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MARK101 > Quiz 2 - Marketing Strategies > Flashcards

Quiz 2 - Marketing Strategies Flashcards

1
Q

What is the basis of market planning?

A

A thorough situation analysis combined with an organisation’s objectives

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2
Q

What is the purpose of a market plan?

A

To communicate to everyone how the marketing team plans to achieve the aim of being where it needs or wants to be.

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3
Q

Mission Statements need to be broken down into…

A

objectives and strategies

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4
Q

Mission statements are used to state…

A

an organisation’s overarching purpose/goal

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5
Q

Mission statements/organisation’s objectives have to be broken down into…

A

objectives for each business unit which then get translated into functional objectives

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6
Q

What do mission statements ensure?

A

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).

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7
Q

What is an organisational vision?

A

The bright goal they want to achieve.

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8
Q

What does a monetary objective look like for a marketer?

A

A good return on investment metrics.

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9
Q

What are monetary objectives?

A

Profit + sales targets

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10
Q

What is profit, at times, sacrificed for?

A

Market share growth

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11
Q

What do market share growth objectives look like for new businesses?

A

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.

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12
Q

How do business achieve customer retention objectives?

A

By putting customers at the centre of their decision-making.

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13
Q

What are examples of customer retention methods?

A

Providing outstanding service, acting quickly on problems or disputes and undertaking customer relationship management.

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14
Q

What is customer relationship management?

A

Identifying, tracking and using customer information and preferences to provide superior customer service and sustain long-term relationships.

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15
Q

What has customer relationship management led to?

A

Higher expectations from customers for businesses to tailor their offerings to them.

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16
Q

What are societal objectives developed from?

A

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.

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17
Q

What is the criteria for objectives?

A

SMART model
- Specific
- Measurable
- Actionable
- Realistic
- Time bound.

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18
Q

How is marketing performance measured?

A

Marketing metrics

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19
Q

What are the minimum 4 key elements of marketing metrics?

A
  • return on investment
  • customer satisfaction
  • market share
  • brand equity
20
Q

What is an ‘emergent approach’ in marketing planning?

A

Developing strategy in response to changing market conditions. An emergent approach allows marketers to operate in highly competitive and changing markets.

21
Q

What is contingency planning?

A

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.

22
Q

What is a marketing strategy?

A

An outline of how the organisation will achieve its goals. Can be short-term and long-term.

23
Q

Strategy vs Tactics?

A

Strategy = Doing the right things vs Tactics = Doing things right.

24
Q

Effectiveness vs Efficiency?

A

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.

25
Q

Strategy links to…

A

Effectiveness

26
Q

Tactics link to…

A

Efficiency

27
Q

Effective strategy + Inefficient tactics = ?

A

A brilliant plan executed poorly

28
Q

Ineffective strategy + Efficient tactics = ?

A

A poor plan executed brilliantly

29
Q

Effective strategy + Efficient tactics = ?

A

A brilliant plan executed brilliantly

30
Q

What are the 2 strategy approaches?

A

Business Portfolio Analysis and Product Diversification Analysis

31
Q

What does a Business Portfolio Analysis entail?

A

A company looking at their portfolio (all products they have) and deciding what they are going to keep and what they are going to get rid of.

32
Q

What does a Product Diversification Analysis entail?

A

Deciding which products and which markets to address based on market growth rate and relative market share.

33
Q

What is the purpose of the Ansoff Matrix?

A

Helps businesses’ plot out how they want to grow and diversify their market.

34
Q

What are the 2 key components the Ansoff Matrix is based on?

A

Product and Market.

35
Q

What are the 4 strategies under the Ansoff Matrix?

A
  1. Market Penetration
  2. Market Development
  3. Product Development
  4. Diversification
36
Q

What occurs under market penetration?

A

Companies operate in their existing market offering the product they currently have using intensified methods to reach new customers and increase sales e.g. slightly changing the appearance of the product. As a result, market share will increase.

37
Q

What occurs under market development?

A

Companies enter new markets with their existing products, usually if they can’t increase sales in the market they are already present in. This can involve geographic expansion, entering new market segments/reaching new target groups (can be achieved through brand repositioning) and new distribution channels such as expanding from retail to online.

38
Q

What occurs under product development?

A

The company will introduce a new product to their existing market. This is used when a product cannot be developed further and the company doesn’t want to expand or intensify promotion.

39
Q

What occurs under diversification?

A

New products are offered to new markets

40
Q

What are the 3 types of diversification?

A
  1. Horizontal (diversification using current technology)
  2. Vertical (Taking over the role of suppliers)
  3. Lateral (Entering markets unrelated to the company’s profile
41
Q

When is SWOT used?

A

When marketers conduct a situation analysis they use SWOT to identify the key factors that will be used as a basis for the development of their marketing strategy.

42
Q

Are strengths and weaknesses internal or external factors?

A

Internal.

43
Q

Opportunities and threats are both…

A

beyond the organisation’s direct control, but require an effective response by the organisation

44
Q

What are opportunities?

A

Potentially helpful to achieving the organisation’s objectives but only if the organisation responds effectively to them.

45
Q

How can marketers use SWOT?

A

To match their strengths against market opportunities that result from competitors’ weaknesses or voids.

MARK101 (3 decks)

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