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General Management > Marketing Strategy > Flashcards

Marketing Strategy Flashcards

1
Q

Which four points summarize the tasks of corporate strategy?

A
  • Define the corporate mission
  • Establish strategic business units (SBUs)
  • Assign resources to each SBU
  • Assess growth opportunities
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2
Q

Which are the three characteristics of SBU’s mentioned in the lecture?

A
  • It is a single business or collection of related businesses
  • It has its own set of competitors
  • It has a leader responsible for strategic planning and profitability
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3
Q

What is the lecture definition of strategy?

A

An integrated and coordinated set of commitments and actions designed to gain a competitive advantage

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4
Q

What is the lecture definition of competitive advantage?

A

When two or more firms compete within the same market, one firm possesses a competitive advantage over its rivals when it earns (or has the potential to earn) a persistently higher rate of profit

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5
Q

“Note on marketing strategy”:

Which are the two major marketing strategy activites?

A
  • Selecting a target market and determining the desired positioning of the product in the customer’s mind
  • Specify the plan for marketing activities to achieve the desired positioning
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6
Q

Which are the axes for the four-field model och generic strategy?

A

“Type of competitive advantage” (differention/low cost) and “Scope” (broad/narrow)

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7
Q

Which are the four-fields in the model och generic strategy?

A

Differentiation x broad = differentiation

Low cost x broad = cost leadership

Differentiation x narrow = differentiation based focus

Low cost x narrow = cost-based focus

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8
Q

What are resources, according to the lecture?

A

• Inputs into a firm’s production process
• A firm’s tangible, intangible, and human
assets

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9
Q

What are capabilities, according to the lecture?

A

“A capability is the capacity for a set of resources to perform a task or an activity in an integrative manner.”

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10
Q

Which are the “5 C’s”?

A
  • Customer needs
  • Company skills
  • Competition
  • Collaborators
  • Context
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11
Q

“Note on marketing strategy”:

Define segmentation

A

Finding the most appropriate way to describe and differentiate customers

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12
Q

What is a “distinctive competence” according to the lecture?

A

An activity that an organization does particularly well relative to competitors

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13
Q

What is a “core competence” according to the lecture?

A

Capabilities that are fundamental to a firm’s strategy and performance

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14
Q

Which are the three characteristics of core competences, according to the lecture?

A
  • A source of competitive advantage
  • Applications in a wide variety of markets
  • Difficult to imitate
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15
Q

Which are the three questions to address in holistic marketing

A

Value Exploration:
What value opportunities are available?

Value Creation:
How can we create new value offerings efficiently?

Value Delivery:
How can we deliver the new offerings efficiently?

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16
Q

How is holistic marketing defined?

A

Holistic marketing sees itself as integrating the value exploration, value creation, and value delivery activities with the purpose of building long-term, mutually satisfying relationships and co-prosperity among key stakeholders.

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17
Q

Which three capabilities enable sustainable competitive advantage?

A
  • Innovation
  • Architecture/Networks of relationships
  • Brand & Reputation
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18
Q

“Note on marketing strategy”:

What is effective pricing?

A

Capturing a part of the product value to fund future value-creating efforts

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19
Q

“Note on marketing strategy”:

How is segmentation defined?

A

Determining the most appropriate way to describe and differentiate customers.

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20
Q

“Note on marketing strategy”:

What is positioning?

A

Defining and influencing what position who want to occupy in the customer’s mind (not least in relation to competitors)

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21
Q

“Note on marketing strategy”:

Which are the five acitivites comprising a firm’s marketing program in “the marketing mix” (Niel Borden)?

A
  • Merchandising - product planning
  • Pricing
  • Branding
  • Channels of distribution
  • Personal selling
  • Advertising
  • Promotions
  • Packaging
  • Display
  • Servicing
  • Physical handling
  • Analysis market research
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22
Q

What was the Peter Drucker quote about mission statements?

A

“The effective mission statement is short and sharply focused. It should fit on a T-shirt. It must be clear, and it must inspire. Every board member, volunteer, and staff person should be able to see the mission and say, ‘Yes. This is something I want to be remembered for.’

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23
Q

“Note on marketing strategy”:

What is the product offering?

A

“Not the thing itself, but rather the total package of benefits obtained by the customer”

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24
Q

“Note on marketing strategy”:

What is product line breadth?

A

How many different product line the company will offer

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25
Q

“Note on marketing strategy”:

What is product line length?

A

How many products there will be in one company line, covering different price points

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26
Q

“Note on marketing strategy”:

What is product line depth?

A

How many types there are of a given product

for example, different colors of the same shirt

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27
Q

“Note on marketing strategy”:

Which are the five steps of new product development?

A 
Opportunity
Design
Testing (this design is an iterative process)
Product introduction
Life cycle management
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28
Q

“Note on marketing strategy”:

Which are Kash Rangans eight generic channel functions?

A
  • Product information
  • Product customization
  • Product quality assurance
  • Lot size (ability to buy in small quantities)
  • Product assortment (length/breadth/depth of product lines)
  • Availability
  • After-sale service
  • Logistics
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29
Q

“Note on marketing strategy”:

How does indirect distribution differ from direct distribution?

A

In indirect distribution, it goes via a third party

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30
Q

“Note on marketing strategy”:

What was conventional wisdom through the the 1960’s regarding direct/indirect distribution?

A

That you have to choose either one or the other

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31
Q

“Note on marketing strategy”:

What shifted in the early 1980’s regarding direct/indirect distribution?

A

More firms began simultaneously using both distribution methods

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32
Q

“Note on marketing strategy”:

Which are the main considerations in channel length issues?

A

Account concentration: do a few customers represent the bulk of sales opportunities?

Degree of control and direct customer contact

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33
Q

“Note on marketing strategy”:

Which are the 6 M:s for planning communicatinos strategy?

A 
Market - to whom?
Mission - what is the objective?
Message - which are the specific points?
Media - which vehicles will be used?
Money - how much will be spent?
Measurement - how will impact be assessed?
34
Q

What does DMU stand for?

A

Decision-making unit

35
Q

“Note on marketing strategy”:

Which are the “nonpersonal marketing vehicles”?

A

Advertising in media

Sales promotions (samples/coupons/contests)

Public relations (interviews, speeches, industry seminars)

36
Q

“Note on marketing strategy”:

What are the “push” and “pull” marketing strategies?

A

Push = focus on enticing intermediaries to sell; closing of the deal is left to the intermediary

Pull = end consumer develops such an insistence that they “pull” the product through the intermediary

37
Q

“Note on marketing strategy”:

What are the “skim” and “penetration” marketing strategies?

A

Skim = focus is on high-value customers (e.g. those who buy hardcover books)

Penetration = setting lower prices to reach more customers quickly (downside: leaves some “skim”-money on the table)

38
Q

What is the job of the strategist according to Michael Porter

A

In essence, the job of the strategist is to understand and cope with competition.

39
Q

How can price customization be achieved?

A

Developing a product line

Controlling availability of lower prices (e.g. only certain locations)

Varying prices depending on buyer type

Varying prices depending on transaction type

40
Q

What is a DMU?

A

Decision-making unit

41
Q

Which are the five major roles in buying situations?

A 
Initiators
Deciders
Influencers
Purchasers
Users
42
Q

What is DMP?

A

Decision-making process

43
Q

What is the best answer to the question “what is your strategy”, according to the lecture?

A

“On what level?”

44
Q

What simple question can serve as a definition of corporate strategy?

A

“Where should we compete”?

45
Q

What simple question can serve as a definition of business strategy?

A

“How should we compete”?

46
Q

Which are the five primary processes in Michael Porters “value chain”

A

(1) inbound logistics, or bringing materials into the business

(2) operations,
or converting materials into final products

(3) outbound logistics, or shipping out final
products

(4) marketing, which includes sales
(5) service

47
Q

Which are the four secondary processes in Michael Porters “value chain”

A

(1) procurement
(2) technology development
(3) human resource management
(4) firm infrastructure

48
Q

What is the strategic marketing plan?

A

The strategic marketing plan lays out the target markets and the firms value proposition, based on an analysis of the best market opportunities.

49
Q

What is the tactical marketing plan?

A

The tactical marketing plan specifies the marketing tactics, including product features, promotion, merchandising, pricing, sales channels, and service.

50
Q

Which five characteristics of a good mission statement are mentioned in the book?

A
  1. They focus on a limited number of goals.
  2. They stress the company’s major policies and values.
  3. They define the major competitive spheres within which the company will operate.
  4. They take a long-term view; management should change the mission only when it ceases
    to be relevant.
  5. They are as short, memorable, and meaningful as possible.
51
Q

What is the difference between a “target” and a “strategic” market definition?

A

A target market definition tends to focus on selling a product or service to a current market.

A strategic market definition, however, also focuses on the potential market.

52
Q

What is the formula for a value proposition?

A

For [SEGMENT], [PRODUCT] is [SPECIFIC BENEFITS] because [REASONS]

53
Q

Which are the four basic ways of segmenting a market?

A

Demographic, geographic, psychographic and behaviorally

54
Q

What is a SWOT-analysis?

A

SWOT analysis (alternatively SWOT Matrix) is a structured planning method used to evaluate the Strengths, Weaknesses, Opportunities, and Threats involved in a project or in a business venture

55
Q

Should the objective be set before or after the SWOT-analysis?

A

Setting the objective should be done after the SWOT analysis has been performed. This would allow achievable goals or objectives to be set for the organization.

56
Q

Which are the two axes of the SWOT-matrix?

A

Internal/external influence AND helpful/harmful

57
Q

How can the importance of specific SWOT-items be evaluated?

A

The importance of individual SWOTs will be revealed by the value of the strategies they generate. A SWOT item that produces valuable strategies is important. A SWOT item that generates no strategies is not important.

58
Q

What is a PESTEL-analysis?

A

The PESTEL-analysis describes a framework of macro-environmental factors used in the environmental scanning component of strategic management

59
Q

Which factors are included in the PESTEL-analysis?

A

Political, Economic, Social, Technological, Legal and Environmental

60
Q

PESTEL-analysis:

What do political factors include?

A

Political factors are basically to what degree the government intervenes in the economy

61
Q

PESTEL-analysis:

What do economic factors include?

A

Economic growth, interest rates, exchange rates and the inflation rate.

62
Q

PESTEL-analysis:

What do social factors include?

A

Social factors include the cultural aspects and include health consciousness, population growth rate, age distribution, career attitudes and emphasis on safety

63
Q

PESTEL-analysis:

What do technological factors include?

A

Technological factors include technological aspects such as R&D activity, automation, technology incentives and the rate of technological change. They can determine barriers to entry, minimum efficient production level and influence outsourcing decisions.

64
Q

PESTEL-analysis:

What do environmental factors include?

A

Environmental factors include ecological and environmental aspects such as weather, climate, and climate change, which may especially affect industries such as tourism, farming, and insurance.

65
Q

PESTEL-analysis:

What do legal factors include?

A

Legal factors include discrimination law, consumer law, antitrust law, employment law, and health and safety law.

66
Q

How does Joan Margretta subdivide and explain the value chain?

A

“Broadly speaking, the chain has two parts.

Part one includes all the activities associated with making something: designing it, purchasing raw materials, manufacturing, and so on.

Part two includes all the activities associated with selling something: finding and reaching customers, transacting a sale, distributing the product or delivering the service.”

67
Q

Finish this quote by Joan Margretta:

“When business models don’t work, it’s because…”

A

“…they fail either the narrative test (the story doesn’t make sense) or the numbers test (the P&L doesn’t add up).”

68
Q

“Unleashing the power of marketing”:

Which four roles are needed to transform marketing into a strategic function?

A

We learned that four fundamental roles are needed to transform marketing into a strategic function: instigator, innovator, integrator, and implementer. We call them “marketer’s DNA.”

  • Instigators challenge the status quo and look for new and better ways of doing things.
  • Innovators turn marketplace insights into untested products, services, or solutions.
  • Integrators build bridges across silos and functions and between the company and the market
  • Implementers execute on ideas
69
Q

“Unleashing the power of marketing”:

How long does a CMO last on average?

A

Perhaps that explains why, according to several surveys, CMOs last only 23 months, on average—just over half the tenure of other C-level positions.

70
Q

The book mentions “dividing the value creation and delivery sequence into three phases”. Which are these?

A
  1. Choosing the value (“represents the homework marketing must do before any product exists”) and determine the STP.
  2. Providing the value. Marketing must determine specific product features, prices, and distribution.
  3. Communicating the value by utilizing the sales force, Internet, advertising, and any other communication tools to announce and promote the product.
71
Q

What do market-driven organizations excel at, according to Wharton’s George Day?

A

Market sensing, customer linking, and channel bonding

72
Q

Which are the three steps in assessing growth opportunities?

A
  1. Identify opportunities for growth within current businesses (intensive opportunities).
  2. Identify opportunities to build or acquire businesses related to current businesses (integrative opportunities).
3. Identify opportunities to add attractive
unrelated businesses (diversification opportunities).
73
Q

Which are the four strategies in the product-market expansion grid?

A
  1. The company first considers whether it could gain more market share with its current products in their current markets, using a market-penetration strategy.
  2. Next it considers whether it can find or develop new markets for its current products, in a market development strategy.
  3. Then it considers whether it can develop new products of potential interest to its current markets with a product-development strategy.
  4. Later the firm will also review opportunities to develop new products for new markets in a diversification strategy.
74
Q

Which are the axes of the Opportunity Matrix?

A

Attractiveness and Success probability

75
Q

Which are the axes of the Threat Matrix?

A

Seriousness and Probability of occurrence

76
Q

What is the book definition of a marketing plan?

A

A marketing plan is a written document that summarizes what the marketer has learned about the marketplace and indicates how the firm plans to reach its marketing objectives. It contains tactical guidelines for the marketing programs and financial allocations over the planning period.

77
Q

Which sections are typically included in a marketing plan, according to the book?

A
  1. Executive summary and table of contents
  2. Situation analysis
  3. Marketing strategy
  4. Financial projections
  5. Implementation controls
78
Q

With which four questions can one control the quality of a marketing plan, according to the book?

A
  1. Is the plan simple?
  2. Is the plan specific?
  3. Is the plan realistic?
  4. Is the plan complete?
79
Q

Complete the quote from the book:

“Companies no longer compete…”

A

“Companies no longer compete - marketing networks do.”

80
Q

Complete the quote form “Can you say what your strategy is?”:

“If your firm’s strategy can be applied to any other firm…”

A

“If your firm’s strategy can be applied to any other firm, you don’t have a very good one.”

General Management (24 decks)

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