ch 2

Question 1

competitive advantage

Answer 1

when companies have an “edge” over other companies

Question 2

marketing strategy

Answer 2

managerial process of creating and maintaining plans of action that facilitate exchanges that have value to both the customer and the company in an evolving market environment

Question 3

marketing dept

Answer 3

staff that collectively makes the decisions needed to facilitate exchanges with cx

Question 4

strategic business unit (SBU)

Answer 4

a subgroup within an org that decides its own strategy and has its own cxs

Question 5

key considerations for successful marketing

Answer 5

1. marketing is strategic
2. different marketing approaches are required for diff customers
   3.marketing success is not something that happens right away

Question 6

steps to executing a successful marketing strategy

Answer 6

plan
implement
execute

Question 7

3 levels of strategic planning

Answer 7

corporate: sets the direction and scope - mission statement/business opportunities/resource allocation
business: takes place at the SBU level, goal is to gain competitive advantage
marketing: target market and marketing mix activities

Question 8

mission statement

Answer 8

definition of the firms business focus
- focuses on the cxs, more than product and company
- should clearly indicate what company is about
should account for any changes in the enviro

Question 9

how to establish comp advantage

Answer 9

1. how will we be different from our competitors
   2.how will the difference help us offer more value to the customers we target
   - product differentiation + unique selling proposition

Question 10

competitive advantage

Answer 10

cost structure/brand name

Question 11

marketing planning

Answer 11

implementing a successful marketing plan involves a high volume of planning and a coordinated marketing team effort

Question 12

SWOT analysis

Answer 12

Internal: strengths/weaknesses
external:opportunities/threats

Question 13

marketing objectives

Answer 13

-state what is to be accomplished
SMART (specific, measurable, achievable/realistic,relevant,time bound)
-should be tied to a specific cx group

Question 14

the marketing plan

Answer 14

-identify target cx
-ppinpoint specific marketing goals and objectives
-calculate budget
-identify timeline
-define specific marketing actions needed to accomplish and objectives (4P)

Question 15

Marketing Mix

Answer 15

4Ps
- Product - what company offers
- place - when and where the product is sold
-price - cost that customer pays
- promotion - how value is comm to cx

Question 16

implementation

Answer 16

-detailed action assignments - who?
-descriptions of the specific activities req in the plan
-timelines for completing the activities
-budget
-performance metrics
-reporting type and completion of goals

Question 17

safeguards for implementation

Answer 17

1. action items in the plan are assigned. to a specific person or team within the organization
2. expectations are set in terms of time, budget, and performance level for each activity where appropriate
3. communication and reporting protocols are developed and enforced for the implementation of a plan

Question 18

marketing dashboard

Answer 18

-snapchot of key marketing performance measures
-provides current diagnostic info

Question 19

marketing aufit

Answer 19

comprehensive investigation of the full marketing mix or a subset of the mix with the intention of checking for problems and uncovering reasons a marketing activity is not performing as effectively as expected