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Marketing > Cours 2 > Flashcards

Cours 2 Flashcards

1
Q

What is the company’s 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,

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2
Q

What is a strategy?

A

It is a long-term vision of the means that will be used to achieve a final objective.

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3
Q

What is a tactic?

A

It is an element used within the strategy to achieve the final objective.

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4
Q

What is a competitive strategy?

A

it is a business strategy defined by one’s own company in relation to competitors.

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5
Q

What is a developmental strategy?

A

It is a business strategy defined by how a company plans to grow

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6
Q

What is a leadership strategy?

A

It is a company that is given the market and that is recognized as a leader by competitors.

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7
Q

What is a challenger strategy?

A

It is the company that is considered the main rival of the leader; it seeks a dominant position.

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8
Q

What is a follower strategy?

A

It is a competitor with a small market share that adapts its action to its competitors.

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9
Q

What is a specialist strategy?

A

It is a company that focuses on a distinct market segment.

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10
Q

How should leader companies behave?

A
  • Defend or grow their market share.
  • Try to grow the overall market.
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11
Q

How should challenger companies behave?

A
  • It takes advantage of the leader’s weaknesses.
  • It battles the leader using the leader’s own method.
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12
Q

How should follower companies behave?

A
  • They retain market share.
  • They respond to leader actions to remain competitive.
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13
Q

How should specialist companies behave?

A

They serve a niche need that is not being met by others in the industry.

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14
Q

Give ways to penetrate a market.

A
  • By increasing current customers’ rate of use.
  • By attracting competitor customers.
  • Attract non-users.
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15
Q

What are the ways to increase current customers’ rate of use?

A
  • By increasing the number of units purchased at a time.
  • By accelerating the product obsolescence rate.
  • By advertising for other uses.
  • With monetary premiums for increased use.
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16
Q

What are the ways to attract competitors’ customers?

A
  • By better defining a brand differentiation.
  • By enhancing communication efforts.
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17
Q

What are the ways to attract non-users?

A
  • By encouraging users to try products.
  • By pushing prices up or down.
  • By advertising new uses.
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18
Q

What are the 2 ways to develop a new market?

A
  • By opening new geographic markets.
  • By attracting other market segments.
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19
Q

What are the ways to open new geographic markets?

A
  • With regional expansion.
  • With national expansion.
  • With international expansion.
20
Q

What are the ways to attract other market segments?

A
  • By penetrating other distribution channels.
  • By advertising in other media.
  • By developing attractive product versions for other sectors.
21
Q

What is a brand extension?

A

It is when a company uses one of its established brand names on a new product or new product category.

22
Q

What are line extensions? Give example.

A

It is to develop new products like what you already make like deodorant scents.

23
Q

What are complementary extensions? Give example.

A

It is to develop new products that complement what you already make like BeautyBlender Foundation.

24
Q

What are brand authority extensions? Give example.

A

It is to develop products within your expertise & authority like Dayson AirWrap.

25
Q

What are lifestyle extensions? Give example.

A

It is building a strong brand community that will buy unrelated branded goods like RedBull TV.

26
Q

What is the concept of diversification?

A

It is to develop. new products for new markets.

27
Q

What are the components of the BCG Matrix?

A
  • Purpose
  • Dicision
  • Market Growth Rate
  • Relative Market Share
28
Q

What is the purpose of the BCG matrix?

A

It is to evaluate the strategic position of a business’ brand portfolio.

29
Q

What is the purpose of a decision in a BCG Matric?

A

It is to know which products to invest in and which to divest from.

30
Q

What is the purpose of the market growth rate in a BCG matrix?

A

It is the industry attractiveness or the direction and rate of acceleration in demand in the overall market for that product category.

31
Q

What is the purpose of a relative market share in a BCG matrix?

A

It is a competitive position. It represents. a firm’s total sales divided by the sales of their closest competitors

32
Q

What is corresponding to a high market growth rate and a high relative market share?

A

Stars

33
Q

What is corresponding to a high market growth rate and a low relative market share?

A

Question marks

34
Q

What is corresponding to a low market growth rate and a high relative market share?

A

Cash cows

35
Q

What is corresponding to a low market growth rate and a low relative market share?

A

Dogs

36
Q

What is a marketing plan?

A

It is an analytical framework with three general elements: a situation analysis, a set of strategies, and an action program.

37
Q

What are the components of the marketing plan?

A
  • Situation analysis (where are we, and where are we going?).
  • Setting objectives (Where do we want to go?).
  • Resource allocation (What efforts should we invest in?).
  • Defining the marketing strategy (Whom do we want to target and how do we want to be perceived?).
  • Deciding on the marketing mix (How do we want to get there?).
  • Implementation (what do we do?).
  • Control (How will we know if we are going in the right decision?).
38
Q

Describe the situation analysis element.

A

Markets:
- Consumers or organizational customers, demand, and segments.
Competition and environment
Company:
- Mission and objectives
- Strengths and weaknesses
- Distinctive advantage

39
Q

Describe the setting objective element.

A

Marketing objectives:
- Sales, market share, and contribution to profits

40
Q

Describe the resource allocation element.

A

Budget
Human resources

41
Q

Describe the definition of the marketing strategy element.

A

Objectives and strategies
Marketing strategies:
- Target segments, desired positioning, differentiation, and innovation

42
Q

Describe the decision on the marketing mix element.

A

It is formulating the product, pricing, distribution, communication, and innovation.

43
Q

Describe the implementation element.

A

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

44
Q

Describe the control element.

A

Contingency plan
Description of the means of control
Scorecard

45
Q

What is a marketing audit?

A

It is a comprehensive, systematic, and periodic critical examination of a company’s primary marketing orientations in its environment and its implementation of them.

Marketing (9 decks)

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