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MGCR 352 > Developing Marketing Strategies (Lecture #4) > Flashcards

Developing Marketing Strategies (Lecture #4) Flashcards

1
Q

What are the two general kinds of organizations?

A
  1. Business firms aiming to make profits
    - -private or publicly owned (profit is the goal)
  2. Non-profit orgs
    - -usually nongovernmental org that serves its customer, profit is not the org’s goal
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2
Q

def. strategy

A

org’s long-term plan of action to deliver unique customer value/experience and to achieve its objectives

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3
Q

What are the levels of strategy in an org?

A
  1. Corporate-level Strategy(only board of directors are above this level)
    - —top management, overall strategy for the org
  2. Business-unit strategy
    - –business unit managers, set direction for their products and markets
  3. Function-level strategy
    - –decide decisions in each apartment
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4
Q

What are the three important questions to consider when developing marketing strategies?

A
  1. What are the Organizational Foundations? (Why?)
    - -i)core values ii)mission or vision and iii) culture
  2. What is/are the organizational direction(s) and business goal(s) (What?)
    - -i) long term ii)short term
  3. What are the organizational strategies at different levels and different goods and services? (How?)
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5
Q

Describe the Parts of a SWOT Analysis (each thing and the ‘parameters’ they fit under)

A
  1. Strengths (Favourable, Internal)
  2. Weaknesses (Unfavourable, internal)
  3. Opportunities (Favourable, External)
  4. Threats (unfavourable, external)
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6
Q

What is the breakdown of marketing strategy levels (and who is in them)?

A
  1. Corporate level
    - -the top management team (TMT) decides overall strategy
  2. Strategic Business Unit (SBU) Level
    - -a division of an org that markets a set of related offering to clearly defined group of customers
  3. Functional/operational level
    - -groups of specialists(departments) create value for an org
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7
Q

What is the progression of strategy at the 1. Strategic, 2. Managerial, and 3. Operational levels?

A

1: Formation of strategy
2: translation of goals into operations
3: effective implementation

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8
Q

what 3 things make up an org’s foundation?

A

core values, mission, organizational culture

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9
Q

def. core values

A

fundamental, passionate and enduring principle that guide org’s conduct overtime

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10
Q

def. mission

A

statement of the org’s function in the society, identifying its customers, markets, products, technologies, etc.

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11
Q

def. organizational culture

A

set of values, ideas, attributes, and norms of behaviour and conduct that are learned, shared practice by org members

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12
Q

What is an a business’ organizational direction?

A

clear and broad statement of the firm’s offerings and activities, view to future

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13
Q

Apart from a general statement’s of the org’s direction, what else is part of the org’s direction?

A

-goals (statements of what tasks, objectives need to be achieved)

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14
Q

What do an org’s goals surround (general targets)? (8)

A
  1. Profit
  2. Sales Revenue
  3. Market Share (Org’s revenues/industry’s revenues)
  4. unit sales per time period
  5. quality
  6. customer satisfaction
  7. employee welfare: good employment conditions
  8. social responsibility: balancing the conflicting interests of stakeholders to deliver benefits to the society
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15
Q

What makes goals effective?

A 
SMART
Specific
Measurable
Attainable
Relevant
Time-based
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16
Q

In what two ways do organizational strategies vary?

A

Variation by level: moving from general principle (corporate level) to in-depth details (functional level)

Variation by offering: org strategies also vary by the org’s offering (products, service, experience)

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17
Q

Generally describe the components of the Boston Consulting Group’s (BCG) Portfolio Analysis (names and ‘parameters’)

A

Stars (high relative market share, high market growth rate)
Question Marks (Low market share, high growth rate)
Cash Cows (high market share, low growth rate)
Dogs(low market share, low growth rate)

18
Q

Describe ‘cash cows’ and their uses

A

can be used for company overhead and investment in other SBUs
-high market share, low growth rate

19
Q

describe ‘stars’ and their characteristics

A

may not generate enough cash to support their own demanding needs
-high market share, high growth rate

20
Q

describe ‘question marks’ (or problem children) and thier characteristics

A

-It requires a lot of cash to maintain market share, and
management must decide whether investing resources in this SBU is justified
-high growth rate, low market share

21
Q

describe ‘dogs’ and their characteristics

A

It does not hold the promise of becoming winners for the firm

  • -don’t want to be here
  • low growth rate, low market share
22
Q

What questions should you ask when setting strategic direction?

A

-Where do we want to go?
-What do we do in our current markets and with our
current product(s)?
-Do/should we introduce new product(s)?
-Do/should we go to new market(s)?

23
Q

What are the four market-product strategies and their “parameters”?

A
  • market penetration (current products, current markets)
  • market development(current products, new markets)
  • product development (new products, current markets)
  • diversification (new products, new markets)
24
Q

describe market penetration

A

selling more products in existing markets

25
Q

describe market development

A

selling existing products in new markets (either geographic or new segments)

26
Q

describe product development

A

selling new products in existing markets

27
Q

describe diversification

A

selling a new product in new markets

28
Q

What are the ways to track strategic direction?

A

marketing dashboards and metrics

29
Q

def. marketing dashboard

A

the visual computer-assisted
display of the essential information related to achieving
a marketing objective

30
Q

def. marketing metric

A

Performance variables, quantitative
measures of value or trend of a marketing activity or
result

31
Q

def. marketing plan

A

A plan to implement firm’s strategy to achieve objective (Using Smart + Marketing Metrics)

32
Q

What does the strategic marketing process involve?

A
  1. an organization assessing where it is at and where it
    wants to go
    2.allocating marketing resources to its marketing mix
    each its target markets and achieve its objectives
33
Q

The strategic marketing process is divided into what three phases?

A

planning, implementation, and control

34
Q

What 3 questions emerge after an org assesses where it is at and where it wants to go?

A
  1. How do we allocate our resources to get where we want to go?
  2. How do we convert our plan to actions?
  3. How do our results compare with our objective and plans, and do deviations require new plans?
35
Q

What are the three steps in the planning phase of the strategic marketing process?

A
  1. Do situation analysis (SWOT)
  2. Market-Product focus and goal setting
    - –set marketing and product goals
    - –select target markets
    - –find points of difference
  3. Marketing Plan/program
36
Q

def. points of difference

A

what makes product different/superior to competition

37
Q

What is the single most important factor in the success or failure of a new product?

A

points of difference

38
Q

def. market segmentation

A

process of aggregating prospective buyers or segments that (1) have common needs (2) will respond similarly to a marketing action

39
Q

def. target selection

A

selecting feasible segments with the highest points of difference

40
Q

What is a part of the implementation phase in the strategic marketing process?

A
  • obtaining resources
  • designing the marketing organization
  • developing schedules
  • executing the marketing program
  • assessing results (recall metrics)
41
Q

What does the strategic marketing process seek to do?

A

keep the marketing program moving in the/or set direction

42
Q

What does the evaluation phase of the strategic marketing process involve?

A

comparing results with plans to Identify deviations

  • understanding the reason(s) for deviations
  • correcting a negative deviation
  • exploiting a positive deviation
  • learning from the experience

MGCR 352 (15 decks)

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