Topic 1 - Introduction

Question 1

What is marketing?

Answer 1

Marketing is creating, communicating, delivering and exchange of offerings that have value for the customer client and society

Question 2

How has marketing evolved over time?

Answer 2

• 1700s-1950s (Posters& Radio/TV ads)
• 1950-1980s (Customer above all school of thought)
• 1980-2000s ( org wide activity A Process not function)
• Today (Shift from customer satisfaction -> Experience + Engagement)

Question 3

How can brands achieve business prosperity in today’s ever changing world?

Answer 3

The business landscape is dynamic and changing businesses have to be fluid in order to stay prosperous.

Businesses fail due to lack of decisions or indecisiveness

Question 4

What is Strategic Marketing?

Answer 4

Strategic Marketing is modern marketing and encompasses 2 core aspects
1. Consumer Led
2. Resource Conscious

To find the right fit, brands need to look
1. Internally - Organisational Resources
2. Externally - Market needs and conditions

Question 5

What is the 4 step process of achieving strategic marketing?
(Subject Flow Chart)

Answer 5

1. Define org mission and vision
2. Define Business definition and scope
   2.1 Strategic Analysis
   2.2 Strategic Development
   2.3 Strategy Implementation
   2.4 Strategy evaluation and control

Question 6

What is Acker’s 6 dimensions of strategy?

Answer 6

1. Product Scope or domain
2. Level of investment and growth
3. Functional Areas
4. Strategic assets and skills (Competitive advantage)
5. Allocation of resources
6. Development of synergistic affects across biz