Unit 3 - Enterprise Marketing Flashcards
Fundamental Goal of a Business?
To make Profit; which need not always be in terms of money but Improved Customer Relations, Goodwill etc.
What is Goal Setting?
“Establishing Short or Long term objectives, usually incorporating deadlines and quantifiable measures”
Importance of Goal Setting
PPC
The First P in PPC
Performance
The Middle P in PPC
Pro-active not Reactive
The C in PPC
Clarity of Vision & Purpose
What is the First Step to Achievement?
Goal Setting
“Without a Goal Setting strategy or a series of actions, whether or not you succeed is just a Matter of Blind Chance” Why?
Because Goals need Action
RULES for Goal Setting
Goals need to be
RELEVANT,
ACTIONABLE,
ACHIEVABLE STRETCHES
What are SMART goals?
It is a simple tool used by businesses to go beyond the realm of fuzzy goal-setting into an actionable plan for results
The S in SMART
Specific
The M in SMART
Measurable
The A in SMART
Attainable
The R in SMART
Relevant
The T in SMART
Time-Based
What is Marketing Strategy?
According to David Aaker
“It is a process that can allow an organisation to concentrate its resources on the optimal opportunities with the goals of increasing sales and achieving a sustainable competitive advantage”
What does the Marketing Strategy of a company include?
BMM
The B in BMM
Basic and Long term activities
The Middle M in BMM
Market-oriented Strategies
The last M in BMM
Marketing Mix
Components of the Marketing Mix
The 4P’s
What are the 4P’s?
Product, Price, Place, Promotion
What is Marketing Mix?
It refers to the combination of 4 inputs which constitute the core of a company’s marketing system; Product, Price, Place and Promotion
Components of Product Mix
BRANDING,
LOGO & TAGLINE
LABELLING,
PACKAGING
What is a Product?
A product is any tangible or intangible offering that is required to satisfy the needs or wants of a consumer
What is Generic Requirement?
It refers to the core benefit, a product offers to the consumer
What is Branding?
Branding is a tool whereby a name, sign or symbol is given to a product by the entrepreneur so as to differentiate his/her product from the rival products
What is a Brand?
A Brand is a name, sign, symbol or design or a combination of them which is intended to identify the goods or services of one seller or group of sellers and to differentiate them from those of competitors
What are the 3 Components of Brand?
BRAND NAME,
BRAND MARK,
TRADE MARK
What is Brand Name?
It is that part of a Brand that can be spoken or can be vocalised
What is Brand Mark?
It is that part of a Brand which can be recognised but cannot be vocalised
It appears in the form of a symbol, design or distinct colour scheme
What is Trade Mark?
It refers to the legal protection given to a Brand against its use by other firms
Thus, it protects the seller’s exclusive right to use the Brand Name or Brand Mark
Qualities of a Good Brand
SINE
The S in SINE
Short and Sweet
The I in SINE
Impressive
The N in SINE
Noticeable
The E in SINE
Ethical
Types of Brands/Brand Names
IF CA
The I in IF CA
Individual Brand Name
The F in IF CA
Family Brand Name
The C in IF CA
Corporate Names
The A in IF CA
Alpha-Numeric Names
What are Individual Brand Names?
Individual Branding refers to the practice of choosing separate or distinct Brand names for each Product or Service
What are Family Brand Names?
a.k.a. Umbrella Branding
Family Branding refers to the practice of choosing a common or successful family name for several products
What is Umbrella Branding?
Umbrella Branding (or Family Branding) refers to the practice of choosing a common or successful family name for several products
What are Corporate Names?
Corporate Naming refers to the practice of choosing to utilise the company’s Corporate Name or Logo together with some brand name of individual products
What are Alpha-Numeric Names?
Alpha Numeric Naming refers to the practice of creating a distinct identity of a product by including alphabets and numerals to signify the physical characteristics of a product
