Chapter 3 Flashcards
What are the factors of external marketing environment?
- Competition
- Economy
- Political, legal, regulatory
- Technology
- Sociodemographic – culture, beliefs, values and behaviours
How does the strategic planning process look like?
- Determine values and mission
- Conduct Situation Analysis
* SWOT analysis
* SWOT actions (MAC – Match: S to O; Avoid: W or T; Convert: W to S) - Set goals and objectives
* Financial goals and objectives
* Communication goals and objectives - Gather information
* Secondary data (easy to get, cheap, e.g. census, attendance info, postcode info)
* Primary data (survey, focus groups, observations… - Develop strategic plans
Give 5 examples of potential strengths in SWOT analysis.
- High brand awareness
- Outstanding brand reputation
- Low cost structure
- Extensive distribution network
- Product/service design capabilities
Give 5 examples of potential weaknesses in SWOT analysis.
- Lack of clear brand position
- Limited geographic market reach
- Ineffective promotion campaigns
- Limited product offering
- High employee turnover
Give 5 examples of potential opportunities in SWOT analysis.
- Growth of customer markets (current and potential)
- New technologies
- New trends/preferences in popular culture
- Expansion into foreign markets
- Missteps by a competitor
Give 5 examples of potential threats in SWOT analysis.
- Presence of new competitors
- Technologies becoming obsolete (outdated)
- Changes in customers’ tastes/wants
- New products/innovations by competitors
- Cultural differences in foreign markets
How to set good objectives?
- State desired outcome
- Good Objectives are SMACT (SMART): specific, measurable, achievable, challenging and in a time frame.
There are 2 types of objectives. What are they?
- Financial objectives - direct impact on revenue and profit
- Communication objectives - desired outcome of marketing communications (increase awareness, image or even meet targets in social media)
Give 2 examples of financial objectives.
- Increase merchandise sales online by 15%
- Expand operations into 4 new markets
Give 2 examples of communication objectives.
- Achieve 10,000 fans on official Facebook fan page
- Add 5,000 persons to database to receive e-mail newsletters and offers
What is a foundation to developing strategic plans?
The foundation is understanding the environment.
What is the first step to develop strategic plan?
The first step is to identify what will be offered to whom.
What does strategic plan involve?
Strategic planning involves
* Developing the brand
* Defining the product
* Deciding the pricing structure
* Choosing optimal distribution channels
* Creating most effective communications
* Involves public relations, sponsorships
* Delivering exciting fan experience
What is the most vital action while developing strategic plan?
The most vital is ongoing monitoring.
Give an example of the unusual tactic to being noticed in the marketing environment.
At the summer’s Olympics, Saunders dyed her hair purpled green and wore a green mask that features the Hulk as she earned a silver medal. After clinching second place, Saunders, who goes by the nickname Hulk proudly twerked. (She is ecstatic to be the only track and field athlete to twerk on television at the Olympics. “The money in track and field are limited, especially in my event group”.
