Week 2 - marketing stratergy

Question 1

define strategic planning

Answer 1

the process of developing and maintaining a strategic fit between the organisation’s goals and capabilities and its changing marketing opportunities

Question 2

steps in strategic planning

Answer 2

define the company mission
set company objectives and goals
design the business portfolio
Plan marketing and other functional strategies

Question 3

define strategic business units

Answer 3

kay businesses that make up a company

Question 4

define a business portfolio

Answer 4

collection of businesses and products that make up a company e.g. coke, coke zero etc

Question 5

define portfolio analysis

Answer 5

process of evaluating products and businesses that make up a company

Question 6

define the boston consulting group approach / growth share metric

Answer 6

a portfolio planning method that evaluates a company strategic business units in terms of its market growth rate and relative market share. Strategic business units are classified into; stars, cash cows question marks and dogs

• indicator that determines which businesses to keep, grow or let go

stars = high growth, high share heavy investment eventually growth will slow

cash cows = low growth, high share, less investment required , produce a lot of cash

? = require a lot of cash to hold their share let alone increase it management has to consider which ? to build into stars

Dogs = do not promise large success of cash, low growth

Question 7

problems with metric approaches

Answer 7

difficult
timely
expensive

today stargic planning placed in responsibility of cross functional teams and divisional managers thus harder to manage ‘Strategic business units’

Question 8

define value chain

Answer 8

series of internal departments that carry out value-creating activities to design, produce, market, deliver and support a firm’s products

e.g. marketing department, finance, hr…

Question 9

define marketing strategy

Answer 9

the marketing logic by which the company hopes to create customer value and achieve profitable customer relationships

Question 10

what the 7ps of the marketing mix

Answer 10

price 
people
process
physical evidence
placement logistics
promotion
product

Question 11

define market segmentation

Answer 11

diving the market into distinct groups of buyer who have different needs, characteristics or behaviours and who might require seperate products or marketing programs

Question 12

define market segment

Answer 12

Group of consumers who respond in a similar way to given set of marketing efforts

Question 13

define target marketing

Answer 13

evaluating each market segment attractiveness and selecting one or more segments to enter

Question 14

define positioning

Answer 14

arranging the products to occupy clear, distinctive and desirable place relative to competitors

Question 15

define differentiation

Answer 15

differing the market offering to create superior value

Question 16

define the marketing mix

Answer 16

set of controllable tactical marketing tools (seven p’s…)

that a firm blends to produce a desired response from their target market

Question 17

define marketing implementation

Answer 17

process of concerting marketing strategies into marketing actions in order to accomplish strategic objectives

Question 18

define marketing control

Answer 18

measuring and evaluating results of marketing strategies and plans and taking corrective action to ensure objectives are achieves

Question 19

explain marketing control process

Answer 19

set marketing goals
measure performance
evaluate cause of differences
take corrective action to achieve objectives

Question 20

define return on investment

Answer 20

the net return from marketing investment divided by the cost of the marketing investment

Question 21

standard measures of marketing performance

Answer 21

Brand awareness

Brand equity

Sales

Market share

Marketing ROI

Question 22

customer centered measures of performance

Answer 22

Customer acquisition

Customer retention

Customer life-time value

Customer equity

Customer loyalty