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Marketing > Chapter 3 > Flashcards

Chapter 3 Flashcards

1
Q

Importance of strategic planning

A

setting objectives and finding the path to succeed in them

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2
Q

3 levels of strategic planing

A

Corporate
Business
Marketing

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3
Q

Corporate level

A

mission statement, opportunities, resource allocation

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4
Q

Business level

A

strategic business unit (SBU)

gain a competitive advantage

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5
Q

Marketing Level

A

Target market and marketing mix activities

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6
Q

Strategic decisions

A

Made at all three levels
more generalized
affects long run and financial success

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7
Q

Tactical decisions

A

operational (Business) and marketing levels
more specific
short-term
limited on long time profitability
directed by strategic decisions from corporate

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8
Q

Developing strategic marketing

A

Corporate strategy
Set strategic directions

Business strategy

Marketing strategy (4Ps)
Implement, evaluate ,control
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9
Q

Mission statement

A

what value do we provide

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10
Q

SWOT

A

internal and external factors are:

Strenthg
Weaknesses
Opportunities
Threats

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11
Q

Asnoffs analysis measures what

A

market penetration
diversification
product development
market development

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12
Q

Ansoff’s strategy

A

Y- axis
Current market
New market

X axis
Current product
new product

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13
Q

Competitive advantage

A

unique features that seem better to the customer than your competitor

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14
Q

Product advantage

A

unique + value to consumer = product differentiate

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15
Q

Niche competitive adv

A

serves needs for growth potential that is not crucial to other competitors

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16
Q

Sustainable competitive advantage

A

Advantage that cannot be copied

17
Q

Marketing Plan objectives

A 
Specific
Measurable
Achievable
Realistic
Time-bound
18
Q

Target market strategy

A

begin with an MOA (Marketing opport. analysis)

19
Q

Marketing Mix

A

4ps

product
place
promotion
price

20
Q

Product strategies

A 
brand name 
warranty 
image 
value 
quality
21
Q

Pricing strategies

A

what consumer is willing to give up for value

22
Q

Place strategies

A

Making it available when and where the customer wants them

storing
transporting

23
Q

Promotion strategies

A

PUBLIC RELATIONS
ADVERTISING
DIRECT MARKETING
SALES PROMOITON

24
Q

Implementation

A

actually doing the plan in action

25
Q

Evaluation of marketing audits

A

Gauging what you can achieve with your objectives

26
Q

Control of marketing audits

A

Formal and informal controls will be efficient

27
Q

Effective strategic planing

A

creativity,
continual attention
management

Marketing (11 decks)

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