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Marketing > Class 2 > Flashcards

Class 2 Flashcards

1
Q

How does a company fulfill its mission

A

It distributes tasks and powers among various functions or organizational units

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2
Q

What is the marketing plan

A

An analytical framework that features three general elements: a situation analysis, a set of strategies and an action program

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3
Q

What must be examined during a situation analysis

A

The company’s markets, the competition and the business environment

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4
Q

What is the next step after situation analysis

A

Setting marketing objectives

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5
Q

What ressources are allocated

A

The budget and human ressources

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6
Q

What is the marketing strategy

A

Identification of markets segments, positioning, differentiation and innovation

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7
Q

How should you decide the marketing mix

A

Making coordinated strategic decisions to obtain a synergy effect

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8
Q

What happens during the implementation

A

Statement of activities for each of the marketing mix variables
Defining responsibilities for each member of the marketing unit
Coordinating operations
Schedule of activities

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9
Q

What happens in the control

A

Contingency plan
Description of the means of control
Scorecard

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10
Q

What is essential during the control

A

Internal data, including performance indicators and external data from the information system

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11
Q

What is a marketing audit

A

Comprehensive, systematic and periodic critical examination of a company’s main marketing orientations in its environment and its implementation of them

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12
Q

What is the SWOT model

A

It summarizes and integrates all the information issuing from the diagnosis of the company’s internal and external environment in one tool.

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13
Q

What is the first dimension

A

It traces the origin of phenomena that may impact the organization’s activities

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14
Q

What is the second dimension

A

How the information from the internal and external environments will impact the company’s operations and performance

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15
Q

What is the TOWS model

A

The advantage is that it integrates all of this information in one analytical model that then serves as a strategic planning tool.

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16
Q

What are the two methods for internal analysis

A
  • Analyzing each of the components of the internal environment and seeing how the organization is positioned relative to each of these components
  • Focus on each of the primary and support activities that make up the value chain
  • Identifying existing best practices in a given sector (best in the class)
17
Q

What is a mission

A

A mission statement is a concise explanation of the organization’s reason for existence. It describes the organization’s purpose and its overall intention

18
Q

What are the components of the internal environment

A

Resources and corecompetencies
Current offer
Prior performance
Business relations

19
Q

What are the resource

A

Human, financial, information and purchasing (competitive advantage)

20
Q

What are the primary activities of an organization

A

Inbound logistics
Operations
Outbound logistics
Marketing
Sales and service

21
Q

What are inbound logistics activities

A

Related to reception, storage and procurement

22
Q

What are operations activities

A

Transformation of inputs into products

23
Q

Outbound logistics activities

A

Distribution and storage of finished goods

24
Q

What are the activities related to after-sale service

A

Customer satisfaction and retention, installation, repair, return

25
Q

What are the support activities

A

Infrastructure
HR management
Technological development
Purchasing and procurement

26
Q

What is the microenvironment

A

The competitive environment : set of factors that are in direct contact with the organization. It is semi-controllable

27
Q

Who are the actors that affect the microenvironment

A

Suppliers and customers

28
Q

How does the NAICS classifies businesses

A

Per NAICS code for production of similar products

29
Q

What is competition

A

The result of the interaction between organizations that offer products and services intended to satisfy the same need.

30
Q

What are the components of the microenvironment

A

1) Competitive rivalry
2) Bargaining power of suppliers
3) Bargaining power of customers
4) Threat of new entrants
5) Threat of substitute products or service

Marketing (2 decks)

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