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Strategic Marketing > Chapter 2: Understanding Your Company > Flashcards

Chapter 2: Understanding Your Company Flashcards

1
Q

On which levels can a company make strategic planning?

A

1) Concern or company
2) SBUs (Strategic Business Units)
3) Product or Market Combination (PMC)

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2
Q

What does it mean to make a strategic planning on the level of “Concern or company” ?

A
  • Involves top-level management and focuses on the overall direction of the entire organization
  • Goals are set for the organisation (Mission, Vision, Values, Overall strategic objectives)
  • 5 year or 3 year strategic plan
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3
Q

What does it mean to make a strategic planning on the level of “SBUs (Strategic Business Units)” ?

A
  • Focuses on specific business units or divisions within the organisation
  • Goals are set to achieve competitive advantage within a particular market segment or industry
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4
Q

What does it mean to make a strategic planning on the level of “Product or Market Combination (PMC)” ?

A
  • Clearly defined product groups, targeted towards a clearly defined market
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5
Q

Which levels of Strategic Marketing are considered “Business planning” ?

A
  • Concern or company
  • Strategic Business Units (SBUs)
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6
Q

Which levels of Strategic Marketing are considered “Marketing planning” ?

A
  • Product or Market Combination (PMC)
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7
Q

What does “BHAG” stand for?

A

Big. Hairy. Audacious. Goal.

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8
Q

What is a SMART Objective?

A
  • Specific
  • Measurable
  • Achievable / Attainable
  • Relevant / Realistic
  • Time-bound
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9
Q

Vision statement

A

Focuses on tomorrow and depicts the future the organisation seeks to create

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10
Q

Mission statement

A

Focuses on today and what an organisation does to achieve it

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11
Q

What is more relevant to a “BHAG”: Mission statement or Vision statement?

A

Vision statement

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12
Q

Market definition

A

The process of understanding the boundaries and characteristics of a specific market in which a company operates or intends to operate

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13
Q

Abell and Hammond Model

A

3 Axes:
- What? = What are the customers’ needs
- For whom? = What are the customers segments
- How? = How are needs being satisfied, what solution are offered to the customer for his needs

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14
Q

Purpose of Abell and Hammond diagram

A

Makes a picture of the market you operate in and the position of your company within this market

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15
Q

Porter’s Value Chain

A

A tool to analyse the internal activities of a business and understand how they contribute to competitive advantage

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16
Q

For what marketing environment is Porter’s Value Chain used?

A

Micro-environment

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17
Q

Internal Organisational Analysis

A

1) Technology & Innovation
2) Production Capabilities
3) Financial Possibilities
4) Management & Organisation

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18
Q

For what marketing environment is the internal organisational analysis used?

A

Micro-environment

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19
Q

VRIO

A

A strategic tool used to evaluate a company’s resources and capabilities to determine if they can provide a sustainable competitive advantage

20
Q

“V” in VRIO Framework

A

Value = A resource must help the company improve efficiency, effectiveness or customer satisfaction. If a resource or capability is valuable, it can create a competitive advantage.

21
Q

“R” in VRIO Framework

A

Rarity = If few competitors possess the resource or capability, it becomes a potential source of competitive advantage. If it’s widely available, it does not confer a significant advantage

22
Q

“I” in VRIO Framework

A

Imitability = If a resource is difficult to replicate or if doing so would require significant time, effort or cost, it contributes to a sustained competitive advantage. Resources that are easy to imitate are less likely to provide long-term benefits

23
Q

“O” in VRIO Framework

A

Organisation = Having the right processes, structures and management systems in place to exploit the resource fully.

24
Q

For what marketing environment is VRIO used?

A

Micro-environment

25
Q

For what marketing environment is STEEPLE analysis used?

A

Macro-environment

26
Q

Mc-Kinsey 7-S Model

A

A management framework designed to help organisations achieve alignment and effectiveness by analysing the coordinating seven key internal elements.

27
Q

What are the 7 S’ of Mc-Kinsey’s Model

A
  • Strategy: The plan devised to maintain and build competitive advantage over the competition.
  • Structure: The way the organisation is structured and who reports to whom.
  • Systems: The daily activities and procedures that staff members engage in to get the job done.
  • Shared Values: Called “superordinate goals” when the model was first developed, these are the core values of the company that are evidenced in the corporate culture and the general work ethic.
  • Style: The style of leadership adopted.
  • Staff: The employees and their general capabilities.
  • Skills: The actual skills and competencies of the employees working for the company.
28
Q

STEEPLE analysis

A
  • Social
  • Technological
  • Economic
  • Environmental
  • Political
  • Legal
  • Ethical
29
Q

Customer equity

A

The total combined customer lifetime values of all of the company’s current and potential customers

30
Q

Customer life-time value

A

The present value of the future cash flows attributed to the customer during his/her entire relationship with the company

31
Q

Formula Customer life-time value

A

(Avg. Monthly revenue per customer * Gross margin per customer) / Monthly churn rate

32
Q

Formula monthly churn rate

A

(Number of customers lost during the month / Number of customers at the start of the month) * 100

33
Q

Customer Relationship Management (CRM)

A

The overall process of building and maintaining profitable customer relationships by delivering superior customer value and customer satisfaction

34
Q

What does CBBE stand for?

A

Customer-Based Brand Equity

35
Q

CBBE Model

A

A strategic framework that focuses on building and managing a brand’s equity from the customer’s perspective

36
Q

Components of CBBE Model

A

1) Brand Identity :
- Salience: Ensuring that the brand is easily recognizable and that customers are aware of the brand and its offerings.

2) Brand Meaning:
- Performance: How well the product or service meets customers’ functional needs.
- Imagery: The extrinsic properties of the brand, including the social and psychological aspects that shape the brand’s image.

3) Brand Response:
- This stage focuses on customers’ responses and judgments about the brand. It involves two dimensions:
- Judgments: Customers’ personal opinions and evaluations of the brand based on quality, credibility, consideration, and superiority.
- Feelings: The emotional responses and connections that customers have with the brand.

4) Brand Resonance:
- Behavioural Loyalty
- Attachment to Brand
- Sense of Community
- Active Engagement

37
Q

What components of the CBBE model should a company focus on if they are dealing with low-involvement products?

A

Brand Identity & Brand Resonance

38
Q

What components of the CBBE model should a company focus on if they are dealing with high-involvement products?

A
  • Brand Identity
  • Brand Meaning
  • Brand Response
  • Brand Resonance
39
Q

Components of Brand Identity within CBBE Model

A
  • Salience: Ensuring that the brand is easily recognizable and that customers are aware of the brand and its offerings.
40
Q

Components of Brand Meaning within CBBE Model

A
  • Performance: How well the product or service meets customers’ functional needs.
  • Imagery: The extrinsic properties of the brand, including the social and psychological aspects that shape the brand’s image.
41
Q

Components of Brand Response within CBBE Model

A
  • Judgments: Customers’ personal opinions and evaluations of the brand based on quality, credibility, consideration, and superiority.
  • Feelings: The emotional responses and connections that customers have with the brand.
42
Q

Components of Brand Resonance within CBBE Model

A
  • Behavioural Loyalty
  • Attachment to Brand
  • Sense of Community
  • Active Engagement
43
Q

Mindshare

A

The degree to which a brand is top-of-mind for consumers when they think about a particular category or industry

44
Q

Heartshare

A

The emotional connection and loyalty that a brand builds with its customers

45
Q

Levels of Brand Behaviour

A
  • Buying intention: Willingness to buy a brand
  • Brand loyalty
  • Brand ambassadorship: Positive WOM, high NPS

Strategic Marketing (7 decks)

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