Marketing Process Flashcards
This seeks to establish a clear and concentrated direction for all marketing activitiies of an organization.
Strategic Marketing Process
It includes plans to reach specific goals/objectives.
Strategic Marketing
What are the steps of the strategic marketing plan process.
- Mission Identification
- Situation Analysis
- Objective Setting
- Marketing Strategy Development
- Strategy Evaluation and Control
This helps attain the mission.
Strategic Planning
Is…
* More specific
* Includes cost, timeline, and person in charge
* To help accomplish the strategy
Tactical Planning
The marketing strategy is aligned with the mission of the company in order to not be hypocritical.
True or False
True
Where the company’s mission statement is articulated.
Helps attain the Vission
It is SMART
Mission Identification
Mission Identification
It defines what an organization is, why its exists, its reason for being, its primary customer, the products and services it produces, and its geographical area of organization.
Mission Statement
Assess and evaluates the market, customer, competitors, and the company’s internal and external environment.
Situtation Analysis
The objective is to identify the company’s SWOT.
Situation Analysis
Are the marketing targets that are specific, measurable, attainable, realistic, and time bound or SMART.
This include sales revenues, market share, or profits.
Objective Setting
They are used as basis for strategy selection and development.
Objective Setting
In which the development of the marketing strategy involves market segmentation, identififcatio of target market, positioning, selection of broad marketing strategies, and the the translation of strategies into action plan.
Marketing Strategy Development
What are considered in the Market Strategy Development?
- Market segmentation
- Identification of target market
- Positioning
- Selection of broad marketing strategies.
- Translation of strategies into action plans.
What are the 3 classification of strategy?
- Cost leadership
- Differentiation
- Focus
Classification of Strategy
A stratgey primarly for achieving the lowest cost of operation among industry competitors.
Cost Leadership
Classification of Strategy
How can you achieve Cost Leadership?
- Low cost supply contracts
- Overhead expense control
- Economies of scale
- Comprehenssive cost-cuttingg efforts
- Among others…
Classification of Strategy
This strategy seeks to achieve superior product attributes and features that are different from industry competitors.
Differentiation
Classification of Strategy
This results in pronounced consumer preference for company’s product.
Differentiation
Classification of Strategy
Efforts are concentrated on a relatively small but profitable market.
Focus
Classification of Strategy
The development of products and services primarily ensures tha the needs and wants of this market are addressed and that satisfaction is provided.
Focus
Periodic monitoring and evaluation are needed. This is necessary to identify deviations and make necessary adjustments and corrections.
Strategy Evaluation and Control
Complementing the strategic marketing process, this determines the means or tactics to implement the strategies.
Tactical Marketing Process
6
6
What are the steps in a Tactical Marketing Process?
1.Marketing Strategies
2.Action Plan/ Tactics
3.Marketing Activities
4.Activity Timetables
5.Responsibility/Accountability
6. Activity Budgets
7. Monitoring and Control
Include forces that are internal to the company or those that are relevant to its operation.
The Marketing Microenvironment
Who are involved in Marketing Microenvironment?
- The company
- Suppliers
- Market Intermediaries
- Customers
- Competition
- Publics
Provides raw materia;s, utilities, labor, captial, and equipment.
Supplier
Are channels that link the organization to its customers.
Most common are distributors, wholesalers, and retailers
Market Intermediaries
Are those who create the demand for products and services.
They can either be customers or end-users, businesses, or organizations.
Customers
May include individual or entity with an action or potential interest in the company and its products and services.
Publics
Microenvironment can effectively identify the company’s competitive strengths and weaknesses.
True or False
True
Includes factors that are external to the organization.
Marketing Macroenvironment
What are the 6 macroenvironment?
- Economic
- Political-legal
- Sociocultural
- Demographic
- Technological
- Natural
Marketing Macroenvironment
Represents economic factors that can directly affect an organization.
Economic Macroenvironment
Marketing Macroenvironment
Includes both political and legal factors.
Political-legal Macroenvironment
Marketing Macroenvironment
Refers to the societal and cultural factors, such as values, beliefs, traditions, demographics, and lifestyle trends, that influence consumer behavior and impact a business’s operations and strategies.
Sociocultural Macroenvironment
Marketing Macroenvironment
Consists in population characteristics.
Demographic Macroenvironment
Marketing Macroenvironment
Composed of current and impending technological change.
Technological Macroenvironment
Marketing Macroenvironment
Refers tonatural resource inputs and environmental concerns.
Natural Macroenvironment
Macroenvironment helps the company identify its opportunity and threats.
True or False?
True
