Session 3 Flashcards
What does the company mission do
Generates a series of general and specific objectives that form the basis of general and specific strategies
What are the 7 steps of the marketing planning process
- situation analysis
- Formulating Strategies
- Ressource allocation
- Marketing Strategy
- Deciding on the marketing mix
- Implementing
- Control
What is a marketing plan
An analytical framework that features three general elements: a situation analysis, a set of strategies and an action program.
What question can be asked in the setting of obejctives of the Marketing Plan.
Where do we want to go?.
- MArketing objectives
- sales, market share and contribution to profits
What is the Market?
The market is a set of consumers, individuals or businesses that express wants and needs by buying products, services or even ideas
Defines the 2 types of competitions
Substitute competition: Occurs between all products that meet the same need, even if these products seem to be different at first glance.
Direct competition: Exists between manufacturers of the same product.
What are the Four main strategies to gain a competitive advantage in marketing context
Innovation (new product, new brand, improving existing products)
Segmentation (finding segments that have not been developed by competitors)
Distribution channel (finding less costly channels to serve the consumer)
Improving communication (developing a creative advertising campaign)
What are the 4 characteristics of a good objective
Precise Quantifiable Measurable Realistic e.g., Increase sale of our X product by 15% during the next 12 month.
What are the four main competitive strategies
Leader, challenger,specialist (or nicher), follower strategies
What is the leader strategy
- Sets the pace of the market, market dominence(company size, market share, cost advantage) ex. Renaud Bray
What is the Challenger strategy
The main rival of leader
Might copy the leader’s method
Might take advantage of the leader’s weakness
ex; videotron and bell tell
What is the follower Strategy
Has a small market share
Tries to retain its market share instead of increase
Used mainly in oligopolistic markets comprising few companies, ex; as soon as a pop group is successful, various imitators appear of the market
What is the Specialist (or nicher) strategy
Focuses on a distinctive segment
Has distinctive advantage
What are the four strategies Ansoff proposed in 1957
- market penetration
- market development strategy
- product development
- Diverstification
What is Market Penetration
Market penetration: Go with already and try to buy more . Increase sakes of its existing products ex; launch a new communication campaign . Remain in the same market niche and keeps its product intact.
