Strategic Marketing Flashcards
What is and has been the most effective form of marketing?
Word of mouth
Strategic marketing begins with what?
Defining your target audience
Why can’t we target everyone?
Because we will not be effective. We need to focus on one group and market to those people.
Targeting a group does not exclude but rather_____________?
Attracts like minded people
Owning the standard means what?
That one company owns that type of product
Credit Unions will never “own the standard” of banking, but we can focus on brand which means that our loyal members will what?
Stay loyal to us if we focus on our brand, they won’t rate shop.
What is a brand filter?
Something that guides the vision and mission of the company. Something they are known for and focus on.
What is the real definition for a brand?
Your reputation
NPS stands for what?
Net Promoter Score
The net promoter score can be found by what equation?
% of net promoters - % of net detractors = net promoter score
Net promoter scores can help you focus your resources so that you can ____________
Make good profits, not bad profits from bad fees.
By calling your detractors and asking how you can help them or what services they are looking for you can actually do what?
Turn them into promoters
NPS can help you to innovate and ____________ in your marketplace.
Differentiate
Having a simple set of values is important because???
If something doesn’t fit with those values, you don’t even consider it.
Values are at the very center of the circle, the other parts are made of what?
Culture
Action
Reputation
