Marketing Flashcards
Market forces
Technology, Globalization, Physical environment and Social responsibility.
Market outcomes
New consumer capabilities, New company capabilities and New competitive environment.
Holistic marketing
Relationship marketing, Integrated marketing, Internal marketing and Performance marketing.
Corporate social responsibility
Understand how companies actions impact the planet and the sustainability of human life.
Management
The ability to use organisational resources to achieve organisational goals through planning, organising, leading and control.
Planning
Establishes the direction of the organisation.
Organising
Divides activities among work groups, allocating the people, technological, physical, financial and information services required to achieve tasks.
Leading
Motivates employees to achieve organisational goals.
Control
Measures and evaluates organisational performances.
The organisational context
Complexity, Uncertainty, Variety.
Managing in organisations
Individuals, interactions, Formal systems and Social systems.
Five modes of entry into foreign markets
Direct investment, Joint ventures, Licensing and franchising, Direct exporting and Indirect exporting.
Entry strategies
The waterfall approach, the sprinkler approach, The wave approach and The digital market entry approach.
Evaluating attractiveness of potential markets
That rank high on market attractiveness, that are low in market risk and In which it possesses a competitive advantage.
Market-driven organisations excel in three distinctive capabilities according to Day and Schoemaker
Market sensing, Customer linking and Channel bonding.
Drucker’s classic questions about how to define a companys mission
What is our business?
Who is the customer?
What is of value to the customer?
What will our business be?
What should our business be?
SBU stands for
Strategic business unit.
A single SBU has three characteristics
It is a single business, or a collection of related businesses, that can be planned separately from the rest of the company.
It has its own set of competitors
It has a manager responsible for strategic planning and profit performance, who controls most of the factors affecting profit.
Boston Consultancy Group matrix
Star
Cash cow
Question mark
Dog
Stars
Are likely to be profitable and are market leaders but require substantial investment to finance growth and to meet competitive challenges. They are tomorrow’s cash cows.
Problem children or question marks
Are products in high-growth markets, need significant investment and are a drain on cash flow. In the short term they are low-share products and are likely to be profitable in the longer term.
Cash cows
Are leaders in mature(low-growth) markets. High market share leads to high and low investment.
Dogs
Operate in the low-growth markets and have low market share. Most dogs produce low or negative cash flows.
Ansoff’s product-market expansion grid
Market penetration strategy
Product development strategy
Market development strategy
Diversification strategy
Strategic formulation(SMART model). Plans should be
Specific
Measurable
Agreed
Realistic
Timebound
The 4 strategic alliances
Product or service alliances
Promotional alliances
Logistics alliances
Pricing collaborations
Contents of the marketing plan
Executive summary and table of contents
Situation analysis(context)
Marketing strategy(customer, competition, channel and company strategic approach)
Financial projections(cash analysis)
Implementation controls
The business buyer’s buying situations
Straight rebuy
Modified rebuy
New task
The buying centre
Initiators
Users
Influencers
Deciders
Approvers
Buyers
Gatekeepers
The supplier search over the internet
Catalogue sites
Vertical markets
´Pure play´ auction sites
Spot(or exchange) markets
Private exchanges
Barter markets
Buying alliances
Solution selling
Solutions to enhance customer revenues
Solutions to decrease customer risks
Solutions to reduce customer costs
Trust dimensions
Transparency
Product/service quality
Incentive
Partnering with customers
Cooperating design
Product comparison and advice
Supply chain
Pervasive advocacy
Buyer-supplier relationships 8 categories
Basic buying and selling
Bare bones
Contractual transaction
Customer supply
Cooperative systems
Collaborative
Mutually adaptive
Customer is king
A company should monitor three variables when analysing competitors
Share of market
Share of mind
Share of heart
Companys classes of competitors
Strong versus weak
Close versus distant
´Good´versus ´bad´
Protecting market share and their 2 proactive skills
Responsive anticipation
Creative anticipation
The 6 types of defence strategy
Position
Flank
Pre-emptive
Counteroffensive
Mobile
Contraction
The 4 factors a company should consider before pursuing increased share
The possibility of provoking action from competition authorities
Economic cost
Pursuing the wrong marketing activities
The effect of increased market share on actual and perceived quality
The market challenger can attack
The market leader
Firms of its own size that are not doing the job and are underfinanced
Small local and regional firms
The 5 attack strategies
Frontal attack
Flank attack
Encirclement attack
Bypass attack
Guerrilla warfare
Market-follower strategies
Counterfeiter
Cloner
Imitator
Adapter
Long-range product market expansion strategy
Introduction
Growth
Maturity
Decline
Tellis and Golder 5 factors as underpinning long-term market leadership
Vision of a mass market
Persistence
Relentless innovation
Financial commitment
Asset leverage
3 potentially useful ways to change the course for a market offering
Market modification
Specification modification
Support marketing programme modification
Product classifications
Non-durable goods
Durable goods
Services
Service differentiation
Ease of ordering
Delivery
Installation
Customer training
Customer consulting
Maintenance and repair
Returns
The acquisition route in connection to make or buy can take 3 forms
A company can buy other companies
It can acquire patents from other companies
It can buy a licence or franchise from another company
What is NPD?
New product development
The 3 basic challenges in NPD
The innovation imperative
The development success
The new risk of development failure
To move from the business plan stage to full new product development requires
Convincing market research study of consumer needs and interests
Competitive analysis
A technical appraisal
Creativity techniques
Attribute listing
Forced relationships
Morphological analysis
Reverse-assumption analysis
New contexts
Mind mapping
Adopters of new offerings move through 5 stages
Awareness
Interest
Evaluation
Trial
Adoption
5 Characteristics influence the rate of adoption of an innovation
Relative advantage
Compatibility
Complexity
Divisibility
Communication
The study of consumer behaviour and the 3 interdependent dimensions
The study of culture
The study of social groups
The study of the individual
Jennifer Aaker’s Brand personalities
Sincerity
Excitement
Competence
Sophistication
Ruggedness
Maslow’s hierarchy of needs
Physiological needs
Safety needs
Social needs
Esteem needs
Self-actualisation needs
Five-stage model of the consumer buying process
Problem-recognition
Information search
Evaluation of alternatives
Purchase decision
Post-purchase behaviour
Information sources in connection with consumers
Personal
Commercial
Public
Experiential
Steps between evaluation of alternatives and a purchase decision
Evaluation of alternatives
Purchase intention
Attitudes of others
Unanticipated situational factors
Purchase decision
Consumers types of risk in buying and consuming a product
Functional risk
Physical risk
Financial risk
Social risk
Psychological risk
Time risk
