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MKT1002 > Lecture 3 Marketing Strategy > Flashcards

Lecture 3 Marketing Strategy Flashcards

1
Q

What is the principle focus of strategic marketing planning?

A

Identify and create competitive advantage

Identify and capitalise on opportunities

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2
Q

What is strategy?

A

This is the way in which an organisation achieves its goals

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3
Q

How long is a strategic plan?

A

3-5 years

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4
Q

How long is a tactical plan?

A

1 year

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5
Q

What do Kotler and Armstrong define strategic planning as?

A

“Strategic planning is the process of developing and maintaining a strategic fit between the organisation goals and capabilities and its changing market opportunities”

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6
Q

What are the 4 questions involved in strategic planning?

A

Where are we now?
Where do we want to be?
How do we get there?
How do we know we are there?

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7
Q

What are the 4 phases of strategic planning according to McDonald?

A

Phase 1- goal setting
Phase 2- situation analysis
Phase 3- strategy formation
Phase 4- resource allocation/ implementation

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8
Q

What does Phase 1 involve?

A

1- vision/ mission

2- corporate objectives

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9
Q

What does Phase 2 involve?

A

3- marketing audit
4- SWOT analysis
5- assumptions

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10
Q

What does Phase 3 involve?

A

6- marketing objectives and strategies
7- estimate expected results
8- identify alternative plans and mixes

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11
Q

What does Phase 4 involve?

A

9- budget

10- 1st Year Implementation Plan

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12
Q

Define vision

A

A statement about what an organisation wants to become. It should give shape and direction to an organisation’s future

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13
Q

Define mission

A

A broad statement of intention, which sets out an organisation’s purpose and direction, what it wishes to achieve in the long term

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14
Q

Define organisational values

A

Must be in line with the mission and vision; define how people behave in the organisation and govern and guide the behaviour of individuals within the organisation

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15
Q

Define organisational goals

A

The desired outcomes of the organisation’s various activities. These may be articulated in terms of profit, market share, share value, return on investment or numbers of customers served.

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16
Q

Define corporate strategy

A

The means by which the resources of the organisation are matched with the needs of the environment in which the organisation decides to operate. Bringing together the HR, logistics, production, operations, marketing, IT and so on. The marketing strategy supports and reinforces the corporate strategy

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17
Q

What does vision describe?

A

The desired identity of the organisation (Martin, 20080
It partly describes the desired identity of an organisation as manifested in the daily work of the managers and the staff

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18
Q

According to Kantabutra (2008) what does the vision statement do?

A

It provides a competitive advantage to the organisation; it is fundamental for leadership and strategy implementation, and forms an important tool for decision making during periods of change or transformation.

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19
Q

What strategic market analysis is involved in the external environment?

A

PESTLE

Environmental scanning

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20
Q

What strategic analysis is involved in the performance environment?

A

5 Forces

Competitor and supplier analysis

21
Q

What strategic analysis is involved in the internal environment?

A

Resource analysis

22
Q

When is SWOT analysis involved?

A

This is involved when all of the information derived from the environmental analysis is assimilated and put into a form that can be easily understood

23
Q

Define intensive growth

A

When a firm grows by expanding its product line or market reach

24
Q

Define integrative growth

A

This occurs where an organisation continues to work with the same products and same markets but starts to perform some of the activities in the value chain that were previously undertaken by others

25
Q

Define diversification

A

This refers to developments outside the current chain of value adding activities. This type of growth brings new value chain activities because the firm is operating with new products and in new markets

26
Q

What does the ANSOFF matrix allow firms to consider?

A

Whether new or established products are to be delivered in new or established markets

27
Q

If the product is present and the market is present, according to the ANSOFF matrix, what strategy should be carried out?

A

Market penetration

28
Q

If the product is new but the market is present, according to the ANSOFF matrix, what should be done?

A

Product development

29
Q

If the product is present but the market is new, what should be done?

A

Market development

30
Q

If the product is new and the market is new, what should be done?

A

Diversification

31
Q

What are the 5 areas in Porter’s Generic Strategy Mix?

A 
Competitive advantage
Generic strategies
Competitive positioning
Strategic intent
Market planning
32
Q

Define competitive advantage

A

This is achieved when an organisation has an edge over its competitors when attracting buyers. It has superior value preposition.

33
Q

Define generic strategies

A

There are three generic strategies:

  • overall cost leadership
  • differentiation
  • focus
34
Q

Define competitive positioning

A

Four main positions can be identified; market leader, market challenger, market followers and market nichers

35
Q

Define strategic intent

A

Strategic competition and warfare, strategic cooperation intent and relationships

36
Q

Define market planning

A

Organising and implementing strategic action

37
Q

What strategy is used when there is broad competitive scope but low cost?

A

Overall cost leadership

38
Q

What strategy is used when there is competitive scope but a higher cost?

A

Differentiation

39
Q

What strategy is used when there is a narrow competitive scope but low cost?

A

Cost focus

40
Q

What strategy is used when there is a narrow competitive scope but a higher cost?

A

Differentiation focus

41
Q

Define cost leadership

A

This doesn’t mean having a lower price, its about having a lower cost structure an organisation can offer standard products at acceptable levels of quality yet still generate above average profit margins

42
Q

Define differentiation

A

Differing oneself from the competitors, product, price, design etc.

43
Q

Define focus strategies

A

Seek gaps in broad market segments or find gaps in competitor ranges. Seek out unfulfilled market needs

44
Q

What does Porter believe?

A

In order to achieve competitive advantage, organisations must achieve one of these three generic strategies

45
Q

Define market leader

A

has the single largest share of the market and has to attack the market and create new customers and frequency of use but at the same time, defend the market share

46
Q

Define market challengers

A

Products that aspire to be the leadership position, actively seek market share and use aggressive strategies to take share from their rivals; attack the market leader with pricing, advertising spend e.g ASDA

47
Q

Define market warriors

A

Low market shares and don’t have the resources to be serious competitors, pose no threat to the challengers or leader, avoid the hostile attacks on rivals, focus on differentiation and profits, not market share

48
Q

Define market nicher

A

Specialists, select small segments within target markets that the larger companies do not want to exploit; geographic, product, service, customer groups etc.

MKT1002 (17 decks)

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