global warming, pollution, recycling
External marketing audit: Microenvironment. Give Examples. (5 fields)
Market: Size, growth rate
Customers: Who they are, How/when/where they buy
Competitors: Who are they, potential, Strength and weaknesses
Distributors: Strengths and weaknesses, distribution methods, relationships
Suppliers: Who they are, location, Strengths and weaknesses
Give examples for financial and non-financial performance measurements for a marketing performance check list.
Financial: Sales, Market share, profit margins, costs
Non-financial: Customer satisfaction, market share, reputation, customer retention and churn
