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Marketing fundamentals > chapter 2 > Flashcards

chapter 2 Flashcards

1
Q

define strategic planning

A

developing a strategic fit between organizations goals/capabilities and its changing marketing opportunities.

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2
Q

describe the company-wide strategic planning

A
  • define mission
  • setting goals and objectives
  • design business portfolio
  • planning other mkt startegies
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3
Q

define mission statement

A

organizations purpose

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4
Q

product vs market oriented business definition

A

P–> ´´we sell coffee´´
M–> we sell ´´the starbucks experience´´

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5
Q

business vs marketing objectives

A

Business: increasing sales, improving profits
Marketing: increase market share, increase promotion.

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6
Q

define business portfolio

A

collection of businesses +products making up a company

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7
Q

define portfolio analysis

A

activity in strtegic planning where products and businesses are evaluated

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8
Q

How to plan the business portfolio:

A
  1. analyze current business portfolio+ find out which businesses should receive more, less or no investment.
  2. shape future–> develop strategies and growth/downsizing.
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9
Q

How to analyze the current business portfolio

A
  1. identify strategic business units (SBU´S) makign up company
  2. assessing SBUS attractiveness
  3. decide how much support each SBU deserves
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10
Q

strategic business units can be

A
  1. single product
  2. company division
  3. product line within division
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11
Q

The BCG growth-share matrix

A
  1. stars: high growth, high share businesses/products
  2. cash cows: low-growth, high-share businesses
  3. question marks: low- market share, high-growth
  4. dogs: low-growth, low-share
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12
Q

problems with matrix approaches

A
  • difficult to undertake
  • time consuming
  • costly
  • may not apply well to certain markets with structural changes.
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13
Q

the product/market expansion grid

A
  • uses to identify growth opportunities
  • developing new markets for existing products (market development)
  • existing markets/existing products (market penetration)
  • developing new product’s in existing markets (product development)
  • new products and new markets (diversification)–> buying businesses outside market
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14
Q

downsizing definition:

A

company must eliminate buisnesses that are unprofitable/no longer fit startegy

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15
Q

define value chain

A
  • each department has a value-creating activity to design, produce, market, deliver and support firms products.
  • also partner with other company departments to have more sails+customer relationships
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16
Q

define value delivery network

A
  • suppliers, distributors, customers partnering with each other to improve performance of entire system.
17
Q

describe the marketing strategy and marketing mix

A
  1. segmentation/targeting: ´´Which customers will we serve´´
  2. differentiation/positioning: ´´how will we create value´´
  3. marketing mix (the 4PS)– >intended value for customers
  4. creating customer value +building profitable customer relationships
18
Q

define marketing strategy

A
  • mkt logic focused to create customer value+achieve profitable customer relationships.
19
Q

define market segmentation:

A

dividing market into different groups of buyers with distinct needs, behaviour’s, characteristics

20
Q

define market segment

A

group of consumers respond similarly to marketing efforts

21
Q

define market targeting

A
  • evaluating segments and choosing which segment to enter
22
Q

define positioning

A
  • arranging for product to occupy a distinctive place relative to competing products in minds of target customers.
  • distinguishing products from competing brands–> standing out
23
Q

define brand audit

A
  • examination of a brands current position in market compared to competition
  • strengths+weaknesses of brand/ opportunities for improvements
23
Q

explain differentiation

A
  • differentiating company´s marketing offerings to create superior customer value compared to competition.
24
Q

define marketing mix

A

4PS
price
place
product
promotion

25
Q

define swot analysis

A

evaluates:
1. Strength’s (internal capabilities)
2. weaknesses (internal limitations interfyung with objectives)
3. opportunities (external factors favoring company
4. threats (external factors challenging)

25
Q

how to manage the marketing effort

A
  1. planning (develop strategic plans)
  2. implementation and organisation: (carry out the plans) PLANS–> ACTIONS
  3. control: measuring and evaluating results +taking corrective action if needed
26
Q

define marketing plan

A

documents helping reach long-term strategical goals by focusing in one year

27
Q

The parts in a marketing plan

A
  1. executive summary
  2. current marketing situation
  3. SWOT
  4. objectives and issues
  5. marketing strategy
  6. execution plans
  7. budgets
  8. controls
28
Q

arrangement of marketing departments

A
  1. functional organisation
  2. geographic organization
  3. product management organization
  4. market/customer organization.
29
Q

define marketing implementattion

A
  • turning PLANS into ACTIONS
30
Q

four steps in marketing control

A
  1. setting mkt goals
  2. measuring performance in marketplace
  3. evalauting current and expected performance
  4. take corrective action if needed
31
Q

operating vs strategic control

A

operating–> checking ongoing performance against annual plan
strategic—> looking if strategies are well matched to the opportunities

32
Q

define marketing ROI

A
  • net return from marketing investment divided by cost of investment
  • measures profits made through investments

Marketing fundamentals (7 decks)

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