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Mkt > Session 3 > Flashcards

Session 3 Flashcards

1
Q

What is a marketing plan (2)?

A
  1. Specifies course of action that affects every part of the company (finance, accounting, IS, HR)
  2. Helps make sure decisions are all in line with your company’s values, missions and objectives
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2
Q

Roadmap to marketing an offering (non official?) (5)

A
  1. Who is customer?
  2. What benefits does the product provide?
  3. What are the overall market conditions?
  4. How should you execute the marketing mix?
  5. What financial performance can we expect?
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3
Q

What are core values? (3)

A
  1. Why does our company exist?
  2. What are we trying to achieve?
  3. What business are we in?
    (often expressed in mission statement)
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4
Q

Define organizational objectives? (simple terms)

A

What are we trying to do long term?

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5
Q

Define marketing objectives? (simple terms)

A

What are we trying to do now/ near future?

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6
Q

Define market plan (simple terms)

A

How will we achieve organizational/marketing objectives?

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7
Q

What does SWOT analysis evaluate?

A

Internal and external marketing environment

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8
Q

What are Strengths (SWOT)?

A

Internal capabilities that may help organization succeed

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9
Q

What are Weaknesses (SWOT)?

A

Internal limitations that interfere with an organization’s ability to succeed.

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10
Q

What are Opportunities (SWOT)?

A

External factors that organization may exploit to its advantage.

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11
Q

What are Threats (SWOT)?

A

Current and emerging factors that may challenge the organization’s performance.

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12
Q

What are 4 ways to grow (+ new/existing)?

A
  1. Market penetration: Existing markets and existing products
  2. Product development: Existing markets and new products
  3. Market development: New markets and existing products
  4. Diversification: New markets and new products
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13
Q

What factors are included in environmental scanning (+ex)? (6)

A
  1. Demographic (ex aging, family size, diversity)
  2. Social/cultural factors (def: culture, society, how people relate to world Ex: health, environment, equity, diversity, inclusion)
  3. Economic factors (growth, recession, income)
  4. Technological factors (new development in tech, AI, machine learning
  5. Political (legal, industry associations, consumer rights groups)\
  6. Competition (intensity, components eg barriers to entry)
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14
Q

Technological change opportunities (2 examples)

A
  1. For marketers (digital media, online adv platforms, mobile targeting
  2. Combining new technologies, firms are more creative in designing products
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15
Q

What are elements of PEST(D)

A
  1. Political
  2. Economic
  3. Social/cultural
  4. Technological
  5. Demographics
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Mkt (14 decks)

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