Strategic Marketing Flashcards
Define marketing
“Meeting needs profitably”.
Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relation- ships in ways that benefit the organization and its stake- holders.
Explain what is meant by Integrated Marketing, how it relates to Holistic Marketing
Integrated Marketing - Ensuring that multiple means of creating, delivering, and communicating value are employed and combined in the best way.
Integrated Marketing is one of the four dimensions of Holistic Marketing (Internal, relationship, performance, integrated).
What are the five competing concepts under which organizations can choose to conduct their business?
production concept product concept selling concept marketing concept holistic marketing concept.
The first three are of limited use today
Explain Holistic Marketing
The holistic marketing concept is based on the devel- opment, design, and implementation of marketing pro- grams, processes, and activities that recognize their breadth and interdependencies. Holistic marketing rec- ognizes that everything matters in marketing and that a broad, integrated perspective is often necessary.
Four components of holistic marketing are relationship marketing integrated marketing internal marketing, and performance marketing.
What are the set of tasks necessary for successful marketing management?
- developing marketing strategies and plans
- capturing marketing insights
- connecting with customers
- building strong brands
- creating, delivering, and communicating value
- creating long-term growth
Discuss the Four P Components of the Marketing Mix
Product
Price
Place
Promotion
With Holistic markting though, these aren’t necessarily as relevant today - we arrive at a more representative set that encompasses modern marketing realities: people, processes, programs, and performance
Discuss 3 key trends that are creating opportunities and challenges for marketers. Use examples to illustrate your answer.
- TECHNOLOGY: rapid rise of e-commerce, the mobile Internet, and Web penetration in emerging markets. EG,. Proctor & Gamble: uses the latest Web-based tools in all 80 countries where it sells products / pilot study of field salespeople increased revenue 1.5 percent merely by using iPads to show store customers the layouts of different floor displays
- GLOBILIZATION: New transportation, shipping, and communication technologies have made it easier for us to know the rest of the world, to travel, to buy and sell anywhere. Countries increasingly multicultural.
Globalization changes innovation and product development as companies take ideas and lessons from one country and apply them to another. EG. GE developed portable ultrasound scanner that addressed China’s unique market needs; then went on to sell in rest of developed world. - SOCIAL RESPONSIBILITY: increased ole of corporate social responsibility, responding to climate, war, poverty. Marketers must consider the ethical, environmental, legal, and social context of their activities. EG. The body shop actively helps enrich the biodiversity where they grow our ingredients, never test on animals, “Enrich Not Exploit” campaign.
What are the Four A’s of Marketing
Acceptability is the extent to which a firm’s total product offering exceeds customer expectations.
Affordability is the extent to which customers in the target market are able and willing to pay the product’s price. 2 dimensions: economic (ability to pay) and psychological (willingness to pay)
Accessibility, the extent to which customers are able to readily acquire the product. 2 dimensions: availability and convenience.
Awareness is the extent to which customers are informed regarding the product’s characteristics, persuaded to try it, and reminded to repurchase. 2 dimensions: brand awareness and product knowledge.
Briefly describe a marketing plan
Written doc, Contains tactical guidelines for the marketing programs and financial allocations over the planning period.
Documents how the organisation will achieve its strategic objectives through specific marketing strategies and tactics, with the customer as the starting point.
Can be for individual products, lines, brands, channels, or customer groups.
Briefly describe a marketing plan
Written doc, Summarises what the marketer has learned about the marketplace and indicates how the firm plans to reach its marketing objectives.
Contains tactical guidelines for the marketing programs and financial allocations over the planning period.
Documents how the organisation will achieve its strategic objectives through specific marketing strategies and tactics, with the customer as the starting point.
Can be for individual products, lines, brands, channels, or customer groups.
What are some questions to ask in evaluating a marketing plan.
- Is the plan simple and succinct?
- Is the plan complete?
- Is the plan specific?
- Is the plan realistic?
What are the key elements of a marketing plan
Executive summary and table of contents. Situation analysis. Marketing strategy. Marketing tactics. Financial projections. Implementation controls.
What are the key elements of a marketing plan
Executive summary and table of contents. Situation analysis. Marketing strategy. Marketing tactics. Financial projections. Implementation controls.
What are the key customer markets?
Consumer- establish a strong brand image by developing a superior product or service, ensuring its availability, and backing it with engaging communications
Business - often face well-informed professional buyers skilled at evaluating competitive offerings
Global - navigate cultural, language, legal, and political differences, how to adapt product and service features.
Nonprofit - churches, universities, charitable organizations, and government agencies need to price carefully. Buyers often focus on practical solutions and favor the lowest bid
What is the SAVE version of the 4Ps?
Solution - defining offerings by the needs they meet rather than their features, etc
Access - Develop an integrated cross-channel presences that considers customers entire purchase journey rather than individual purchase locations & channels.
Value- Articulate the benefits relative to the price, rather than stressing how price relates to production costs, profit margins, or competitors prices
Education - Provide information relevant to customer’s specific needs at each point in the purchase cycle, rather than relying on advertising, PR, and personal selling that covers the waterfront.
Why could the 4Ps be rethought of as SAVE?
Product, Place, price and promotion have served consumer marketers well, but in the B2B world they field narrow, product-focused strategies that in increasingly at odds with the imperative to deliver solutions.
The 4Ps model leads marketers to stress product tech and quality, even though these are no longer differentiators but are simply the cost of entry.
Why would you perform a marketing audit?
To determine problem areas and opportunities and recommending a plan of action to improve the company’s marketing performance.
