Quiz 2 - Marketing Strategies Flashcards
What is the basis of market planning?
A thorough situation analysis combined with an organisation’s objectives
What is the purpose of a market plan?
To communicate to everyone how the marketing team plans to achieve the aim of being where it needs or wants to be.
Mission Statements need to be broken down into…
objectives and strategies
Mission statements are used to state…
an organisation’s overarching purpose/goal
Mission statements/organisation’s objectives have to be broken down into…
objectives for each business unit which then get translated into functional objectives
What do mission statements ensure?
That every person in the organisation understands the organisation’s mission and the part that they need to play to working towards achieving the mission/goal (along with their functional objective).
What is an organisational vision?
The bright goal they want to achieve.
What does a monetary objective look like for a marketer?
A good return on investment metrics.
What are monetary objectives?
Profit + sales targets
What is profit, at times, sacrificed for?
Market share growth
What do market share growth objectives look like for new businesses?
Initially, undercutting the prices of existing competitors to attract trial customers, win market share and build customer loyalty. Then gradually increasing prices to ensure long-term profitability.
How do business achieve customer retention objectives?
By putting customers at the centre of their decision-making.
What are examples of customer retention methods?
Providing outstanding service, acting quickly on problems or disputes and undertaking customer relationship management.
What is customer relationship management?
Identifying, tracking and using customer information and preferences to provide superior customer service and sustain long-term relationships.
What has customer relationship management led to?
Higher expectations from customers for businesses to tailor their offerings to them.
What are societal objectives developed from?
A sense of obligation by the business to have a positive impact on the society in which it operates. This is linked to corporate social responsibility.
What is the criteria for objectives?
SMART model
- Specific
- Measurable
- Actionable
- Realistic
- Time bound.
How is marketing performance measured?
Marketing metrics
What are the minimum 4 key elements of marketing metrics?
- return on investment
- customer satisfaction
- market share
- brand equity
What is an ‘emergent approach’ in marketing planning?
Developing strategy in response to changing market conditions. An emergent approach allows marketers to operate in highly competitive and changing markets.
What is contingency planning?
When managers think ahead to things that might not go to plan and have strategies in place to deal with them. Proper contingency planning helps organisations both identify possible problems (and opportunities) and respond quickly and appropriately to them.
What is a marketing strategy?
An outline of how the organisation will achieve its goals. Can be short-term and long-term.
Strategy vs Tactics?
Strategy = Doing the right things vs Tactics = Doing things right.
Effectiveness vs Efficiency?
Effectiveness is doing the right thing, doing and achieving what you want to achieve. Efficiency is doing it with a limited amount of resources. You don’t waste resources so you are doing it right.
