Lecture 3 Flashcards
Define cost competitve advantage
This is when a company sells it’s product/service at a lower cost than other and stills maintains satisfactory profit margins. This can be obtained through cheap labor, cheaper product/service development, new equipment or goverment subsidies.
What is a sustainable competitive advantage
This is when a buisness contains an advantage over other companies that other companies can’t replicate such as a patent, or copyright. It’s what makes a company unique and helps it stand out amongst it’s competitors.
what qualities apply to a market objective statement and what is an example?
A statement indicating what is meant to be accomplished through marketing activities., or the goal one is trying to achieve by implementing marketing activities. These activities include what is: -realistic -measurable -comparable to benchmark -time specific
Marketing objectives:
- motivate employees
- force higher executives to rethink their decsions
- Provide direction for lower level marketing managers to point marketing efforts in the right direction and help team members work together to combine their efforts.
- Able to communicate the plan and focus of marketing to all employees of the company
- Form a basis of control over marketing goals
Strageties for selecting target markets. What are the strageties?
- Be attractive to the entire market with a single market mix
- Appeal to a particular marketing segment with one marketing mix
- Appeal to multiple marketing segments with multiple marketing mixes.
What is the marketing mix?
A method of promoting a product, placing it in a location to buy and the price placed on a product»> unique combination of these
Describe the 4 p’s
- Place-where you sell the product and where customer can obtain the good
- Promotion-how a product can be advertised
- Price-how costly a product is
Describe implementation? Evaluation?
The implementation process involves transforming the marketing plan into a series of action assignments and how these can be used to achieve a particular goal. The evaluation step involves measuring the extent to which a marketing plan can be achieved.
Control
- Measuring the extent to which marketing results were met based on a plan’s goals
- Taking actions to fix or eliminate activites that do no help the company/organization achieve it’s goals
Marketing audit
This is an analysis of the various marketing activities going on in an organization/business to see whats working and what’s not. If certain activity is not living up to it’s potential more resources (employees, rethinking of plans or elimination of activity) must be allocated to that area of the business for improvement.
Post auditing activities
- To make reccomendations about improving areas of the organization that are weak
- To make sure that these areas needed to be improved are heard by all members of an organization
- To make sure that tools to improve faulty areas of the organization are being put into place.
Strategic planning what two q’s are being asked?
Creating and maintaining a fit between the organizations goals and changing marketing environment: ex: new age drinks, build lots of consumer brand loyalty and take advantage of digital and social media marketing during covid to do so.
- What is a companies mainactivity at a particular time?-produce nootropics for the next year or so
- How will the company achieve it’s goals, by making people aware of the relaxation benefits it offers, advertisements on social media, on websites and on instagram. Then selling the products through amazon.
Strategic business units
A single organization or multiple related organizations which have distinct:
-goals
-resources
-product/services
-competitiors
-customer segments
Ex: Mondelez-oreos, trident gum, chocolate, etc.
Anoff’s opportunity matrix
This is a chart that describes how
