Strategic Marketing

Question 1

Define Strategy

Answer 1

1. What? objectives to be accomplished
2. Where (what industries and product markets to focus)
3. How? which rescues and activities to allocate. How do you gain a competitive advantage?

Question 2

What are the 5 components of strategy?

Answer 2

1. Scope
2. Goals and Objectives
3. Resource deployments
4. Identification of sustainable competitive advantage
5. Synergy

Question 3

What are the 3 Hierarchy of Strategies?

Answer 3

Corporate level
Business Level
Marketing Level

Question 4

What is market-oriented management?

Answer 4

the incorporation of more customer and competitor focused information in the decision making process. (Defining customer needs and catering to them)

Question 5

Explain Strategic Inertia

Answer 5

Business continuing to act the way they always have regardless of what is happening in the external environment.