Lecture 2 - Marketing management Flashcards
What are the pillars of management?
Planning, organizing, leading, and controlling.
What are core leadership skills?
Building effective teams that think and act for the organization, showing patience during change, and setting measurable goals.
What are the leadership styles, and what do they entail?
Democratic: Manager delegates decision-making to s employees, good for teaching decision-making.
Autocratic: Manager makes all decisions, effective for quick decisions but can demotivate employees.
Participative: Employees are involved in decisions, boosting motivation, but manager has the final say.
What is marketing management?
The process of planning, organizing, and controlling marketing resources to achieve organizational goals, including market analysis, targeting, and positioning.
What are the major methods for going global? (selv sat ind)
Exporting: A straightforward approach to test a market by selling products from the home country.
Licensing: Granting rights to a local company to produce or sell the product.
Franchising: A specific type of licensing where local operators run businesses under the company’s brand.
Joint Ventures: Partnering with local businesses to share risks and resources.
Direct Investment: Setting up local facilities or subsidiaries to have full control over operations
Why is customer-perceived value (CPV) important in competitive markets?
Customers compare offerings based on the value they perceive, based on quality, service, and brand reputation etc. + they demand more perceived value today
What is the value delivery process?
It includes choosing the right value, delivering it through efficient processes, and communicating it effectively to customers.
What is the BCG matrix, and how is it used?
A tool for product portfolio planning that categorizes products into Stars, Cash Cows, Question Marks, and Dogs based on market growth and share to guide resource allocation.
What is Ansoff’s growth matrix?
A framework for growth strategies involving market penetration (current products + markets), market development (current products + new markets), product development (new products + current markets), and diversification (new products + new markets)
What are Porter’s generic strategies?
Achieve competitive advantage. Cost leadership(lowest cost in market), differentiation (unique products), and focus (niche market), each designed to achieve a competitive advantage.
What are core competencies?
Unique resources or skills that provide a company with a competitive advantage and significant customer value, while being hard for competitors to replicate.
What is management?
A process of working with and through people to fulfill organizational purposes.
What are the challenges and strategies for managing in developing markets?
Challenges: Low purchasing power, weak infrastructure, complex regulations.
Strategies:
Customize products for local needs.
Use innovative distribution, like mobile platforms.
Invest in local communities for loyalty.
Success needs flexibility and understanding of local cultures and economies.
What is the value chain?
A series of activities that add value to a product or service, from production to delivery to the customer.
Divided into primary activities and support activities
