developing marketing strategy and plan Flashcards

1
Q

What does marketing strategy consist of?

A
  1. target market
  2. marketing mix
  3. sustainable competitive advantage
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2
Q

how to achieve sustainable competitive advantage

A
  1. customer excellence
  2. product excellence
  3. locational excellence
  4. operational excellence
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3
Q

What is customer excellence?

A

good customer service to retain customer loyalty

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4
Q

What is operational excellence?

A

improving organization’s processes to achieve efficiency

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5
Q

What is product excellence?

A

high-quality products that provide significant value to customers. it focuses on innovation, investment, and development

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6
Q

What is locational excellence?

A

strategic location, one of a kind

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7
Q

what is marketing plan?

A

written statement that involves swot, target audience, mission, and vision

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8
Q

what is vision?

A

long term

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9
Q

what is mission?

A

overall purpose

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10
Q

What are the phases of the marketing plan?

A
  1. planning
  2. implementation
  3. control
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11
Q

what are the steps in planning

A
  1. identify business mission and objectives
  2. conduct situational analysis (swot)
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12
Q

What are the steps in implementation?

A
  1. identify opportunities using STP
  2. implement marketing mix
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13
Q

What are the steps in control?

A

evaluate performance using marketing metrics

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14
Q

growth strategies

A
  1. market penetration
  2. market development
  3. product development
  4. diversification
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15
Q

What is market penetration?

A

-increasing sales of existing product
-same product and same audience
-create offers

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16
Q

What is market development?

A

-same product and new audience
-Create more branches

17
Q

What is product development?

A

new product but same audience

18
Q

What is diversification? and types

A

new product in new market
related: remain in familiar market
unrelated: no previous market experience

19
Q

what is portfolio analysis?

A

tool to assess and prioritize different products

20
Q

what is star

A

high market share, high growth market

21
Q

what is cash cow

A

high market share, low growth market

22
Q

what is question mark

A

low market share, high growth market

23
Q

what is dog

A

low market share, low market growth

24
Q

example of customer excellence

A

Ritz empowers employees by giving them 2000 dollars to solve customer problems without asking manager

25
example of operational excellence
walmart and mcdonalds
26
example of product excellence
apple
27
example of locational excellence
starbucks and mcdonalds
28
what does product do
create value
29
what does price do
capture value
30
what does promotion do
communicate value
31
what does place do
deliver value
32
example of market penetration
coca cola
33
example of market development
okhtein
34
example of product development
apple
35
example of related diversification
nike creating a fitness app
36
example of unrelated diversification
BMW creates fragrance