L4, Marketing strategy and market plans

Question 1

what is a brand?

Answer 1

1. “personality” of a company
2. a symbol of a company
   3.

Question 2

What is brand equity?

Answer 2

A brands value

2. How customers regard a brand

Question 3

what is a brand hierarchy?

Answer 3

how a company decides to use their brands

1. Branded house
2. Sub-brands
   —> combining the corporate brand with strong sub-brands
3. Endorsed brands
   —> leading with a strong sub-brand but leveraging corporate brand as endorser
4. House of brands
   —> Decentralized companies targeting diverse markets

Question 4

Name three fundamental value-based strategies

Answer 4

1. operational excellence
   —> roving reliable products or services at competitive prices and delivered with minimum difficulties
2. customer intimacy
   —> segmenting and targeting markets and tailoring offerings to match demands of those niches
3. product leadership
   —> offering customers leading-edges products and services

Question 5

Name 3 meaningful questions with regards to market strategy?

Answer 5

1. what do we know?
   - situation analysis
   —> review resent performance

- assess market information
—> scenarios
—> marketing sensing
—> 5 forces
—> SWOT

2. What do we want to accomplish?
   - targeting
   - setting goals
   - positioning
   - customer value propositions
   - building brands
3. How will we do it?
   - action plan
   - marketing and sals programs

Question 6

assessing “what do we know”?

Answer 6

1. Review recent performance
   —>Measure KPI
   —> compare with the initial plans
   —> connect planning market strategy with the performance review
2. Gather essential market information

Question 7

Name some different methods (strategies) to gather essential market information

Answer 7

1. construct scenarios under uncertainty
2. avoid market myopic
3. part of marketing sensing
4. 5 forces
5. SWOT

Question 8

market sensing?

Answer 8

?

Question 9

name some strategic issues to business marketing?

Answer 9

1. targeting

2. segmentation

Question 10

name some strategic issues to business marketing?

Answer 10

1. targeting
2. segmentation
3. positioning

Question 11

what is meant by segmentation?

Answer 11

1. identify subgroups with different features - but homogenous internally
2. particular market segments and customer firms

3. criteria for good segments
—> measureble
—> profitable
—> accessable
—> big enough
—> actionable (need to be able to develop the market)

Question 12

Give some examples of criteria for macrosegmentation?

Answer 12

1. geographic
2. customer type
3. customer size
4. product use

Question 13

Give some examples of microsegmentation?

Answer 13

1. purchasing criteria
2. purchasing strategy
3. importance
4. personal characteristics

Question 14

what is meant by positioning?

Answer 14

Process of establishing and sustaining an intended meaning for a market offering
— A market communication strategy
— Customer value proposition
— make the customers aware of your market position
— create a category of your own, where your company can dominate
— How the customer perceives the brand
—

Question 15

Customer value propositions?

Answer 15

?

Question 16

“How will we do it?”

Answer 16

1. develop an action plan
   —> translate the market strategy into the coordinated activities and specific resources the firm will use to attain what it want to accomplish
2. gain input from each functional area
3. each objectives is associated with a program or programs
4. coordinate various market activities

Question 17

what can you do to learn and adapt?

Answer 17

1. give early feedback before or just after the implementation parts of the market strategy
   —> customer advisory board
   —> pilot programs
   —>
2. support a culture that values systematic market experiments
   —> the fear of failure is the enemy of development

Question 18

planning marketing strategy?

Answer 18

1. customer-focus objectives guide and support the business strategy, decisions and actions
2. planning in order to be prepared to changes

Question 19

what is the content of a marketing plan?

Answer 19

1. objectives
2. target customers
3. product
4. distribution
5. promotion
6. price
7. contingencies
8. Market analysis

Question 20

name 5 external market tests os a resource’s value

Answer 20

1. inimitability
2. durability
3. appropriabilty
4. substitutiability
5. competittive superiority

Question 21

what is a core competence?

Answer 21

something a firm does very well

Question 22

what is a distrinctive competence?

Answer 22

Something a firm does better than its competitors

Question 23

Difference between a marketing strategy and a business strategy?

Answer 23

BUSINESS STRATEGY
— focuses primarily on profitability
— organizational structure

MARKETING STRATEGY
— focuses mainly on selling a product

Question 24

what is targeting?

Answer 24

1. Process of defining a potential target market and effectively reaching them with your marketing strategy
2. collectively decided - functional areas

3. Setting goals and objectives:
—> long-term= goals
—> near-term= objectives
—> measures= performance
—> balance score cards and reward system

Question 25

What is differentiation?

Answer 25

1. A product development strategy of how your product differentiates from other offerings
2. A valuable appreciated difference

e. g.:
1. price
2. features & style
3. customization
4. performance
5. quality
6. durability and reliability

Question 26

external market analysis?

Answer 26

1. cusotmer
2. market
3. industry
4. distribution structure
5. product life cycle
6. etern environment

Question 27

Internal market analysis?

Answer 27

1. Skills
2. financial resources
3. Business strategy