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Marketing strategy > Introduction to marketing > Flashcards

Introduction to marketing Flashcards

1
Q

What is the definition of marketing from the CIM

A

“The management process responsible for identifying, anticipating, and satisfying customer requirements profitably” (CIM, 2015)

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2
Q

What is the definition of marketing from the AMA

A

“Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large” (AMA, 2013)

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3
Q

What was the state of marketing in the post-production era (1920-1950s)

A

Competition and slowing demand =
aggressively promote!

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4
Q

What are the 4 essentials of marketing

A

Assessing
Capturing
Creating
Shaping

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5
Q

Explain the ASSESSING part of the essentials of marketing

A

Assessing marketing environment forces, competition and the organisation’s capabilities

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6
Q

Explain the CAPTURING part of the essentials of marketing

A

Capturing marketing insights and assessing customer’s needs, wants and demands

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7
Q

Explain the CREATING part of the essentials of marketing

A

Creating value for chosen target segments and building profitable long term relationships

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8
Q

Explain the SHAPING part of the essentials of marketing

A

Shaping the market offering and building strong brands

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9
Q

3 Strategic issues of products

A
  • Radical disruption and innovation
  • Changing market definitions
  • New forms of competition
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10
Q

3 Strategic issues of pricing

A
  • Competitive positioning and
    customer value
  • Power of major customers
  • Obsession with low price
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11
Q

3 Strategic issues of distribution

A
  • Power of intermediaries
  • Digitisation of distribution
  • Impact of the supply chain
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12
Q

3 Strategic issues of promotion

A
  • Fragmentation
  • Online communications
  • User-generated content
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13
Q

The 5 purposes of strategy (DSIDS)

A
  • Define the scope and set the future direction.
  • State how it is to create value to customers.
  • Identify what product/s and in which markets the firm
    will invest resources.
  • Describe how it is to perform better than competition
  • Strategic Planning is a process of developing and
    maintaining a strategic fit between a firm’s goals and
    capabilities and changing marketing opportunities
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14
Q

What are the 3 levels of strategy

A

Corporate, Business level and Functional

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15
Q

What is corporate strategy

A

Overall direction-attitude towards
growth, management of
businesses and product lines to
produce a balanced portfolio

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16
Q

What is business level strategy

A

Usually at a divisional level concerned with the competitive
position of products/services
in the industry or market segment
served by that division

17
Q

What is functional strategy

A

Functional departments
(marketing, finance, r&d etc.)
pull together to maximise
resource productivity

18
Q

Explain the corporate mission/vision

A

A mission statement is a broad statement of the organisation’s
current purpose and direction.

  • The vision statement sets out an organisation’s future, stretching an
    organisation’s current position and performance
  • Components may include:
  • Customers, products or services, location, technology,
    philosophy, self-concept, concern with public image or
    employees (David, 1999)
19
Q

Attributes of good mission statements

A
  • Short!
  • Realistic, specific, motivating, emphasize distinctive
    competencies and the market environment
  • Focus on needs
  • Align with organisational values
20
Q

What are core competencies

A

1) Must be relevant
2) Difficult to imitate
3) Leveraged to many products and markets and research and
development

21
Q

Strategic objectives and focus (3 types of growth)

A

Intense growth, Diversified growth, Integrated growth

22
Q

Define intense growth

A

Current products and markets have the potential for increased sales
i.e. market penetration, market development, product development

23
Q

Define diversified growth

A

New products are developed for new markets- can spread risk and
make full use of resources

Horizontal diversification- new products that are not technologically related to current products are introduced to current markets e.g Sony purchasing Columbia Pictures

Concentric diversification- the marketing and technology of new products are related to current ones but new products are introduced into new markets e.g. BMW manufacturing motorcycles

  • Conglomerate diversification- new products are unrelated to current technology, products or markets,
    and are introduced into markets new to the company e.g. Samsung has diversified into air conditioning,
    construction, ship-building, home entertainment etc.
24
Q

Define integrated growth

A

Same offerings and markets but the company starts to perform
some new activities in the value chain. This can occur in the same industry in three ways

Forward- takes control of distribution e.g. Nike stores

Backward- takes control of supply systems e.g. Newspaper buying paper mill

Horizontal- takes control of some of its competitors e.g. Ford’s purchase of Land Rover, Jaguar, Volvo and
Aston Martin

25
Q

What are the 4 segments of BCG’s growth share matrix

A

Cash cow, Star, ???, Dog

26
Q

Explain CASH COW

A

Low market growth, high market share

  • Less intense on competition because low market growth
  • Youre very established in the company - high market share
    E.g. sony TV’s
27
Q

Explain STAR

A

High market growth, high market share
- E.G PS4 - High market growth means loads of competition, e.g xbox are going to try and steal the market share

28
Q

Explain - ???

A
  • High market growth, low market share
  • Sony Bluetooth speakers, High market growth, loads of competition (Alexa, google home) but low market share (not performing well against competitors)
29
Q

Explain DOG

A
  • Low market growth, Low market share
  • Trying to get rid of the products e.g ps4, they’re going to stop making them as much and making less games for them
30
Q

What are the 4 strategic marketing goals

A
  1. Build Share - invest to increase market share
  2. Hold - company invests just enough to keep SBU in present position
  3. Harvest - Reduces investment to maximise short term cash flow
  4. Divest - phasing out SBU or selling it to use resources elsewhere
31
Q

What are the 3 generic routes to competitive advantage

A

Cost leadership: low cost base, high market share. Very tight cost controls investment made in further developing the low cost base.

Differentiation: Offering product and marketing programmes with a distinct advantage or are different to those of competitors.

Focus: seeking gaps and unfulfilled needs in market segments or competitor’s ranges.

32
Q

4 sections of ansoffs matrix

A

Existing products + Existing markets = Market penetration

Existing products + New markets = Market development

New products + Existing markets = Product development

New products + New markets = Diversification

Marketing strategy (11 decks)

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