Class 2: Marketing Strategy Flashcards
What is strategic planning
process that describes a direction an organization will pursue within its chosen environment. This guides the allocation of resources
What are the 4 steps of the strategic planning process?
- Define the organizations mission
- Assessment of external threats and opportunities
- Perform an assessment of internal strengths and weaknesses
- Establish a set of priorities based on organizational objectives
What 4 steps go into defining the organizational mission?
- What is the fundamental purpose of existing
- who are we? what are our values and the values of the customers we want to serve?
- Develop a blueprint for management for developing business strategies
- recognize what the business is and what the customer wants
What is the difference between a vision and a mission?
Both single sentences
Vision: Where the organization aspires to go. - Explain the existence, what is does and for whom. e.x Healthier children. A better world.
Mission: defines the organizations business, its objectives and how it will reach those objectives. Shows the desired image at a point far in the future, e.x As leaders in child health, we partner globally and locally to improve the health of children through the integration of care, research and education.
What are the components of the organizational mission
- Basic product or service, primary market.
- Organizational goals: growth, profitability, stability or survival.
3.Organizational philosophy - Organizational self concept
- Public image
What is marketing Myopia?
Failing to see and recognize threats and opportunities in the external marketplace. Seeing the world only through the lens of the business and not the stakeholders, the audience and the environment.
What components does the situational assessment consist of?
SWOT analysis: Evaluate strengths, weaknesses, opportunities, threats.
Identify economic, competitive, regulatory, social, and technological changes in the marketplace.
Questions: What are the changes and trends?
How will these changes affect the organization?
What opportunities do these changes present?
S in SWOT analysis
Strengths: Things your company does well, qualities that separate you from your competitions, Internal resources such as skilled staff, tangible assets such intellectual property, capital, proprietary technologies.
W in SWOT analysis
Weakness: Things your company lacks, things your competitors do better than you, resource limitations, unclear unique selling proposition.
O in SWOT analysis
Opportunities: Underserved markets for specific products , few competition in your area, emerging need for your products or services, press/media coverage of your company.
T in SWOT
Threats: Emerging competitors, changing regulatory environment, negative press/ media coverage, changing customer attitudes toward your company
What are examples of invisible value and invisible value
Invisible Value - Better trained receptionists, computer based scheduling system - Visible value: reduced waiting time
What are some growth market strategies?
market penetration, product development, market development, diversification
PEST analysis
(political, economic, social, and technological) is a management method whereby an organization can assess major external factors that influence its operation in order to become more competitive in the market.
What are porters 5 forces model?
Supplier, threat, buyer, substitution. Used to identify and analyze an industry’s competitive forces.
The five forces are competition, the threat of new entrants to the industry, supplier bargaining power, customer bargaining power, and the ability of customers to find substitutes for the sector’s products.
The model guides businesses in determining the intensity of competition and potential profitability within their market, helping them better understand where power lies in their sector.
McKinsey 7 - S framework
a change framework based on a company’s organizational design and coordination. It aims to depict how to manage organizational change by strategizing around the interactions of seven key elements: Structure, Strategy, System, Shared Values, Skill, Style, and Staff
What is the blue ocean strategy
objective is to create demand in an unknown market space e.g circe du soleil
what kind of forces effect the environment of marketing
economic forces, technological, social, competitive, regulatory forces.
why are these forces important
Allow for continual scanning of the environment. Can be used to assess trends over a period of years. Help determine what needs to be done to adjust appropriately to the marketing mix strategy.
