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Business Driven Strategic Marketing Management > Course summary > Flashcards

Course summary Flashcards

1
Q

What are the five key questions for identifying consumer? B-2-C and B-2-B

A

Who is important?
How do they buy?
Where do they buy?
When do they buy?
What are their choice criteria?

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2
Q

What are the buy phases? The orginazational decision making process

A

Recognition of problem
Determination of specification and quantity
Search for and qualification of potential sources
Acquisition and analysis of proposals
Evaluation of proposals and selection of suppliers
Selection of an order routine
Performance feedback and evaluation

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3
Q

Situational analysis has three layers. From outside in they are:

A

Macro
Micro
The company

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4
Q

6 factors of the pestle analysis

A

Political
Economical
Enviromental
Legal
Social and cultural
Technological

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5
Q

Microenviroment consists of four analysis

A

Industry
Market
Customer
Competitor

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6
Q

Customer analysis

A

To understand current and prospective customers’ behavior

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7
Q

What is competitor analysis?

A

To evaluate and learn to understand competitors’ strengths,
weaknesses and reaction patterns

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8
Q

Five key questions for competitor analysis:

A
  1. Who are our competitors?
  2. What are their strengths and weaknesses?
  3. What are their strategic objectives and thrust?
  4. What are their strategies?
  5. What are their response patterns?
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9
Q

Industry analysis

A

To evaluate and learn to understand the “rules” and structure of the
industry where you are active
* Porter’s Five Forces
* Critical Success Factors

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10
Q

Market analysis

A

To understand market size, growth rates and trends
* Size
* Market growth
* Market profitability
* Cost structures in the industry
* Distribution systems
* Trends and developments
* Key Success Factors

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11
Q

Porter’s Five Forces

A

Threat of new entrants
Bargening power of suppliers
Bargening power of buyers
Threat of substitute products or services
Dergree of rivalry in the indestry

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12
Q

To do a company analysis you can use the ___ method

A

SWOT

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13
Q

SWOT is:

A

Strengths (Internal – Controllable)
Weaknesses (Internal – Controllable)
Opportunities (External – Uncontrollable)
Threats (External – Uncontrollable)

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14
Q

Strategic thrust

A

Defines the future direction and areas of potential growth for a business
* Market penetration/expansion
* Market development
* Product development
* Diversification/Enter new markets

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15
Q

The four competitive strategies are

A

Differentiation - stand out from competitors, meet one critera used by many buyers (nissan)
Cost leadership - lower cost than competitors, many customers -> lower prices (walmart)
Differatiation focus - specialise to meet the needs of a small market segment (chemical companies)
Cost focus - dedicate to one segement and avoid overperforming when meeting need (ryanair)

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16
Q

Competitive advantage can be achived through

A

Superior skills
Superior resources
Core competences

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17
Q

How do we locate superior skills and resources?

A

Examine your value chain

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18
Q

How to create a differential advantage

A

Superior skills and resources are translated into a differential advantage only when the
customer perceives the the firm is providing value above that of the competition.

Differential advantages are created when skills and resources are liked to the key attributes (choice criteria) that customers are looking for in a market offering

Differential advantages can be created with any aspect of the market offer (marketing mix).

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19
Q

Sustaining differential advantage

A

The key to achieve a long-term advantage is to focus on areas that competition finds impossible or very difficult to copy. Like:
- Patents
- Relationships
- Innovative products

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20
Q

Eroding differential advantage

A

Tech and environment change
Competitors lean to imitate sources of diff adv
Complacency lead to lack of protection

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21
Q

Segmentation is

A

Dividing market in to segements and targeting those specifically

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22
Q

Segmentation can be made in one or more of the following categories

A

Behavioural - Benefits sought, purchase occation, perchase behavoiur, usage
Psychographic - Lifestyle, personality
Profile - Demographic, Socioeconomic, geografic

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23
Q

A succesfull segmentation needs

A

Substantiality
Measurability
Accessibility
Actionability

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24
Q

Positioning

A

The objective is to create and maintain a distinctive position in the market for a company and its products

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25
Q

Perceptual mapping

A

Identify competitors
Identify important attributes for customers
Conduct market research
Plot perceptual map

26
Q

Four Cs for successful positioning

A

Clarity
Consistency
Credibility
Competitiveness

27
Q

The basic model of a product is three layerd and constist of

A

Core product
Actual product
Augmented product

28
Q

Core product is

A

The product itself

29
Q

Actual product is

A
  • Features
  • Quality
  • Styling
  • Package
30
Q

Augmented product is

A
  • Installation
  • Delivery
  • Guarantee
  • Brand
  • Service
31
Q

The four stages of product life cycle (PLC) is

A

Introduction
Growth
Maturity
Decline

32
Q

Four strategic market objectives are

A

Build
Hold
Harvest
Divest

33
Q

Existing markets + existing products =

A

Market penetration

34
Q

Existing markets + new products =

A

Product development

35
Q

New markets + existing products =

A

Market development

36
Q

New markets + new products =

A

Diversification

37
Q

Three pricing methods are

A

Cost oriented (B2B)
Competitor oriented (based on competitors)
Market oriented (based on customers)

38
Q

Cost oriented pricing

A

What does it cost to produce and sell?

39
Q

Competitor-oriented pricing

A

Price set due to the influential competitors’ prices

40
Q

Market-oriented pricing

A

Price set based on:
* Marketing strategy – New prods, in line with positioning. Old prods, in line with strategy
* Customer value – Trade off Analysis / Experimentation / Econ Value to the Customer
* Price-quality relationships – Relation ship between price and quality
* Product line pricing – Price in line with other products in the company’s prod line
* Negotiating margins
* Political factors – In line with public interest
* Costs
* Effects on supply-chain – Profits in all parts of a chain
* Competition – Many levels of competition
* Explicability – Can the price setting be explained
Maximum of what the customer accept to pay

41
Q

Price strategies for product launch: High price + high promotion =

A

Rapid skimming

42
Q

Price strategies for product launch: High price + low promotion =

A

Slow skimming

43
Q

Price strategies for product launch: Low price + high promotion =

A

Rapid penetration

44
Q

Price strategies for product launch: Low price + low promotion =

A

Slow penetration

45
Q

Channel strategy is divided into three parts

A

Channel selection
Distribution intensity
Channel integration

46
Q

In advertising, AIDA means

A

Attention
Interest
Desire
Action

47
Q

5 step communications decisions

A
  1. Identify target audience
  2. Set communication objectives
  3. Create messages
  4. Decide on promotional mix
  5. Set the budget
48
Q

Examples pf mass marketing are

A

Advertising
Public relations
Sales promotion

49
Q

Examples of direct marketing are

A

Personal selling
Exhibitions
Direct mail
Coupons
Telemarketing
Email marketing
Search engine marketing

50
Q

Examples of digital marketing are

A

Digital promotions
Social media communications

51
Q

Influences on the promotion mix

A
  • Available resources
  • Push or pull strategy
  • Buyer readiness stage – where in the decision process
  • Product life cycle
  • Product characteristics
  • Market size and concentration
52
Q

Influences on the promotion mix

A
  • Available resources
  • Push or pull strategy
  • Buyer readiness stage – where in the decision process
  • Product life cycle
  • Product characteristics
  • Market size and concentration
53
Q

7 P’s

A

Product
Promotion
Price
Place
People
Process
Physical Evidence

54
Q

Serives are characterised by

A

Inseparability
Intangibility
Perishability
Variability

55
Q

Four causes of poor perceived quality

A

Misconception - We don’t understand what the customer expects
Inadequate resources - can’t provide resources to meet customer expectations
Inadequate delivery - poor or inconsistent service quality
Exaggerated promises - promise more than we can deliver

56
Q

Improving productivity without compromising quality

A

Technology
Customer involvment in production
Balancing supply and demand

57
Q

Managing service staff

A

Staff-customer interpersonal relationships is key
Staff can provide vital input for R&D
People who stop buying a service, do it because of staff being indifferent or
unhelpful

58
Q

Triangle/Pyramid of Service Marketing

A

Company
Employees
Customers
(Technology)

59
Q

Value should be created..

A

..at every point where a customer touches a firm

60
Q

Benifits of successful relationship for company

A
  • Increased purchases
  • Lower cost
  • Lifetime value of a customer
  • Sustainable competitive advantage
  • Word of mouth
  • Employee satisfaction and retention
61
Q

Benifits of successful relationship for customer

A
  • Risk and stress reduction
  • Higher-quality service
  • Avoidance of switching costs
  • Social and status benefits

Business Driven Strategic Marketing Management (6 decks)

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