week 4 Flashcards
marketing strateefy
refers to an org or perosns plan of action created to sell or advertrise a product or service
fundamentall to overall stratefy
designed to guide mkting effrts , tactics and resources in a coordinated and cohesive manner
strategic plannign
proicess of developing and maintaing a strategic it between org oals and caabitlies and its changign marekt opportuntiies
process of oprpotate plannign 5 steps
copmany missio
business obj and goals
busienss protfolio
marketing an other functional strategies
what are goals and cpaabitlies
what we want too do
what we can do
the companies missinon dfines
waht we want to achieve
what is mission statement
statement of org purpise - what it wants to accomplish in teh larger enviornemtn
busienss objective and goals should be
SMART
specific
measurable
achievable
realistic
time based
what are th e4 areas business obj and goals can be
economic
human
organic - internal pf a business
social and environmental
give example of econ goals
achieve slaes of 250k per quarter
give eample of a human bs obj/gal
maintain staff retention rate of no less than 90% by end of 2024
organic bs objective goals
increase list growth rate 155 in 2024
social and environmewntal business goal
become carbon negative by 2030
measurable meand
kpis
business portfolio
consists of products and buisiness that make up a company - strategic business units - sbus
what is marekt rowth and market share
what is the market like overall and what is the growth of product within this
what is another way to look at growth
look at revenue structure of compnay w/in own revenye structure may see growth of product through rev its bringing in
high marekt growth high market share
star
high amrekt share low market growth
cash cow
high market growth low marekt shRE
QUESTION MARJ
loow market growth low market share
dog/pet
what do we do w start and why
invest into them the most as market leeader and got huge potential for growth
why would a start be doing ell - 3 things
product doing particualtly well
fast growing market
product bring smore and mroe revennue
what is another way to identify a star
see whats getting invste din mst compared to othr product
what is the rule of thumb for low mkt share
anything less than 50% of the marekt leader
which has a low maeket share relative to othrs and is in a high growth market
question mark
questino amrke got ptoetnial to become what 2 things
star
do
how do we deal w question marks
rebrnannd or invest in r and d and marekting to push it to be a star
what has low mkt growth and high mkt share
Cash cow
what dont we need to do w cows and why
invest in them as mkt share stopped growing
what do we do w cows ansd why
use money to invest in stars/? as it brings in lots of revenue into company
what has low market growth and market share
dog
why may a dog have low maket share and growth
unpoula product
nto ding wellk in mkt
what do we do w dogs
phase em out
how should you looka t rpoduct
compared to other e,,g googl ads is a cash cow copmared to googels other products
