Ch. 2 Marketing Management Flashcards
(25 cards)
What is Marketing Management?
The process of developing and maintaining a viable fit between the organization’s strengths and the market’s changing opportunities.
Name some Marketing Strengths and is it internal or external?
Internal
- Product Quality
- Brand reputation
- Cost efficiency
- Supply/distribution alliances
- Production capacity
- Patent protection
Name some Market opportunity and is it classified as internal or external?
External
- Competition intensity
- Market Size
- Market Growth rate
- Demand variability
- Economic stability
- Industry profitability
What two components are in Marketing Management
1) Corporate planning
2) Market strategy
Marketing Management
Name the Corporate Planning (1)
Mission Statement
Name the Market Strategies (4)
1) Marketing Objective
2) Environmental Assessment
3) Product/ Market Assessment
4) Marketing Strategy
What is a mission statement (3)
- Answers “what business are we in?”
- Provides the boundaries for the type of business and how the business is run
- Market-oriented mission statement defines the business in terms of satisfying basic customer needs
Mission Statement
-What is Marketing Myopia
When industries fail because they focus on a product and technology and NOT the market need
Market-oriented mission statement example
- to sustain RESPONSIBLE commercial success as a global marketing company of branded apparel
- To inspire and nurture the human spirit - one person, one cup and one neighbourhood at a time
- To create an open, mutually accountable community of students, faculty, staff, alumni and community stakeholders, through which we will nurture a spirit of pride, tradition and shared values
Marketing Management Marketing Objective (2) -
1) Corporate
2) Marketing
Marketing Management
Describe corporate objective under the Marketing Objective
Return on investment, earnings, stock price
Marketing Management
Describe Marketing objective under the Marketing lol
Product category - sales, market share, product quality, penetration
Brand - awareness, satisfaction, loyalty
Marketing Management
Describe Environmental Assessment (6)
1) Microenvironment
2) Macro-environment
3) Competitive Forces (2)
4) Economic Forces
5) Political / Legal Forces
6) Technological Forces
Marketing Management
Describe Environmental Assessment - Microenvironment
- 3C’s: Company, customer, competitors
- Cooperative: suppliers, distributes, partners
Marketing Management
Describe Environmental Assessment - Macroenviromnet
- Political/legal, technological, economic, socio/demographic, environmental/natural
- Societal - Public interest, social responsibility
Marketing Management
Describe Environmental Assessment - Name the two competitive forces
- Supply based competition
- Demand based Competition
Marketing Management
Describe Environmental Assessment - Supply-based competition
1) NAICS categories
2) Trade/professional association categories
Marketing Management
Describe Environmental Assessment - Demand-based competition (3)
1) Brand competition - competition products with similar features and benefits
ex) coke/pepsi
2) Product competition - products in the same product class, but different features and benefits
ex) water and energy drinks
3) Total Budget competition- competition for discretionary income across different product classes.
ex) 7-11 and husky
Marketing Management
Describe Environmental Assessment - Economic Forces describe
indicators of market buying power
Marketing Management
Describe Environmental Assessment - Political/ legal
- Environmental regulations
- Economic regulations
Marketing Management
Describe Product/Market Assessment
A formal framework for identifying and framing organizational growth opportunities
Marketing Management
Describe Product/Market Assessment - Name the two subcategories
1) Market penetration - Current product/ service portfolio and current buyer (own & competitors)
2) Product/market development - New product/service portfolio and/or new market segment
SEE SLIDE 12
Value proposition
A concise statement summarizing the target market, the product/brand, competitors and the competitive difference
- target market
- product/brand
- competitors
- competitive difference
e.g., For the TRADESMAN who uses power tools to earn a living, DEWALT proffessional power tools are ENGINEERED to be more dependable than ANY OTHER BRAND and backed by a repair or replacement GURANTEE
Market management
Market/product Strategy name the four strategies
1) Market Penetration
2) Market Development
3) Product Development
4) Diversification
