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STRATEGIC MARKETING MANAGEMENT > STRATEGIC FORMATION > Flashcards

STRATEGIC FORMATION Flashcards

Group 3

1
Q

are the strengths and opportunities that you have over your competition.

A

Competitive advantages

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2
Q

It’s an attribute that allows a company to achieve superior profits compared to its rivals and generates more value for the company, customers, and shareholders

A

Competitive advantages

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3
Q

is the favorable position an organization seeks to be more profitable than its rivals.

A

Competitive advantages

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4
Q

Some common factors that give business competitive advantage include:

A

The team
Unique access to technology or production methods
A product that no-one else can offer (protected by ip law or patent, etc)
Ability to produce and sell at a lower cost (known as cost leadership)
Brand and Reputation

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5
Q

is a crucial step in strategic planning.

A

Identifying competitive advantages

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6
Q

They are necessary for the growth of the company, so they must be extremely solid.

A

Identifying competitive advantages

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7
Q

used by the company to produce a product, to manage customer relations or to improve internal relationships can be considered a competitive advantage.

A

Technologies

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8
Q

Distinctive customer service can also be a competitive advantage.

A

Customer service

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9
Q

This occurs when a company is able to produce goods or services at a lower cost than its competitors.

A

Cost leadership

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10
Q

This could be due to economies of scale, efficient production processes, or access to cheaper raw materials. As a result, the company can offer lower prices while maintaining profitability.

A

Cost leadership

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11
Q

In this strategy, a company offers products or services that are distinct from competitors, usually by focusing on quality, innovation, or unique features.

A

Differentiation

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12
Q

A strong brand or exceptional customer service can also be a key differentiator.

A

Differentiation

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13
Q

This strategy involves targeting a specific segment of the market, whether it’s a particular demographic, geographic area, or type of customer.

A

focus/niche

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14
Q

A company using a focus strategy can either pursue cost leadership
or differentiation within that niche.

A

focus/niche

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15
Q

involves dividing a large homogenous market of potential customers into clearly identifiable segments.

A

Market segmentation

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16
Q

Customers are divided based on meeting certain criteria or having similar characteristics that lead to them having the same product needs.

A

Market segmentation

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17
Q

Segments are made up of customers who will respond similarly to marketing strategies.

A

Market segmentation

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18
Q

They share common interests, needs, wants and demands.

A

Market segmentation

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19
Q

What are the benefits of market segmentation?

A

Greater company focus
Better serve a customer’s needs and wants
Market competitiveness
Market expansion
Targeted communication

20
Q

is the stage where you decide which segments you created during the segmentation phase are worth pursuing, at the same time identifying and selecting a specific group of people to receive a marketing message

A

Targeting

21
Q

CRITERIA IN TARGETING

A

SIZE
DIFFERENCE
REACHABILITY
PROFITABILITY
BENEFITS

22
Q

Your audience segments must have enough potential customers to be worth marketing to. If your segments are too small, you may not get enough conversions to justify your marketing efforts.

A

Size

23
Q

There should be a measurable difference between any two segments. The lack of it leads to unnecessary duplication of efforts.

A

Difference

24
Q

The segments should be accessible to your sales and marketing teams and not be marred by technical or legal complications

A

Reachability

25
Q

The segment should have a low-to-medium customer acquisition cost (CAC) while bringing in high returns, i.e., the audience must be willing to spend money on your product.

A

Profitability

26
Q

different benefits attract different segments.

A

Benefits

27
Q

is a set of actions and processes that are designed to improve the image and visibility of a brand, company, or product.

A

Positioning

28
Q

Successful positioning strategies not only focus on where the product is today but how the product could potentially progress to where you would ideally like it to be in the near future.

A

Positioning

29
Q

DIFFERENT TYPES OF POSITIONING

A

QUALITY
VALUE BASED
PROBLEM AND SOLUTION
CELEBRITY DRIVEN
LIFESTYLE
EMOTIONAL
HYPER SPECIALIZED
DISRUPTIVE
PROJECT BASED

30
Q

When consumers know that a brand offers exceptional products, they will trust it and perceive it as reliable and worth the cost.

A

Quality Positioning.

31
Q

This positioning strategy takes into account the degree of value
customers receive when they purchase a product.

A

Value-based Positioning

32
Q

Companies that use this type of
positioning offer to help find a solution to a problem, simplify a process, or increase
convenience.

A

Value-based Positioning

33
Q

Instead of focusing on the product’s performance
and features, problem and solution positioning addresses a customer’s issue and provides

A

Problem and Solution Positioning.

34
Q

This type of positioning increases brand recognition and
awareness and attracts customers who are celebrities’ fans.

A

Celebrity-driven Positioning.

35
Q

This type of positioning targets customers with the same lifestyle
and can relate to the kinds of personalities brands show in their advertisements.

A

Lifestyle Positioning.

36
Q

Emotional positioning relies on building long-lasting
relationships with the audience.

A

Emotional Positioning

37
Q

To leverage this strategy, a brand should focus on three
core values: a friendly and open approach, honesty, and competence.

A

Emotional Positioning

38
Q

emphasizes that a product can help customers satisfy the most complex needs that competitors cannot meet.

A

Hyper-specialized Positioning

39
Q

implies employing new strategies that
have never been used before rather than adhering to conventional marketing approaches.

A

Disruptive Positioning.

40
Q

By positioning themselves as the leaders in their field, brands employ this strategy to establish their dominance over the competition.

A

Leader-based Positioning.

41
Q

5 BENEFITS OF POSITIONING FOR MARKETING

A

Competitive advantage
Market penetration and improved sales
Thought leadership and industry authority
Improved marketing decision processes
Direct communication with deal prospect

42
Q

HOW DO BUSINESSES SEGMENT?

A

IDENTIFY SEGMENTATION CRITERIA
SEGMENT THE MARKET

43
Q

HOW DO BUSINESSES TARGET?

A

EVALUATE MARKET SEGMENTS
SELECT TARGET MARKETS

44
Q

HOW DO BUSSINESSES POSITION?

A

DEFINE VALUE PROPOSITION
DEVELOP POSITIONING STRATEGY
IMPLEMENT POSITIONING

45
Q

HOW TO DO THE POSITIONING?

A

COMPARE YOUR BUSINESS TOCOMPETITIORS
ANALYZE YOUR CURRENT PRODUCT POSITIONING
ANALYZE COMPETITOR POSITIONING
USE YOUR ANALYSIS TO DEVELOP A NEW POSITIONING STRATEGY

46
Q

Effects of missing out on Strategic Formation (this includes missing out on segmentation, targeting, positioning, & identifying competitive advantages)

A

Ineffective Marketing Efforts
Weak Competitive Position
Missed Market Opportunities
Resource Misallocation
Inability to Adapt to Market Changes

STRATEGIC MARKETING MANAGEMENT (3 decks)

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