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COMM 223 > session 2: swot > Flashcards

session 2: swot Flashcards

1
Q

whats the objective of the marketing strategy and marketing mix?

A

build profitable customer relationships

value creation to do so

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2
Q

what do the marketing strategies include?

A

Market segmentation and targeting

Differentiation and positioning

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3
Q

what are the components in order of the marketing strategy and marketing mix?

A
  1. Meet customers’s needs and build relationships
  2. Building strategies
  3. 4 P:
  4. Marketing placement
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4
Q

what guides marketing mix decisions?

A

marketing strategy

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5
Q

what are the 4 Ps?

A

product

price

place

promotion

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6
Q

what are the components to building strategies?

A

segmentation

targeting

differentiation

positioning

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7
Q

what is segmentation?

A

Dividing a market into segments of buyers according to needs

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8
Q

how will buyers in a market segment respond to a given set to marketing efforts?

A

They will respond in a similar way to a given set of marketing efforts

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9
Q

what is targeting?

A

Evaluating each segment and selecting which to pursue

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10
Q

what is targeting based upon?

A

Based on which segment will generate the most customer value by the product offered

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11
Q

what is differentiation

A

Creating unique and superior customer value

How are we different and better?

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12
Q

what is positioning?

A

Attempting to occupy a desirable place in the minds of target consumers

Make the consumer “think” a certain way about a brand and create an emotional bond

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13
Q

true or false

The company’s entire marketing program should support the chosen positioning strategy

A

truuuue

the 4 ps work towards this

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14
Q

what is a marketing mix?

A

the set of controllable marketing tools that the firm
uses and mixes

their goal is to obtain the desired responses in their target market

also used to influence demand of the product

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15
Q

when is the marketing set up?

A

After deciding on its overall marketing strategy

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16
Q

what are the 4 Cs?

A

the buyer’s views of the product

customer solution

customer cost

convenience

communication

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17
Q

how do the 4 Ps and 4 Cs relate to each other

A

Product = Customer solution

Price = Customer Cost

Place = Convenience

Promotion = communication

18
Q

what are the components of Managing Marketing?

A

Analysis

Planning

Implementation

Control

19
Q

explain the functioning of Managing Marketing

A

analysis is made on planning implementation, and control

planning leads to implementation, which leads to control

control is then made on the planning and the implementation (because of corrective action)

20
Q

what is planning?

A

develop strategic plans

develop marketing plans

21
Q

what is implementation?

A

carrying out the plans

assigning:

Who

Where

When

How

22
Q

what is marketing control?

A
  1. Set specific marketing goals
  2. measuring results and performance in market place
  3. evaluating results and causes of any differences between expected and actual performance
  4. taking corrective action
23
Q

what are the components of the SWOT analysis

A

Strengths

Weaknesses

Opportunities

Threats

24
Q

which component of the SWOT analysis is internal and positive?

A

Strengths

25
Q

which component of the SWOT analysis is external and positive?

A

Opportunities

26
Q

which component of the SWOT analysis is internal and negative?

A

weaknesses

27
Q

which component of the SWOT analysis is external and negative?

A

threats

28
Q

what are strengths?

A

internal capabilities that help a company reach its objectives

29
Q

what are weaknesses?

A

internal limitations that may interfere with a company’s ability to achieve its objectives

30
Q

what are opportunities?

A

external factors that the company may be able to exploit to its advantage

31
Q

what are threats?

A

current and emerging external factors that may challenge the company’s performance

32
Q

what does the marketing plan contain?

A

Executive Summary

Current Marketing Situation
SWOT

Objectives and Issues

Marketing Strategy (Positioning and 4 Ps etc.)

Action Programs

Budgets

Controls used to monitor progress

33
Q

true or false

The marketing plan must be consistent and supportive of the larger organizational strategic plan.

A

truuuue

34
Q

a marketing department organization is led by whom?

A

Chief Marketing Officer/VP Marketing

35
Q

what is a functional organization in the marketing department organization?

A

Different marketing activities are headed by a specialist

e.g., sales manager, market research manager

36
Q

what is geographic organization in the marketing department organization?

A

Sales and marketing people are assigned to specific countries, regions, and/or districts

37
Q

what is product management in the marketing department organization?

A

One person is responsible for the strategy and marketing program for a single product

38
Q

what is a market or customer in the marketing department organization?

A

Manager responsible for specific market or type of customer

e.g. large customers like Walmart or government

39
Q

what is operating control?

A

Evaluates performance against the annual plan and takes corrective action

ensure that the company achieves the sales, profits, and other goals

involves determining the profitability of different products, territories, markets, and channels

40
Q

what is strategic control?

A

Evaluates whether strategies match opportunities

41
Q

what should companies do if marketing strategies and programs become outdated?

A

each company should periodically reassess its overall approach to the marketplace

COMM 223 (13 decks)

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