3.1 Overview marketing strategy

Question 1

• Value identification

Answer 1

internal and external analysis 5C

Question 2

• Value definition

Answer 2

value proposition (or STP)

Question 3

• Value delivery

Answer 3

action plan: marketing mix

Question 4

Strategic management vs strategic marketing (3)

Answer 4

Decisions on corporate level vs all levels
All functional domains vs marketing functional domain
Focus on sustainable competitive advantage vs Distinctive customer value as prerequisite for sustainable competitive advantage

Question 5

Strategic marketing is about

Answer 5

creating sustainable value to customers that is both superior (relevant) and differentiated from the value offered by others in the market.

Question 6

Strategic marketing This means delivery of value that 2

Answer 6

1) customers deem important in the long run (relevance)
2) that competitors cannot easily imitate (based on unique capabilities)

Question 7

Marketing strategy is value proposition (or STP)
Basically on 2 decisoin you need to make

Answer 7

targeting and positioning.

Question 8

Segmenting

Answer 8

• Process of dividing the market into groups of consumers with a common need

Question 9

• Segments must be: 5

Answer 9

 Identifiable, with measurable characteristics
 Substantial, large enough to serve profitably
 Differentiable, similar needs that differ from other groups
 Stable, be around to approach them before the need ends
 Actionable - internally clear how to find them and what to do

Question 10

Targeting

Answer 10

Selecting the segment(s) to target in order to reach the firm’s overall objectives

Question 11

Positioning

Answer 11

• The position you want to claim in people’s minds

Question 12

• 3 elements of positioning statement

Answer 12

o Frame of reference – how you define your market
 Product category or customer need
o Point of difference – what sets you apart from the players in that market
 Unique and relevant
o Reason to believe – what is proof of pudding

Question 13

Frame of reference is most important because

Answer 13

You can choose your competitors by positioning in the mind of customers

Question 14

3 different levels marketing strategy

Answer 14

Corporate level
Within corporate level brand level
Within brand level you have product level

Question 15

Main criteria for success of a value proposition is

Answer 15

• Relevance for customer
• Differentiation (from existing alternatives)

Question 16

Marketing strategy effectiveness
Goal of marketing strategy is to develop a value proposition that will…
3

Answer 16

• Attract customers
• Keep customers
• Grow customers

Question 17

value of Customer equity

Answer 17

: What is whole customer base that you attracted worth for the longer term. Tells u profitability that you gain from your customers (lemon, rust, Zeithaml)

Question 18

three drivers for customer equity are

Answer 18

value, brand and relationship equity

Question 19

• value equity and drivers(3)

Answer 19

Objective assessment of utility of an offering/ brand
o Drivers: quality, price and convenience

Question 20

• brand equity and drivers (3)

Answer 20

Subjective assessment of brand above its objectively perceived value
o Drivers: brand awareness, brand attitude/image and corporate ethics

Question 21

relationship equity: drivers

Answer 21

Tendency to stick with the brand beyond customer’s objective and subjective assessment of the brand
o Loyalty programs, special recognition&treatment, affinity programs, community
programs, knowlegde programs

Question 22

Marketing mix is the

Answer 22

is the execution of your strategy

Question 23

Morgan 2012:
Marketing Tactics

Answer 23

value delivery, action plan, Marketing mix (product, pricing,
promotion, placement, …, …,…16 P’s)

Question 24

Dolan’s 5C of analysis (3 external, 2 internal)

Answer 24

External
- Context (macro) analysis Industry analysis (5 forces)
- Competitive analysis
- Customer (Segment)analysis
Internal
- Company (internal) analysis
- Collaborator analysis

Question 25

marketing strategy proces 3

Answer 25

Value identification
- Internal/external analysis
- Swot
Value definition
- Stratetig option choice
o VBR (value, brand, relationship equity)
Value delivery
- Implementation
o Marketing tactics
- Control