M3 Flashcards
Marketing Strategy Planning Process:
- Step 1: Narrowing down to the best opportunities
- Step 2: Developing a strategy
Things to consider in marketing strategy planning
- COMPETITORS
- COMPANY
- EXTERNAL MARKET ENVIRONMENT
After creating marketing strategy plan, what’s next?
Evaluate opportunities
How to evaluate opportunities after marketing strategy planning?
- SCREENING CRITERIA
- PLANNING GRIDS
T/F all objectives must align with the company’s vision mission
TRUE
How to analyze competitors and the competitive environment?
- Avoid Head-On Competition
- Know the Market Situation
What are the market situations
- Monopoly
- Oligopoly
- Monopolistic
- Pure competition
A market where there is only one seller or company controlling the whole supply of a product or service.
MONOPOLY
A market where many companies sell products that are similar but not identical.
MONOPOLISTIC
A market dominated by a few large companies. These companies may compete, but because there are so few of them, their actions affect each other.
OLIGOPOLY
A market where there are many sellers offering identical products, and no single seller can control the price.
PURE COMPETITION
Analyzing Competitors to Find a Competitive Advantage Key Concepts
● Competitor Analysis
● Competitive Rivals
● Competitor Matrix
● Competitive Advantage
Economic environment Key Economic Forces
○ Rapid Change
○ Global Economy
○ Interest Rates
Examples of Characteristics of the Political Environment
○ Nationalism
○ Regional Economic Groupings
The Legal Environment General examples of Legal Factors affecting business include:
○ Consumer law
○ Discrimination law
○ Copyright law
○ Health and Safety law
○ Employment law
○ Fraud law
○ Pyramid scheme legality
○ Import/Export law
