Chapter 2 Flashcards
(18 cards)
What 3 phases characterize the value delivery process?
Choosing value (choosing target and offering) Providing value (product, price, distribution) Communicating value (sales force, advertisements)
What is STP? (Essence of strategic marketing)
Segmentation, targeting and positioning
What does the value chain emphasize?
All possible activities that can add customer value
What are the 5 primary value chain activities?
Inbound logistics Operations Outbound logistics Marketing Service
What are the 4 support value chain activities?
Procurement
Technology development
HR management
Firm infrastructure
What are the 5 core business processes?
The market-sensing process The new-offering realization process The customer acquisition process The customer relationship management process The fulfilment management process
What 3 characteristics has a core competency?
It is a source of competitive advantage
It has a wide variety of applications
It is difficult to imitate
What 3 key concepts do holistic marketeers apply to create, maintain and renew customer value?
- Value exploration (identify new value opportunities)
- Value creation (create new value offerings)
- Value delivery (deliver new offerings)
Out of what 4 organizational levels do most large companies consist?
- Corporate
- Division
- Business unit
- Product
What 2 kinds of marketing plans exist and briefly explain them?
- Strategic (target markets, value proposition)
- Tactical (product features, promotion, etc.)
What 4 planning activities undertake all corporate headquarters?
- Defining the corporate mission
- Establishing strategic business units
- Assigning resources to each unit
- Assessing growth opportunities
What characterizes a Strategic Business Unit (SBU)?
- Planning is unrelated to rest of company
- Own set of competitors
- Own manager responsible for profit and planning
Define corporate culture
Shared experiences, stories, beliefs and norms that characterize an organization
What 5 processes make up Business Unit Strategic Planning?
- The business mission
- SWOT analysis
- Goal formulation
- Strategy formulation
- Program formulation and implementation
Define a marketing plan
Summarizes the marketplace and indicates how a firm plans to reach its objectives
What 5 elements can be found in a marketing plan?
- Executive summary and table of contents
- Situation analysis
- Marketing strategy
- Financial projections
- Implementation controls
What 4 techniques can be used to assess marketing performance over time?
- Marketing metrics (set of measures)
- Marketing dashboards (summary set measures)
- Marketing performance plan (performance of plan)
- Profitability analysis (Financial performance)
What 4 kinds of marketing plan performance are there?
- Sales analysis
- Market share analysis
- Marketing expense-to-sales analysis
- Financial analysis
