Ch. 2 Marketing Management

Question 1

What is Marketing Management?

Answer 1

The process of developing and maintaining a viable fit between the organization’s strengths and the market’s changing opportunities.

Question 2

Name some Marketing Strengths and is it internal or external?

Answer 2

Internal

• Product Quality
• Brand reputation
• Cost efficiency
• Supply/distribution alliances
• Production capacity
• Patent protection

Question 3

Name some Market opportunity and is it classified as internal or external?

Answer 3

External

• Competition intensity
• Market Size
• Market Growth rate
• Demand variability
• Economic stability
• Industry profitability

Question 4

What two components are in Marketing Management

Answer 4

1) Corporate planning

2) Market strategy

Question 5

Marketing Management

Name the Corporate Planning (1)

Answer 5

Mission Statement

Question 6

Name the Market Strategies (4)

Answer 6

1) Marketing Objective
2) Environmental Assessment
3) Product/ Market Assessment
4) Marketing Strategy

Question 7

What is a mission statement (3)

Answer 7

• Answers “what business are we in?”
• Provides the boundaries for the type of business and how the business is run
• Market-oriented mission statement defines the business in terms of satisfying basic customer needs

Question 8

Mission Statement

-What is Marketing Myopia

Answer 8

When industries fail because they focus on a product and technology and NOT the market need

Question 9

Market-oriented mission statement example

Answer 9

• to sustain RESPONSIBLE commercial success as a global marketing company of branded apparel
• To inspire and nurture the human spirit - one person, one cup and one neighbourhood at a time
• To create an open, mutually accountable community of students, faculty, staff, alumni and community stakeholders, through which we will nurture a spirit of pride, tradition and shared values

Question 10

Marketing Management
Marketing Objective (2) -

Answer 10

1) Corporate

2) Marketing

Question 11

Marketing Management

Describe corporate objective under the Marketing Objective

Answer 11

Return on investment, earnings, stock price

Question 12

Marketing Management

Describe Marketing objective under the Marketing lol

Answer 12

Product category - sales, market share, product quality, penetration
Brand - awareness, satisfaction, loyalty

Question 13

Marketing Management

Describe Environmental Assessment (6)

Answer 13

1) Microenvironment
2) Macro-environment
3) Competitive Forces (2)
4) Economic Forces
5) Political / Legal Forces
6) Technological Forces

Question 14

Marketing Management

Describe Environmental Assessment - Microenvironment

Answer 14

• 3C’s: Company, customer, competitors

- Cooperative: suppliers, distributes, partners

Question 15

Marketing Management

Describe Environmental Assessment - Macroenviromnet

Answer 15

• Political/legal, technological, economic, socio/demographic, environmental/natural
• Societal - Public interest, social responsibility

Question 16

Marketing Management

Describe Environmental Assessment - Name the two competitive forces

Answer 16

• Supply based competition

- Demand based Competition

Question 17

Marketing Management

Describe Environmental Assessment - Supply-based competition

Answer 17

1) NAICS categories

2) Trade/professional association categories

Question 18

Marketing Management

Describe Environmental Assessment - Demand-based competition (3)

Answer 18

1) Brand competition - competition products with similar features and benefits
ex) coke/pepsi
2) Product competition - products in the same product class, but different features and benefits
ex) water and energy drinks
3) Total Budget competition- competition for discretionary income across different product classes.
ex) 7-11 and husky

Question 19

Marketing Management

Describe Environmental Assessment - Economic Forces describe

Answer 19

indicators of market buying power

Question 20

Marketing Management

Describe Environmental Assessment - Political/ legal

Answer 20

• Environmental regulations

- Economic regulations

Question 21

Marketing Management

Describe Product/Market Assessment

Answer 21

A formal framework for identifying and framing organizational growth opportunities

Question 22

Marketing Management

Describe Product/Market Assessment - Name the two subcategories

Answer 22

1) Market penetration - Current product/ service portfolio and current buyer (own & competitors)
2) Product/market development - New product/service portfolio and/or new market segment

SEE SLIDE 12

Question 23

Value proposition

Answer 23

A concise statement summarizing the target market, the product/brand, competitors and the competitive difference

• target market
• product/brand
• competitors
• competitive difference

e.g., For the TRADESMAN who uses power tools to earn a living, DEWALT proffessional power tools are ENGINEERED to be more dependable than ANY OTHER BRAND and backed by a repair or replacement GURANTEE

Question 24

Market management

Market/product Strategy name the four strategies

Answer 24

1) Market Penetration
2) Market Development
3) Product Development
4) Diversification

Question 25

What are the four p’s + one p

Answer 25

Product
Price
Promotion
Place
People