Chapter 1 Flashcards
1
Q
Marketing strategy
A
A plan to satisfy valuable customers in a superior way
2
Q
Components of a Marketing Strategy
A
- Market segment strategy
- Position strategy
- Product strategy
- Price Strategy
- Distribution strategy
- Promotion strategy
3
Q
Vision statement
A
describes the desirable future state of an organization
4
Q
Mission statement
A
reflects why an organization exists and describes its purpose
5
Q
Components of Mission & Vision Statements
A
- reflects corporate values
- reflects the purpose of the business
- includes policies and operational standards
- firms competitive position and competitive advantage
6
Q
Business level strategy components
A
- Goals
- Strategies
- Action plans
7
Q
Three Planning Models
A
- Deliberate strategic planning
- Emergent strategies
- Competing on edge
8
Q
Attributes of Market-Orientated Businesses
A
- Have a customer focus
- Are competitor-orientated
- Have a tram approach to customer satisfaction
9
Q
Customer satisfaction?
A
- Build a loyal customer base
- Reduces cost and increases revenues
- Must be measured frequently
- Excellent indicator of future performance
10
Q
Customer dissatisfaction?
A
When customers leave
“It costs 5 times are much to attract a new customer than keep an existing customer”
11
Q
How to build market orientation
A
- Marketing knowledge
- Marketing leadership
- Employee satisfaction
12
Q
Major trend affecting marketers
A
- Globalization
- Marketing convergence
- Triple bottom line
