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Marketing > Strategic Market Planning > Flashcards

Strategic Market Planning Flashcards

1
Q

What is Strategic Plan ?

A

3/5 years perspective.
- it’s a process where organisation’s leaders define their vision for the future and identify their org’s goals and objectives
- the process includes : establishing the sequence in which the goals should be realized so that the organization can reach its stated vision

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2
Q

What is a Business plan ?

A

2/3 years perspective
- written document
- presents targeted market and how each department plan to act in order to achieve it
- Operational and financial perspective

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3
Q

What is Strategic Market Plan

A

12/18 months perspective
- roadmap that business use to organize, track and execute their mkg strategy and tactics over a given period
- sales forecast for operational budget
- market research and analysis

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4
Q

What are the 2 key components incorporated in mkg strategy ?

A

POIC : P>O>I>C
Plan
Organize
Implement
Control
POIC approach as a process

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5
Q

What is plan ?

A

Situation
targets
strategies
execution

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6
Q

What is Organization ?

A

structure
culture
harmonization

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7
Q

What is Implement ?

A

activities
programs
systems
policies

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8
Q

What is Control ?

A

strategic orientation
productivity
activities and programs
systems and politics

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9
Q

What is the 5 Ps

A

Product/Service
Price
Place
Promotion
People

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10
Q

Product / Service (quality) ?

A
  • refers to the actual product / services a business offers to its customers
  • consider abt product designs, features, quality and differentiation from competitors
  • basic offer
  • inrersent and needs of customers on market (B2B, etc)
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11
Q

Price

A
  • Economic value
  • Perceived value added to customers
  • end users
    -3 criteria’s : cost, demadn, competition
  • Right price for a win-win commercial exchange
    -how the product or service is priced in the market.
  • setting the right price point to attract customers, compete effectively, and achieve profitability.
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12
Q

Place

A
  • Distribution channel, e-commerce
  • Logistic supply chain
  • Order processing, transport, warehousing
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13
Q

Promotion

A
  • inform and promote our value propositin (offer) by mix communication in and out the organisation
  • Publicity, sponsorship, sales promotion, environment, public relation, direct marketing. Digital marketing, sales, customer service
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14
Q

People

A

sales, customer support, relationship marketing : before, during and after decision process
- the individuals who work within the organization, as well as the interactions between employees and customers

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15
Q

What is the most valuable competitive advantage of a strategic market planning ?

A

The effective creative aspect

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16
Q

Why must we developp a strategic mkg plan ?

A

To developp our vision in term of activities and programms to make our future possible and reachable
- we must identify and define a plan to achieve it

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17
Q

Benefits of strategic market plan ?

A
  • objectivity and to be organized
  • Strategic directions for P/S
  • The must considering business environment
  • Alignment on department harmony and motivation
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18
Q

Inconvenienceof strategic market plan ?

A
  • Costs, time availability, efforts
  • Discipline and focus, being rigorous
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19
Q

5 Conditions to succeed ?

A

1- Market
2- Targets
3- Creativity
4- Process
5- Execution and Control

20
Q

What is the relation >< Strategic Mkg plan and Business plan ?

A
  • harmonization : market and business plan
  • Both plan according the POIC approach must be synchronized especially when executed
21
Q

What are the expectations of other departments for marketing ?

A

Sales forecast (=prediction or estimate of the future sales of a product or service)

22
Q

Specific mkg targets on ?

A
  • new customers
  • customers satisfaction and retention
  • market shares
  • budgets
23
Q

What is the Marketing plan process ?

A

SOCE method :
Situational analysis
Orientation
Creativity
Execution

24
Q

what is Situational analysis ?

A
  • Internal environment : results, corporate performance
  • External environment : macromarketing and micromarketing
  • corporate stakes (SWOT)
    (=mis a process of evaluating and understanding a situation or problem by examining its internal strengths and weaknesses and external opportunities and threats)
25
Q

What is Orientation ?

A
  • Vision, mission, values (VMV)
  • Organisational structure
  • Marketing targets, goals
26
Q

What is Creativity ?

A

-mix marketing (activitites and programs), strategies, targets, budget.

27
Q

what is Execution ?

A
  • structure
  • implementation
  • control
28
Q

What is the management approach ?

A

According to our management philosophy :
how we structure and manage our relationship >< the org and our custoemrs

29
Q

Management approach of marketing ? (POIC)

A
  • According to our expertise our knowhow
  • Coordination, harmonization >< departments
30
Q

To be operational, the marketing plan has to be ?

A
  • Realistic
  • Executory
  • Controlled and monitored
31
Q

Kind of definition for management approach of marketing ?

A
  • to set up an administrative structure for coherent unity
  • to arrange elements into a whole of independent parts
32
Q

Marketing Organisational Structure : evolution over time and growth

A
  • Sales structure
  • Sales supported by marketing
  • Independent marketing department
  • Integrated marketing
33
Q

What is sales structure ?

A
  • in small and medium-sized businesses
  • it is often simple, with small sales team
  • may be managed by business owner or sales manager
34
Q

What is Sales supported by marketing ?

A
  • in small businesses
  • mkg efforts may be limited or basic
  • sales teams primarily focus on selling
35
Q

What is Independent marketing department ?

A
  • in medium-sized businesses
  • may be handled by a few individuals or outsourced to external agencies
  • as business expand : establish independent mkg department
    Responsible for : strategic mkg planning, advertising, promotions, brand management.
36
Q

What is Integrated marketing ?

A
  • in global organizations
  • greater emphasis on integrated mkg
  • mkg and sales teams work collaboratively and cohesively to create a seamless customer experience
  • Marketing supports sales with lead generation, data analysis, and market research
  • Sales teams provide feedback to marketing for targeted campaigns.
37
Q

How do we control evaluate, know that we are getting where we want to be ?

A
  • Performance auditing
  • Strategic orientation control
  • Productivity (performance) control
  • Mix mkg control (activities and programs)
  • Validation of our criteria’s
38
Q

What is Performance auditing ?

A
  • systematic and independent evaluation or assessment
  • to determine how well it has achieved its objectives and whether it has operated efficiently and effectively.
  • conducted by government agencies, internal audit departments, or independent audit firms.
39
Q

What is Strategic orientation control ?

A

Strategic monitoring (=refers to the ongoing process of tracking and assessing the progress of an organization’s strategic initiatives, goals, and objectives. )

40
Q

What is Productivity (performance) control ?

A

Accounting system

41
Q

What is Mix marketing control (activitites and programs)

A

Are we effective ?

42
Q

What is Validation of our criteria’s ?

A

Results/targets
identify a problem
identify a fix act

43
Q

Strategic Market Implementation Approac

A

evolution over time ad growth (small, medium businesses to global organisation)

44
Q

We can adopt different types of mkg organisation by ?

A

Department : sales, customer service, mkg research, new products, publicity and promotion
Markets : consumers, businesses, commercial, industrial, institutional
Regions : provinces, countries, geographic regions
Products, groups of products, services, brands : debit cards, credit cards, loans, saving, mortgages
Projects : (special market development)

45
Q
A

Marketing (7 decks)

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