Marketing Planning Flashcards
What are the macro-environmental forces that shape the market for an organizations goods and sevices?
outside of the bank’s control)
- economic
- demographic
- social and cultural
- political
- legal and regulatory
- technological
- natural
How do micro-environmental forces shape the market for goods and services?
limited control
- markets
- competitors
- producers and suppliers
- marketing intermediaries
- publics
What are three reasons to perform a formal situational analysis?
- Provide a strong foundation on which to plan (know the destination, tools available and where yu are starting from)
- Ensure goals are based on objective, factual and through analysis
- Ensure buy-in and motivation to cooperate in the execution of the plan
What qualities does marketing planning benefit from?
- Uniqueness - being able to clarify the unique benefits of the bank
- Sustainability - being able to perform consistently over time
- relevance - being able to connect to the staff and the marketplace
What two elements should managers base their planning activities on?
Marketing mix and marketing environment
What are the four P’s that make up the marketing mix?
- Product
- Pricing
- Promotion
- Place (distribution)
What basic question should be answered when attempting to adjust to and understand your marketplace?
How do individuals and businesses select a bank?
What are the four steps to developing a situation analysis?
- Conduct a seflf assesment with internal secondary data and feedback through primary research
- Analyze relevant macroenvironmental factors (examples: employment trends, retail trade activity, construcction activity)
- Analyze relevant microenvironmental factors (survey results, competitve shops, market trends)
- SWOT Analysis
What type of information can a Marketing Customer Information File (MCIF) be used to help examine?
- product usage patterns
- account performance
- profitability
- customer differences (segments)
What are the six steps in the research process?
- Define the problem
- Plan and design the research project
- collect the data
- analyze the data
- report the findings
- Integrate the data into planning
How is corporate direction usually affirmed?
five guiding elements
- Vision
- Mission
- Core Values
- Competitive Advantage
- Branding
A bank’s ________ should focus on the future and represent a picture of a desired persuit
Vision
The ________ outlines what must happen to realize the company’s vision.
Mission Statement
Attributes that are priorities in the daily operation of business
Core Values
A description of how an organization differentiates itself based on its vision, mission and core values
Competitive Advantage