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MKTG3600 > Weeks 1 -3 - The marketing process (Understanding the marketing problem and situation analysis) > Flashcards

Weeks 1 -3 - The marketing process (Understanding the marketing problem and situation analysis) Flashcards

1
Q

What is the marketing process?

A

first four steps is about creating value and building relationships
last step is about reap the award

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2
Q

Write at the strategic marketing framework

A
  1. Strategic analysis
    - internal (size, a&c, image and positioning)
  2. strategic analysis output
    - customer, competitor, market/sub market & environment analysis
  3. creating and adapting strategy
    - product market invest decision
    - VP
    - a&C
    - functional area strategies and programs
  4. implementing strategy and producing firm value
    - implement strategy
    - measure performance
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3
Q

What are the sources of marketing information?

A
  • internal datebase
  • market research (primary & secondary)
  • market intelligence (competitors)
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4
Q

What is the role of marketing information?

A
  1. to gain insights
  2. uncover motive
  3. provide right information
    To ultimately inform decision making that’s consumer centric.
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5
Q

Consumer Analysis

A
  1. P&G Pampers case study
    * Customer analysis is essential to the marketing of existing products and NPD
    * Decided to expand the Pampers brand into China.
    * Prioritised price over quality = failed to resonate with consumer
    * Quality-based attributes such as dryness and softness as much as low cost.
    * drove the establishment of “delight don’t dilute”
  2. Need to think about: how to segment market, customer motivations and unmet needs
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6
Q

What framework to use for customer value and explain it

A
  • Bain & Co pyramids
  • more value the better
  • functional value best
  • e. g. NFTs - tech sarvy, reflection on con identity
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7
Q

Competitor Analysis

A

Analysis should focus on understanding how competitors are positioned, their sources of value, and the identification of threats or opportunities created by emerging or potential competitor strengths or weaknesses.

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8
Q

Market/sub-market Analysis

A
  • To determine the attractiveness of a market to current and potential participants
  • Understand the dynamics of the market to understand what it takes to win in the space.
  • Considerations: emerging submarkets by lower price, what markets are growing, driving forces, profitability (porters 5 forces)
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9
Q

Profitability (Porter’s 5 Forces)

A
  1. Threat of potential entrants
  2. Bargaining power of suppliers
  3. Consumer bargaining power
  4. Threat of substitutes
  5. Competitive rivalry
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10
Q

Environmental Analysis

A
  • Broader environmental trends surrounding a market.
  • PESTLE
    Be aware that we can use the PESTLE to inform the opportunities and threats in a SWOT analysis and then a TOWS.
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11
Q

Internal Analysis

A

Objectives of internal analysis are to determine if:
1. Our existing assets and competencies are adequate to win?
2. What are our strengths and weaknesses?
Strengths and weaknesses are something we have control over as a company

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12
Q

State elements of PESTLE

A

not everything - > informs SWOT/TOWS

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13
Q

SWOT

A
  1. Strengths + Weakness = What we can control - assets + competencies
  2. Opportunities + Threats = What we influence
    Find what we care + where to play
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14
Q

What is the strategic outputs

A

The goal is to develop a strategy that exploits our strengths and competitor’s weaknesses, and neutralises our weaknesses and competitor strengths.

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15
Q

SWOT vs TOWS

A
  • Swot gathers info . Tows can inform strategy
  • TOWS clashes opportunities/strengths etc.
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16
Q

Write out TOWS framework

A

SO option might be:
Leverage the firm’s effective NPD processes and culture of innovation to develop a phone app alternative
to our web platform.

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17
Q

What is the purpose of analysis?

A

is to develop an insightful and useful information base from which to formulate strategy.

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18
Q

Name for the four levels of strategy and brief description about each.

A
  1. Corporate strategy:
    - highest level of strategy and involves decisions that affect the entire organization.
    - Concerned with the overall direction and scope of the entire organization.
    - Key decisions = diversification, mergers and acquisitions, strategic alliances, and the allocation of resources among different business units.
  2. Business strategy:
    - focuses on how a business competes within a specific industry or market.
    - It involves decisions related to positioning the organization in the marketplace, targeting specific customer segments, and gaining a competitive advantage.
    - Common business level strategies include cost leadership, differentiation, and focus/niche strategies.
  3. Functional strategy:
    - are developed and implemented by various functional departments within the organisation, such as marketing.
    - For example, a marketing strategy might focus on promoting a product’s unique features to support a differentiation business level strategy.
  4. Portfolio and Brand Strategy
    - Functional/brand strat should fulfil business strat
    - Goals are longer range , objectives help you achieve goal
    object short term
    ↳e. g. grow 100followers -> more brand awareness
19
Q

What is strategy?

A
  • A plan of action that addresses where we want to be.
  • In a marketing context, it’s about identifying where we play and how we win.
20
Q

Define Sustainable Competitive Advantage (SCA)

A

Utilising assets and competencies to create an advantage that is truly sustainable over time.

21
Q

What are assets and competencies?

A

Assets: can be physical and financial assets but also marketing assets such as brand
strength, customer relationships and knowledge of markets.
Competencies: unique capabilities and advantages that set an organisation apart from its competitors. Core competencies are often related to specific skills, technologies, or processes that give a company a competitive edge.

22
Q

In the third section of strategic marketing framework, state the two questions and four dimensions.

A
  1. Where to compete
    - The product investment decisions
  2. How to people
    - VP
    - a&c
    - function area strategies and programs
23
Q

What framework to use for: Where to compete?

A
  • Ansoff matrix
24
Q

Please state the Ansoff matrix

A
  1. Market penetration
  2. Product development
  3. Market development
  4. Diversification
25
Q

What makes a strong value propostion?

A

What consumers feel about the brand
1. Is it distinctive?
2. Emotionally resonant?
3. Sustainable?

26
Q

Why implementation and control?

A

1.Need to ensure we are heading in the right direction
2. key function of marketing is to drive profitability

27
Q

Define marketing control and state the 4 elements

A

measures and evaluates the results of the marketing strategies THEN takes corrective action of what we set out as the objectives are actually fulfilled.
1.Set goals
2. measure performance
3. evaluate causes - what we want to achieve vs what is happening
4. take corrective actions

28
Q

What are the internal & external metrics

A

internal = how business is performing in the market
external = how business WILL perform in the future

29
Q

What is forward and back ward performance?

A

Forward: ongoing measures of marketing performance & profitability indicators
Backward: come only end of the reporting year & tells us what we stand as in current position.

30
Q

Why do metrics matter

A
    • Help assess the effectiveness of marketing activities
  2. provide operational discipline
  3. Validate if outcomes are being met
31
Q

Equation for NMC

A

Gross profit - marketing & sales exp

32
Q

Equation for MROI

A

NMC/marketing & sales exp x 100

If every $1 invested in marketing & sales expenses in company produces x in marketing profit

33
Q

Equation for MROS

A

NMC/sales x 100

this marketing profitability tells us what proportion of sales are marketing profits are.

34
Q

Define net promote score

A

is a number that measure how likely you are to refer the brand/service to someone

35
Q

Calculate NPS and state what score is considered

A

NPS = Promotors % - Detractors %

0 = good 20 = favourable
50= excellent 80= worldclass

36
Q

What is brand tracking

A

is the continuous monitoring of your brands health overtime, Its purpose is to assess the state of your brand and guide your approach for the year ahead.

Collect data on consumer responses, market performance, track competitors, identify new audiences/area + things not working

37
Q

Define Qant

A

how much and how many - actual numbers. Needs to be structured and should represent whole population

38
Q

Define Qual

A

about the why & the who - used often at the start to of the project to try understand which key question to inform. About motivations and understanding. Qualitative cannot extend to be representation of the population therefore cannot create conclusion of the population.

39
Q

What does CATI stand for

A

Computer Assisted Telephone Interviewing

40
Q

Key trends at McNair yellow square

A
  • In house
  • AI digital media
  • attitudes/behaviour
  • privacy
41
Q

State the market research process

A
  1. Project brief - identify key issues
  2. 4 stages process
    - understanding existing target
    - Qual phase - calls, focus groups, discussion board
    - Quant phase - survey
    - embed and execution - create powerpoint
42
Q

When looking at the two streams of quant vs qual the actual steps for real life practitioner are quite similar. Write out the 6 step process

A
43
Q

What are the two associations for insights

A
  1. ADIA = organisations
  2. The research society = individual researchers

MKTG3600 (3 decks)

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