8. Intro to Marketing Flashcards
What is marketing?
Marketing is the management process which is responsible for identifying, anticipating and satisfying consumer requirements profitably.
What are the goals of marketing? What about a campaign?`
Marketing should emphasize how the product can give the consumer the experience they’re looking for (status, ROI, etc.)
The goal is profit, either by volume or value.
A campaign should achieve adequate profit, for the investment, in a reasonable amount of time.
What are the 5 stages of creating and implementing a marketing strategy?
- Identify the product/brand (Ch 9)
- Identify the target market (Ch 10)
- Set objectives (Ch 11)
- Devise the strategy (the ‘marketing mix’) (Ch 12)
- Implement and monitor (Ch 13)
What is a SWOT Analysis used for?
Analyzes marketing objectives.
Identifies factors relevant in achieving an objective, and determines:
- if the factor is helpful or unhelpful to achieving the objective
- if the factor is internal or external
- is an objective achievable
What are the 4 quadrants of a SWOT analysis?
Internal + helpful = Strengths
Internal + unhelpful = Weakness
External + helpful = Opportunities
External + unhelpful = Threats
Internal (Org resources & capabilities = “Strategic fit”)
External (Business environment factors & their trends)
Helpful (to achieving the objective)
Unhelpful (to achieving the objective)
How does a SWOT help (3) and not help (1) an organization?
Helps:
- To what extent do the factors favour success in achieving the objective?
- What changes/investments could an org make to achieve a better strategic fit?
- How can the risk from threats be managed?
Doesn’t help:
- Does not assess whether an objective is ethical
What are potential origins (3) of an objective?
- Someone’s educated or uneducated intuition of a business opportunity
- An individual’s personal dream or aspiration
- Generated by business tools that an analyse gaps ina market
What is Value-Curve Analysis?
Product differentiators are selected (ie. price, packaging, enviro, etc.), then consumer research is conducted to identify common clusters of consumer demand, potentially discovering areas that are undersupplied or ignored.
What do strengths and weaknesses determine?
- What tools, resources and capabilities are needed? (“Strategic fit”)
- How do tools, resources and capabilities compare to other organizations - better, faster, more affordable?
What is a resource? What are some examples?
A thing an org has access to that is can exploit as a tool. Ex:
- Reputation
- Funds
- Reliable/affordable supply chain relationships
- Vineyards
- Internal expertise
- Reliable/affordable support industries
- Vineyards or production facilities that favour a style
What is a capability? What are some examples?
Something an org is able to do. Ex.
- Build new or grow existing brands
- Scale production
- Experimentation
- Lobby for political outcomes
What do opportunities and threats consider? What are 2 caveats?
- Trends that might affect the external business environment in present and future
1. Factors must be a) real and accurately described, b) comprehensive, c) relevant to the objective
2. Research should be conducted for full picture
What are 6 external factors to consider?
PESTEL
- Political
- Economic
- Social
- Technology
- Environmental
- Legal and regulatory
Examples of political external factors?
Laws
Taxes
Subsidies
Promotional support
Examples of economic external factors?
Currency values
Foreign exchange volatility and response rate
Recessions or booms
