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Marketing Management (Year 1) > Week 4: Developing a strong marketing plan > Flashcards

Week 4: Developing a strong marketing plan Flashcards

1
Q

What is a marketing plan?

A

A document, encapsulating an organisations marketing strategies and tactics to:
understand - create - deliver - manage
customer value.

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2
Q

What is a marketing tactic?

A

the practical execution of strategies - how you implement strategies.
Includes the technique or method you take to execute a strategy (the concrete steps).
Often oriented towards a smaller task to be performed in a shorter time frame.

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3
Q

What is a marketing strategy?

A

How you’re planning to achieve your goals in the long-run.

Oriented for the long-term.

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4
Q

What are the steps for executing a goal in marketing?

A

goal —> come up with a strategy —-> come up with tactics to achieve strategy to achieve goal

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5
Q

What are the key roles of a marketing plan?

A
  • it provides focus and discipline
  • a strong marketing plan is an organisations playbook for success
  • it contextualises the market for other functions
  • it unites all functions (around the goal of creating and delivering customer value - tells everyone in the business what they need to do to keep consumers satisfied)
  • no business can survive for long without it
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6
Q

What are the 4 main areas of a marketing plan to create customer value?

A
  1. Understand - the marketplace
  2. Create. - design marketing mix strategies
  3. Deliver - Implement strategies
  4. Manage - marketing plan efforts
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7
Q

What are the 6 sections under the Understanding aspect of a marketing plan?

A
  1. Executive summary
  2. Table of Contents
  3. Market Analysis
  4. Competitor Analysis
  5. Customer Value Analysis
  6. Key issues analysis
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8
Q

What are the 2 sections under the Create aspect of a marketing plan?

A
  1. Objectives to be achieved

2. Marketing strategies

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9
Q

What 2 sections are under the Deliver aspect of a marketing plan?

A
  1. Marketing plan implementation (tactics)

2. Marketing sales linkage

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10
Q

What 4 sections are under the Manage aspect of a marketing plan?

A
  1. Key outcomes for the business
  2. Marketing plan budget
  3. Marketing plan control
  4. Appendix
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11
Q

Market researchers use ……………….. ……. to compare products (and potential products) based on the perceptions of customers.

A

perceptual maps

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12
Q

What does a perceptual map require?

A
  • choice of the appropriate axes (choose 2 variables that are interrelated e.g., price & qtty) : requires deep understanding of competitors, market dynamics, and consumers needs.
  • you need to find a space in the map that is valued by consumers, where you don’t have a lot of competition to place your product in the market
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13
Q

A ……………… ………………. is a sentence (short paragraph) developed to guide the marketing team on the compelling picture they want to create in the minds of target consumers.

A

positioning statement

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14
Q

What is a point of differentiation?

A

what sets you apart and distinguishes you from competitors

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15
Q

What is a frame of reference?

A

how customers see your product in relation to other products of a similar type - the business you are competing in

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16
Q

What is a reason to believe?

A

compelling evidence + reasons why customers can have confidence in your differentiation claims.

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17
Q

What does the executive summary entail in a marketing plan document?

A
  • the key issues to be addressed by the marketing plan
  • the objectives to be achieved
  • key strategies in place to address key issues + objectives
  • key expected outcomes for the business
  • should be written last and not exceed more than 1 or 2 pages (its a summary)
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18
Q

What does the table of contents entail in a marketing plan document?

A
  • contents written down to navigate the document quickly
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19
Q

What does the Market Analysis entail in a marketing plan document?

A

Overall info about the goals + the business itself
-what’s your mission & long-term goals?
-what’s your brief history?
- what business are you in (not about industry but customer needs)?
- What are your product offerings?
- What marketing strategies have you previously used and what results came out of it?
THEN CHARACTERISE YOUR MARKET:
- what are the basic care variables(price of entry into the market)?
- How attractive is the market?
- assess whether there are any macro-environmental factors/trends (e.g., political, legal etc.) that could impact the business’ operations; what are the opportunities and/or threats

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20
Q

What does the table of contents entail in a marketing plan document?

A
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21
Q

What does Competitor analysis entail in a marketing plan document?

A
  • Identify your main competitors
  • Develop detailed competitor profiles (e.g., size, strategies, strengths, weaknesses)
    -determine what competitors do to take away business (think about their marketing mix)
    THIS SHOULD GIVE YOU A CLEAR PICTURE OF WHAT TO DO TO DIFFERENTIATE YOURSELF
    using this info:
  • create new market space:
    >look across substitute industries (energy bars combine healthy snack + sweet)
    >look at different customer roles (influencers, decision makers, purchasers, users) Disney guided vacations help customers fulfill the needs of the whole family
    >look across complementary goods/services: dinner theatres
    > Appeal to a customer need not considered by competitors
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22
Q

What does Customer Value Analysis entail in a marketing plan document?

A
  • Examine and “create” customer needs
  • Understand customers decision making criteria
  • Understand how their needs are changing
  • Examine current segmentation strategy (is it working or not?)
  • Assess current performance against competitors
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23
Q

What does the Key Issues Analysis entail in a marketing plan document?

A
  • identifies a set of key issues the business must address next year and/or in the near future
  • What does all the data you collected so far really mean?
  • SWOT(Strengths, Weaknesses, Opportunities, Threats) a useful decision tool to make strategic decisions using data collected in previous sections: which key issues will we focus on and how?
  • Goal is to:
    harness strengths + seize attractive opportunities
    ALSO
    eliminating/overcoming weaknesses + mitigating threats
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24
Q

What does Objectives to be Achieved entail in a marketing plan document?

A
  • capitalise on corporate strengths + take advantage of opportunities WHILST minimising threats + weaknesses.
  • determine attainable objectives e.g., increase brand recognition, increase in sales etc.
  • Make your assumptions clear when defining your goal (depending on the way you interpret a certain element of your environment, you will define different goals)
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25
Q

What does Marketing Strategies entail in a marketing plan document?

A
  • STP:
  • Segmentation (dividing a market into distinct groups of buyers)
  • Targeting (evaluating the segments’ attractiveness & selecting which segments to enter)
  • Positioning (arranging for a prod. to occupy the minds of consumers as desirable relative to competing offerings)
  • Developing your marketing mix: product, price, channel & marketing communications strategies
  • Consider the cross-functional implications of your strategies (important to think how your strategic decisions are interconnected)
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26
Q

What does the Marketing Plan Implementation entail in a marketing plan document?

A
  • this really grounds the organisation in reality as it is how the tactics +strategies to achieve the goal are executed
  • specify realistic tactics, the people /department in charge to carry them out, the budget + timeline
  • prioritise key issues by year
  • better to take on fewer strategies instead of taking on too much and botching the implementation
  • 2 companies can have same strategies, but 1 can win the marketplace thru better/faster implementation
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27
Q

What does the Marketing-sales linkage entail in a marketing plan document?

A
  • particularly outlines how marketing will engage the sales function(translating marketing strategies into sales strategies)
  • e.g., sales goals per product line, sales training etc.
  • offer guidelines and support to translate the marketing plan into the sales plan
  • co-ordination b/n the marketing & sales function is fundamental so the company is able to understand, create, deliver & manage customer value
28
Q

What does the Key Outcomes for the Business entail in a marketing plan document?

A
  • outline potential rewards for proper design & implementation of strategies
  • estimate what share, volume, and revenues your strategies will generate and what types of profitability and ROI (return of investment) we can look forward to
29
Q

What does the Marketing Plan Budget entail in a marketing plan document?

A
  • determine costs associated with designing + implementing strategies
  • important to realistically determine costs
30
Q

What does the Marketing Plan Control entail in a marketing plan document?

A
  • since the market is constantly changing, the marketing plan shouldn’t be set in stone (inflexible)
  • the marketing plan must be constantly revisited to check for assumptions, track progress against goals + make necessary adjustments
  • this section acts like a rudder on the ship, controlling the direction of the plan once its started to be executed
31
Q

What does the Appendix entail in a marketing plan document?

A
  • Contains backup material (data) to support the marketing plan
  • Allows for main body of the plan to focus on the implications of the data
32
Q

Dan has been directed to study the forces close to a company that affect its ability to serve its customers, such as the company, suppliers, marketing intermediaries, customer markets, competitors, and publics. In this instance, Dan has been directed to study the ________ of the company

A

microenvironment

33
Q

Teenagers are expected to respond in a similar way to a set of marketing efforts. In other words, this group represents a ________.

A

market segment

34
Q

Each company must divide up the total market, choose the best segments, and design strategies for profitably serving chosen segments. This process involves market segmentation, ________, differentiation, and positioning.

A

market targeting

35
Q

Rob has been asked by his manager to identify a group of potential customers who would respond in a similar way to a given set of marketing efforts. In this instance, Rob has been asked to identify a ________.

A

market segment

36
Q

The ________ environment consists of laws, government agencies, and pressure groups that influence or limit various organizations and individuals in a given society.

A

political

37
Q

The ________ environment consists of institutions and other forces that affect a society’s basic values, perceptions, preferences, and behaviors.

A

cultural

38
Q

Sam has been directed to study the demographic, economic, political, and cultural forces that affect an organization. In this instance, Sam has been directed to study the ________ of the organization.

A

macroenvironment

39
Q

A company can become so ________ centered that it loses its even more important focus on maintaining profitable ________ relationships.

A

competitor; customer

40
Q

A company that focuses on customer developments in designing its marketing strategies and on delivering superior value to its target customers is a ________ company.

A

customer-centered

41
Q

A product-oriented company focuses on ________.

A

its own products

42
Q

Greener-grass Inc. is a lawn care company providing landscaping and lawn maintenance services to customers in and around Kansas City. The marketing team at Greener-grass carefully tracks the moves of competing companies, watching for shifting strategies and new promotions. The marketing team is also in constant touch with customers, using surveys and other feedback methods to find out what kind of services customers value the most. Greener-grass is most accurately described as having a ________ orientation.

A

market

43
Q

A company that pursues ________ will react much more strongly to a competitor’s cost reducing manufacturing breakthrough than to the same competitor’s advertising increase.

A

.

low-cost leadership

44
Q

Gaining ________ requires delivering more value and satisfaction to target consumers than competitors do.

A

competitive advantage

45
Q

What term is applied to the practice of a firm comparing its products and processes to the leading competitors in the same industry?

A

Benchmarking

46
Q

In conducting ________, the company first identifies the major attributes that customers value and the importance customers place on these attributes. Next, it assesses its performance against competitors on those valued attributes.

A

a customer value analysis

47
Q

Rather than competing head to head with established competitors, many companies seek out unoccupied positions in uncontested market spaces. They try to create products and services for which there are no direct competitors. This is called a ________.

A

blue ocean strategy

48
Q

To plan effective marketing strategies, a company needs to find out all it can about its competitors. It must constantly compare its marketing strategies, products, prices, channels, and promotions with those of close competitors. This is an example of ________.

A

competitor analysis

49
Q

The goal of performing a competitor analysis is to ________.

A

find areas of potential competitive advantage and disadvantage

50
Q

According to Michael Porter, what are three effective competitive positioning strategies?

A

.

  1. overall cost leadership,
  2. differentiation,
  3. focus
51
Q

Dell produces and delivers PCs of competitive quality at lower costs. The company constantly aims to achieve low production and distribution costs to win a large market share. Dell utilizes a/an ________ strategy very effectively.

A

overall cost leadership

52
Q

Porsche is a German automobile manufacturer that competes against BMW and Audi, but only in the sports car and SUV segments of the automobile market. Porsche utilizes a/an ________ strategy.

A

focus

53
Q

Bosch is a German firm that manufactures home appliances such as dishwashers, ovens, and ranges. It competes with companies such as GE Elite and LG. Bosch is perceived as the class of the industry. Bosch pursues a/an ________ strategy.

A

.

differentiation

54
Q

Sears and Holiday Inn encountered difficult times because they did not stand out as the lowest in cost, highest in perceived value, or best in service of their primary target market segment. Both companies are ________.

A

middle-of the roaders

55
Q

________ is the process of developing and maintaining a crucial fit between the organization’s goals and capabilities and its changing marketing opportunities.

A

.

Strategic planning

56
Q

The process of arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers is known as ________.

A

positioning

57
Q

Which of the following Ps in the marketing mix describes the goods-and-services combination the company offers to the target market?

A

product

58
Q

In the marketing mix, design, packaging, services, and variety can be categorized under ________.

A

product

59
Q

In the context of a company’s marketing mix, ________ includes company activities that make the product available to target consumers.

A

place

60
Q

________ refers to activities that communicate the merits of the product and persuade target customers to buy it.

A

Promotion

61
Q

In a SWOT analysis, ________ include favorable trends in the external environment.

A

opportunities

62
Q

Marketing ________ addresses the what and why of marketing activities, while marketing ________ addresses the who, where, when, and how.

A

planning; implementation

63
Q

A marketing plan begins with a/an ________, which presents a brief summary of the main goals and recommendations of the plan for management review.

A

executive summary

64
Q

________ refer(s) to meaningful sets of marketing performance measures in a single display used to monitor strategic marketing performance.

A

Marketing dashboards

65
Q

________ refers to measuring and evaluating the results of marketing strategies and plans and taking corrective action to ensure that the objectives are achieved.

A

Marketing control

66
Q

________ measures the profits generated by investments in marketing activities.

A

Return on marketing investment

67
Q

Making more sales to current customers without changing a firm’s products is known as ________.

A

market penetration

Marketing Management (Year 1) (6 decks)

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