Chapter 3 Flashcards

1
Q

SWOT Matrix

A

Involves Strengths, Weaknesses, Opportunities & Threats combined with strategies to address each

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2
Q

3-steps to creating a SWOT Matrix

A
  1. Identify and rank the importance of each internal and external factor
  2. Asses the strategic fit of strengths and weaknesses to external factors
  3. Propose a list of strategic responses
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3
Q

What should marketing objectives be?

A

SMART

Measurable
Time-Specific
Feasible
Consistent
Acceptable to management
Understandable
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4
Q

Competitive intelligence

A

The process of gathering actionable information on competition and the business environment
Must be; LEGAL & ETHICAL

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5
Q

Financial metrics

A

Generally only measure internal financial performance

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6
Q

Market Metrics

A

Externally focused though internal metrics are also needed

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7
Q

Examples of market-based performance metrics

A
  • customer satisfaction
  • relative product and service quality
  • product awareness
  • market share
  • revenue per customer
  • customer retention
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8
Q

What is net marketing contribution?

A

Revenue - Cost of GS = Gross Profit - Marketing Expenses = NET MARKETING CONTRIBUTION

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9
Q

How can we use market level profitability information?

A
  • to increase primary demand
  • ” market penetration
  • ” lower costs
  • ” improve marketing efficiencies
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10
Q

Boston Consulting Group Growth-Share Matrix

A
  1. Star (High MS, MG)
  2. Cash cow (High MS, Low MG)
  3. Dog (Low MS, MS)
  4. Question Mark (Low MS, High MG)
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11
Q

How to determine marketing productivity

A

Marketing Productivity = Net Marketing Contribution/Marketing Budget

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