Marketing strategy Flashcards
What is the significance of a market-oriented mission in strategic planning?
A market-oriented mission helps define the company’s business, target customers, and value proposition, guiding the strategic direction and focus of the organization.
What are the key components of a market-oriented mission statement?
A market-oriented mission statement should address the company’s business, target customers, value proposition, and reflect the company’s values and long-term view.
What is the role of strategic planning in marketing management?
Strategic planning involves developing a game plan for long-term survival and growth, aligning the organization’s goals and capabilities with changing marketing opportunities.
What are the steps involved in designing the business portfolio in marketing strategy?
The steps include identifying strategic business units (SBUs), assessing the strength of various SBUs’ positions in the market, and deciding how much support each SBU deserves.
What is the significance of competitive advantage in marketing strategy?
Competitive advantage refers to the advantage gained by offering consumers greater value, which is essential for differentiation and long-term success in the market.
What are the steps involved in analyzing competitors in marketing strategy?
The steps include identifying the company’s competitors, assessing competitors’ objectives, strategies, strengths, and weaknesses, and comparing the company’s marketing strategies with those of close competitors.
What are the basic competitive strategies outlined by Porter?
Porter’s basic competitive strategies include cost leadership, differentiation, and focus strategies, which guide companies in gaining a competitive advantage within their industry.
What is the role of market segmentation in marketing strategy?
Market segmentation involves dividing a diverse market into smaller segments based on common needs or characteristics, enabling companies to tailor products and marketing programs to each segment effectively.
What are the key considerations for market differentiation and positioning in marketing strategy?
Market differentiation involves identifying customer value differences and competitive advantages, while positioning focuses on creating a unique market position and gaining a competitive advantage.
What is the significance of creating a customer-driven value marketing strategy in marketing management?
A customer-driven value marketing strategy helps companies choose target markets and build profitable relationships with them, emphasizing the importance of understanding the target group and value proposition.
Describe the BCG model
It consists of starts, cash cows, question marks, and dogs.
Mention the four different growth strategies
Market penetration, Market development, Product development, and Diversification
What are the key stages of the product life cycle (PLC)?
The product life cycle consists of stages including introduction, growth, maturity, and decline, each representing different challenges and opportunities for product management and marketing strategies.
