Exam Prep Flashcards
What are porters main marketing strategies
Cost Leadership
Differentiation
What does marketing strategy consist of?
Decisions and actions focused on building a sustainable differential advantage, relative to competitors, in the minds of customers to create value for stakeholders
What are the critical elements of a marketing strategy
- Leads to a differential advantage over competitors
- Sustainability
- Ability to enhance firm performance
- Customer perspective
- Guides decisions and actions
Strategic Fit and business success over time is only achieved when the organisation
Listens and Monitors its Environment constantly
Give an example of a Marketing plan
- Executive summary
- Situation analysis (SWOT, 5 forces)
- Marketing Strategy (Mission, Objectives and Positioning)
- Marketing Tactics (How and When to execute the strategy)
- Financial Projections (Forecasted revenues, cost and risk analysis)
- Control (Budget v results)
What is a buyer persona
A semi fictional representation of your ideal customer based on market research and real data about your existing customers
Benefits of a buyer persona
You humanize marketing
Results in stronger more cost effective marketing
Convey a more tailored message
When you put a name to your customers you can hopefully meet their needs better
Define your target audience
Strategic segmentation
Strategic targeting
Tactical segmentation
Tactical Targeting
What are the dimensions of Customer Value
Functional
Psychological
Monetary
What is the act of designing a set of meaningful differences to distinguish the company’s offerings from competitors offerings
Differentiation
Positioning
Marketing strategy consists of
Decisions and actions focused on building a sustainable differential advantage, relative to competitors, in the minds of customers, to create value for shareholders
Positioning is a result of a marketers job defining and communicating similarities and differences between their brand and its competitors
- Identifying the target market and relevant competition
- Indentifying the brand associations and perceived benefits
- Formulating a value proposition (solution to a problem statement) and competitive advantage (strongest core competency)
- Creating slogan (engagement, external) and eventually a brand mantra (internal purpose) summarising the essence of the brand
(A potential brand open question)
Vision
Mission
Benefits
Values
Value Proposition
Slogan
Positioning
Marketing Information Systems (MIS)
Consists of people, equipment, and procedure to gather, sort, analyze, evaluate, and distribute needed, timely, and accurate info and…
It relies on internal company records, marketing intelligence activities, and marketing research
Marketers find opportunity’s by identifying
Fad
Trend
Megatrend
To estimate current demand, companies attempt to determine
Total market potential and/or area market potential
Industry sales and/or market share
To carry out their analysis, planning implementation and control responsibilities, marketing managers can use a marketing information system (MIS) to
Assess info needs
Develope the needed information
Distribute in a timely manner
Marketing Information System (MIS)
-Consists of people, equipment, and procedures to gather, sort, analyze, evaluate, and distribute needed, timely, and accurate information and
-It relies on internal company records, marketing intelligence activities
Use the internet to obtain intelligence by
- Reviewing forums
- Sales agent feedback sites
- Technological and financial products
- Customer complaint forums
- Any public blog
According to Kotler and Keller, the Marketing research process consists of
- Defining the problem
- Decision alternatives
- Research objectives
- Developing the research plan
- Collecting the information
- Analysing the information
- Presenting the findings to management
- Making the decision
Examples of logo types
- Wordmark
- Pictoral
- Abstract Icon
- Logo System
What is a brand association mapping
It’s designed to visually show the connections to a particular brand. Generally we look at the attributes, attitudes and images that the brand is associated with, but we are also able to consider non-associated aspects and even review how our competitors sit relative to these same associations.
Price Adaptation Strategies
1 - Geographical
2 - Discounts
3 - Promotional
4 - Discriminatory pricing
