Marketing Planning Flashcards

1
Q

What are the macro-environmental forces that shape the market for an organizations goods and sevices?

outside of the bank’s control)

A
  • economic
  • demographic
  • social and cultural
  • political
  • legal and regulatory
  • technological
  • natural
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

How do micro-environmental forces shape the market for goods and services?

limited control

A
  • markets
  • competitors
  • producers and suppliers
  • marketing intermediaries
  • publics
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What are three reasons to perform a formal situational analysis?

A
  1. Provide a strong foundation on which to plan (know the destination, tools available and where yu are starting from)
  2. Ensure goals are based on objective, factual and through analysis
  3. Ensure buy-in and motivation to cooperate in the execution of the plan
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What qualities does marketing planning benefit from?

A
  • 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
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What two elements should managers base their planning activities on?

A

Marketing mix and marketing environment

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What are the four P’s that make up the marketing mix?

A
  • Product
  • Pricing
  • Promotion
  • Place (distribution)
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What basic question should be answered when attempting to adjust to and understand your marketplace?

A

How do individuals and businesses select a bank?

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What are the four steps to developing a situation analysis?

A
  • 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
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

What type of information can a Marketing Customer Information File (MCIF) be used to help examine?

A
  • product usage patterns
  • account performance
  • profitability
  • customer differences (segments)
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

What are the six steps in the research process?

A
  1. Define the problem
  2. Plan and design the research project
  3. collect the data
  4. analyze the data
  5. report the findings
  6. Integrate the data into planning
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

How is corporate direction usually affirmed?

five guiding elements

A
  • Vision
  • Mission
  • Core Values
  • Competitive Advantage
  • Branding
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

A bank’s ________ should focus on the future and represent a picture of a desired persuit

A

Vision

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

The ________ outlines what must happen to realize the company’s vision.

A

Mission Statement

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Attributes that are priorities in the daily operation of business

A

Core Values

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

A description of how an organization differentiates itself based on its vision, mission and core values

A

Competitive Advantage

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Definition

A broad statement of direction that describe what an organization wants to achieve

A

Marketing Objective

17
Q

Definition

Address specific, mesurable results to be obtained in persuit of a broader objective

A

Marketing goal

17
Q

What five characteristics should marketing goals posess?

A
  1. Measurable
  2. Complement the bank’s financial goals
  3. Appropriate for level of execution
  4. Flexible
  5. Challenging
17
Q

definition

Communicating the availability of products or services to the target market

A

Promotion Strategy

17
Q

definition

Strategy focused on developing and offering benefits that solve a problem for the target market

A

Product Strategy

18
Q

definition

Selling a product or service at a price he target market sees as commensurate with its percieved value

A

Pricing Strategy

.

18
Q

Making the product available at the desired time and place (when and whare the consumer wants it)

A

Distribution (Place) Strategy

19
Q

What is the objective of market segmentation?

A

To identify a specific group and pursue it with a tailored marketing mix

20
Q

What are the five principle segmentation strategies?

A
  1. Geographic
  2. Demographic
  3. Pshycographic
  4. Volume
  5. Benefit
21
Q

definition

What are the four ways a bank can grow as diagramed in in the product market expansion matrix?

A
  1. Market Penetration (selling current products to current markets
  2. Market Expansion (selling current products to new markets)
  3. Product Expansion (developing and selling new products to current makets)
  4. Product/Market Expansion (developing and selling new products to new markets)
22
Q

What are different methods banks use to determine marketing and advertising spending?

five methods

A
  1. Percentage Method
  2. Competative Parity Method
  3. Incremnetal Method
  4. Objective and Task Method
  5. Revenue Generation Method
23
Q

What are some of the flaws with the Percentage Method of determining advertising spends?

A
  • based on past performance rather than objectives for the future
  • Views assets and deposits as a cause rather than an effect of marketing
  • Discourages aggressive advertising and reduces spending during economic slowdown
24
Q
A