Chapter 2: the check list of marketing plan Flashcards
function of marketing plan
Central instrument for directing and coordinating all marketing efforts
The Necessary Contents of a Marketing Plan
- Executive summary and table of contents
- Analysis of Marketing Opportunity
- Marketing Strategy
- Implementation Strategy: Action Plan
- Financial Projections and Evaluation Measures
when do Analysis of Marketing Opportunity, what should we consider?
Current marketing situation
Opportunity and issue analysis
Objectives
when do we use SWOT
Analysis of Business Strengths & Weaknesses and the environmental threads and opportunities
what 3 parts should be considered in a marketing strategy
- segment and positioning
- opportunities/strengths of each of the segments/positioning
- Portfolio analysis
what is BCG
Boston Consulting Group’s (bcg) growth-share matrix
the fours aspects to think of when positioning a product BCG
- estimated market’s growth rate
- target goal of market share
- where to locate and where to end
def. strategy:
- organization’s long term plan of action
- to deliver unique customer value/experience and achieve its objectives.
4 Elements of the value chain of a company
research and development: upstream–> production: up–> marketing: down –> sale and service:down
2 types of organizations
business firm and non-profit-org
def. business firm
- a privately or publicaly owned organization
- serves its customers in order to earn a profit (Total revenues - Total costs).
def. non-profit orgnization
- a nongovernmental organization
- serves its customers but profit is NOT an organizational goal.
the four levels of an organization
- board of directors
- corporate-level
- business unit-level
- functional-level
which level of an org. take the top role of management?
corporate-level
which level of an org. take the top role of management?
corporate-level
T/F marketing department of an org takes the main role of marketing
F
marketing works at each of the level in an org. to help the orgnization succeed
T/F marketing department of an org takes the main role of marketing
F
marketing works at each of the level in an org. to help the organisation succeed
which level of an org. take the top role of enforcement?
Functional level (departments)
what are the three levels of strategic plan
organizational foundation
organizational direction
organizational strategies
organizational foundation: function
- define the mission and values, create an org culture
organizational direction: function
- set objectives and goals
organizational strategies: functions
- design business portfolio: products, service
- a. Move from corporate level to functional level
b. The strategy varies far differently from the type of offering: service/products/ideas
def. mission
a statement of the orgnization’s function in society
def: goals and objectives
a targeted level of performance set in advance of work
def. business statement
Clear and broad statement of the firm’s and industry’s offerings and activities with a view to the unfolding future
SMART goals=
a goal with specific, measurable, attainable, relevant, time-based determines
why a business should consider about social responsibility?
In order to Balance the conflicting interests of stakeholders to deliver benefits to the society
What is an organization’s competencies
the special capabilities unique from the other firms
the four steps to setup the direction
- organization’s competencies
- competitive advantages
- know about the target customers
- growth strategies: where to go and how to get there?
def. strategic marketing process
- i) an organization assessing where it is at and where it wants to go, and
ii) allocating marketing resources to its marketing mix each its target markets and achieve its objectives.
the three phases of strategic marketing process
- assess the position of the company/products (BCG)
- determine the next step of market-product strategies
- tracking strategic direction
def. marketing plan
A plan to implement firm’s strategy to achieve objective (Using Smart + Marketing Metrics)
what is on the marketing metrics
Performance variables, quantitative measures of value or trend of a marketing activity or result.
what is on the marketing dashboard
visual computer display of the essential information related to achieving a marketing objective.
def. Market segmentation
the process of aggregating prospective buyers into groups, or segments, that:
1) have common needs and
2) will respond similarly to a marketing action.
def. Points of difference
hose characteristics of a product/service that makes it superior to competitive substitutes.
what is the single most important factor in the success or failure of a new product?
Points of difference
def. target selection
Selecting feasible segments with the highest points of difference
what are the four market-product strategies
market penetration
market development
product development
diversification
what is market penetration
selling more products (current) in existing market (current)
what is market development
selling existing products (current) in new markets (either geographic or new segments)
what is product development
selling new products in existing market
what is diversification
selling new products in a new market
The strategic marketing process is divided into three phases
planning, implementation, and control.
the three steps in the strategic marketing process planning
○ Step 1: Framework 3 Do Situation (SWOT) Analysis
○ Step 2: Market-Product Focus and Goal Setting ○ Step 3: Marketing Plan/Program
an integrated marketing plan should include
4Ps: Place (distribution), price, promotion, products
