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Hospitality Marketing > Chapter 2. Company and Marketing Strategy > Flashcards

Chapter 2. Company and Marketing Strategy Flashcards

1
Q

Strategic Planning

A

The process of developing and maintaining a strategic fit between the organization’s goals and capabilities and its changing marketing opportunities.

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2
Q

Mission Statement

A

a statement of the organization’s purpose - what it wants to accomplish in the larger environment

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3
Q

Steps in Strategic Planning

A

(Corporate level) Defining the company mission -> Setting company objectives and goals -> Designing the business portfolio -> (Business unit, product, and market level) Planning marketing and other functional strategies.

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4
Q

Business portfolio

A

The collection of businesses and products that make up the company

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5
Q

Portfolio analysis

A

The process by which management evaluates the products and businesses that make up the company

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6
Q

Growth- share matrix (Boston’s)

A

A portfolio-planning method that evaluates a company’s SBUs in terms of market growth rate and relative market share.

  1. Stars
  2. Cash cows
  3. Question marks
  4. Dogs
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7
Q
  1. Stars
A
  • high-growth, high-share businesses or products
  • often need heavy investments to finance their rapid growth.
  • eventually growth slow down and they will turn into cash cows
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8
Q
  1. Cash cows
A
  • low-growth, high-share businesses or products
  • need less investments to hold their market share
  • produce a lot of the cash that company uses to pay its bills and support other SBUs that need investment
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9
Q
  1. Question marks
A
  • low-share business units in high-growth markets

- need a lot of cash to hold their share

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10
Q
  1. Dogs
A
  • low-growth, low-share businesses and products

- generate enough cash to maintain themselves but do not promise to be large sources of cash

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11
Q

Product/market expansion grid (Ansoff’s matrix)

A

A portfolio-planning tool for identifying company growth opportunities through market penetration, market development, product development, or diversification

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12
Q

Market penetration

A

Company growth by increasing sales of current products to current market segments without changing the product

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13
Q

Market development

A

Company growth by identifying and developing new market segments for current company prodcuts

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14
Q

Product development

A

Company growth by offering modified or new products to current market segment

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15
Q

Diversification

A

Company growth through starting up or acquiring businesses outside the company’s current products and markets.

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16
Q

Value chain

A

The series of internal departments that carry out value-creating activities to design, produce, market, deliver and support a firm’s products

17
Q

Value delivery network

A

The network made up of the company, its suppliers, its distributors, and, ultimately, its customers who partner with each other to improve the performance of the entire system

18
Q

Marketing strategy

A

The marketing logic by which the company hopes to create customer value and achieve profitable customer relationships

19
Q

Market segmentation

A

Dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate products or marketing programs

20
Q

Market segment

A

a group of consumers who respond in a similar way to a given set of marketing efforts

21
Q

Market targeting

A

the process of evaluating each market segment’s attractiveness and selecting one or more segments to enter

22
Q

Positioning

A

Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers

23
Q

Differentiation

A

actually differentiating the market offering to create superior customer value

24
Q

Marketing mix

A

The set of tactical marketing tools - product, price, place, promotion - that the firm blends to produce the response it wants in the target market.

25
Q

4 Ps vs 4Cs

A

Product - Customer Solution
Price - Customer Cost
Place - Convenience
Promotion - Communication

26
Q

SWOT analysis

A

An overall evaluation of the company’s strengths (S), weaknesses (W), opportunities (O), threats (T)

27
Q

Marketing Implementation

A

Turning marketing strategies and plans into marketing actions to accomplish strategic marketing objectives

28
Q

Contents of a Marketing Plan (pg81)

A
  1. Executive summary
  2. Current marketing situation
  3. Threats and opportunities analysis
  4. Objectives and issues
  5. Marketing strategy
  6. Action programs
  7. Budgets
  8. Controls
29
Q

Marketing Control

A

Measuring and evaluating the results of marketing strategies and plans and taking corrective action to ensure that the objectives are achieved

30
Q

Marketing return on investment (or marketing ROI)

A

The net return from a marketing investment divided by the costs of the marketing investment

31
Q

4Ps vs 4As

A

Product - Acceptability
Price - Affordability
Promotion - Awareness
Place - Accessibility

32
Q
  1. Executive summary
A

presents a brief summary of the main goals and recommendations of the plan for management view

33
Q
  1. Current marketing situation
A
  • describes the target market and company’s position in it
  • market description
  • product review
  • review of competition
  • review of distributions
34
Q
  1. Threats and opportunities analysis
A

Assesses major threats and opportunities
the product might face
Helping management to ANTICIPATE important positive or negative developments that might have an impact on the firm and its strategies.

35
Q
  1. Objectives and issues
A

States the MARKETING OBJECTIVES that the company would like to attain during the plan’s term and discusses key issues that will affect their attainment.

36
Q
  1. Marketing strategy
A
  • Outlines the BROAD MARKETING LOGIC by which the business unit hopes to ENGAGE customers, CREATE customer value, and BUILD customer relationships
  • Specifics of target markets, positioning, and marketing expenditure levels.
  • Outlines specific strategies for each MARKETING MIX element and explains how each responds to the threats, opportunities, and critical issues spelled out earlier in the plan.
37
Q
  1. Action programs
A

Marketing strategies -> actions

What will be done? When will it be done? Who will do it? How much will it cost?

38
Q
  1. Budget
A

Details a supporting marketing budget that is essentially a projected profit-and-loss statement. It shows expected revenues and expected costs of production, distribution, and marketing. The difference is the projected profit. The budget becomes the basis for materials buying, production scheduling, personnel planning, and marketing operations.

39
Q
  1. Controls
A

Outlines the controls

  • Monitor progress
  • Allow management to review implementation results
  • Spot products that are not meeting their goals
  • Includes measures of return on marketing investment.

Hospitality Marketing (14 decks)

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