Role Of Marketing Flashcards
What are the characteristics of a high performance business and explain them.
Stakeholders - business are more focused on their stakeholders instead of stockholders
Processes - refocusing on the need to manage the processes even more than departments
Resources - the need for resources and decisions to outsource
Organisation - must work to align their organisation structure to changing requirements.
What is a mission statement
Outlines the organisation purpose and what it is they want to accomplish
What are the steps in marketing strategy?
Market penetration strategy consider whether it could gain more markets share with its current product in its current market
Market development strategy consider whether it can find or developed new market for its current product
Product development offering modified or a new product to the market
Diversification growth through opportunities found outside present business
What is concentric diversification strategy?
Seeking new products that have technology call or marketing synergies with existing products
What is horizontal diversification strategy?
Searching for new products that could appeal to current customers
What is conglomerate diversification strategy?
Seeking new businesses that have no relation to the companies current technology products or market
What is Integrative growth
Is a strategic approach for companies looking to strengthen their market position, improve efficiency, and create sustainable competitive advantages.
Name the types of integration and describe them?
•Backwards integration acquiring a supplier such as a food distributor
•Forward integration acquiring wholesaler or travel agent
•Horizontal integration acquiring a competitor
•Downsizing a company may abandon a product or market due to economic downturn or focus a business change to enter a new market and exit one
What is custom valid driven marketing strategy?
To succeed in the competitive market companies need to be customer centred and design strategies for profitability with the use of market segmentation, market targeting, market differentiation and market positioning
What tools are used for value driven marketing strategy and explain them?
•Market segmentation the marketer must determine which segment offers of the best opportunity
•Market targeting involves evaluating each market segment, attractiveness and selecting one or more segments to enter
•Market differentiation decide how it will differentiate its market offering and which position it wants to occupy in those segments
•Market positioning the place the product occupies relative to competitive products in consumers mind
What are the 4 marketing management functions and explain them
Market Analysis ~ conduct SWOT analysis to understand the goals and objectives
Market Planning ~ deciding on marketing strategies that will help the company attain its overall strategic objected
Implementation ~ require resources, including employees with necessary skills to carry out that strategy
Feedback and Control ~ need to track results and monitor new development in the environment
What is SWOT analysis?
SWOT analysis evaluate the companies overall strength, weaknesses, opportunities, and threats
Explain SWOT
Strength internal capabilities that may help accompany serve customers and achieve its objectives
Weaknesses, internal limitations that may interfere with the businesses performance
Opportunities favourable factors or trend in the external environment that the company may exploit to its advantage
Rates unfavourable external factors or trends that may present challenges to performance
What are the 3 generic ppl types of goal formation strategies?
Overall cost leadership
Differentiation
Focus
What is a marketing strategy?
Marketing logic by which accompany hopes to create customer value and achieve profitable relationships
