Chapter 1: The nature of strategic marketing Flashcards
(13 cards)
Mintzberg’s 5ps for strategy
- Plan
- Ploy
- Pattern
- Position
- Perspective
Corporate level of strategy
decisions on what businesses to be in and how to manage a multi-business corporation.
= size and scope of the business
= supported by corporate strategic marketing
= future directions of the market
Business strategy
strategy at the level of the strategic business unit, focusing on how to establish competitive advantage.
= focuses on whether the business is competing successfully in the chosen industry
=supported by strategic marketing = STP
Competitive advantage
outperforming the competition, e.g. achieving higher financial returns than the industry average.
Marketing Mix
decisions on marketing tactics and programmes.
-4ps: product, place, promotion and price
Marketing plans
the marketing mix embodied in a plan.
Marketing strategy
- articulates the best uses of the organisation’s resources and tactics to achieve its marketing objectives.
- It states which opportunities are to be pursued by an organisation, indicates the specific markets towards which activities are to be targeted, and identifies the type of competitive advantage to be developed and exploited
Operational marketing
day-to-day marketing activities
Positioning
the process of positioning an organisation and its products in its chosen target markets relative to competitors, as well as differentiating itself in the minds of its customers.
Segmentation
the identification, profiling, and quantification of groups of customers with similar needs and values in a market.
Strategic marketing
marketing at the level of the strategic business unit and business strategy
= describes the vision, objectives, values and core principles which is the statement of purpose
Strategic market planning
the process of formulating a marketing strategy.
Targeting
the process of deciding on which segments in a market to focus.
