session 2: swot Flashcards
whats the objective of the marketing strategy and marketing mix?
build profitable customer relationships
value creation to do so
what do the marketing strategies include?
Market segmentation and targeting
Differentiation and positioning
what are the components in order of the marketing strategy and marketing mix?
- Meet customers’s needs and build relationships
- Building strategies
- 4 P:
- Marketing placement
what guides marketing mix decisions?
marketing strategy
what are the 4 Ps?
product
price
place
promotion
what are the components to building strategies?
segmentation
targeting
differentiation
positioning
what is segmentation?
Dividing a market into segments of buyers according to needs
how will buyers in a market segment respond to a given set to marketing efforts?
They will respond in a similar way to a given set of marketing efforts
what is targeting?
Evaluating each segment and selecting which to pursue
what is targeting based upon?
Based on which segment will generate the most customer value by the product offered
what is differentiation
Creating unique and superior customer value
How are we different and better?
what is positioning?
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
true or false
The company’s entire marketing program should support the chosen positioning strategy
truuuue
the 4 ps work towards this
what is a marketing mix?
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
when is the marketing set up?
After deciding on its overall marketing strategy
what are the 4 Cs?
the buyer’s views of the product
customer solution
customer cost
convenience
communication
how do the 4 Ps and 4 Cs relate to each other
Product = Customer solution
Price = Customer Cost
Place = Convenience
Promotion = communication
what are the components of Managing Marketing?
Analysis
Planning
Implementation
Control
explain the functioning of Managing Marketing
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)
what is planning?
develop strategic plans
develop marketing plans
what is implementation?
carrying out the plans
assigning:
Who
Where
When
How
what is marketing control?
- Set specific marketing goals
- measuring results and performance in market place
- evaluating results and causes of any differences between expected and actual performance
- taking corrective action
what are the components of the SWOT analysis
Strengths
Weaknesses
Opportunities
Threats
which component of the SWOT analysis is internal and positive?
Strengths
which component of the SWOT analysis is external and positive?
Opportunities
which component of the SWOT analysis is internal and negative?
weaknesses
which component of the SWOT analysis is external and negative?
threats
what are strengths?
internal capabilities that help a company reach its objectives
what are weaknesses?
internal limitations that may interfere with a company’s ability to achieve its objectives
what are opportunities?
external factors that the company may be able to exploit to its advantage
what are threats?
current and emerging external factors that may challenge the company’s performance
what does the marketing plan contain?
Executive Summary
Current Marketing Situation
SWOT
Objectives and Issues
Marketing Strategy (Positioning and 4 Ps etc.)
Action Programs
Budgets
Controls used to monitor progress
true or false
The marketing plan must be consistent and supportive of the larger organizational strategic plan.
truuuue
a marketing department organization is led by whom?
Chief Marketing Officer/VP Marketing
what is a functional organization in the marketing department organization?
Different marketing activities are headed by a specialist
e.g., sales manager, market research manager
what is geographic organization in the marketing department organization?
Sales and marketing people are assigned to specific countries, regions, and/or districts
what is product management in the marketing department organization?
One person is responsible for the strategy and marketing program for a single product
what is a market or customer in the marketing department organization?
Manager responsible for specific market or type of customer
e.g. large customers like Walmart or government
what is operating control?
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
what is strategic control?
Evaluates whether strategies match opportunities
what should companies do if marketing strategies and programs become outdated?
each company should periodically reassess its overall approach to the marketplace
