Chapter #2: Marketing Strategies/Plans Flashcards Preview

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Flashcards in Chapter #2: Marketing Strategies/Plans Deck (21)
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1
Q

Describe value delivery process

A

What business does to instill value into their products/services. Because of WHO the company is, the price can be charged. BIG DEAL, more than just how the products are made.

Ex. Who sells them, how they are sold, store’s location/storefront look, purpose behind business, marketing/stigma behind it

2
Q

Core competency

A

Gives competitive advantage, difficult for others to imitate. If it was changed the business would suffer.

Ex: Apple’s: how easily all products work together, or their in country helplines
Amazon’s: the fact that their packaging is done locally, Amazon Prime

3
Q

Strategic Planning

A

When you are able to match the organizations objectives/skills/resources with appropriate marketing opportunities (process of looking ahead and seeing what comes next)

4
Q

Strategic Planning Activities

A

Setting corporate missions, objectives, goals, analyzing SBUs, establishing target product portfolio, implementing marketing plans, THINKING FUTURISTICALLY

5
Q

Company Mission
Company Objectives
Company Goals

A

Mission: Business definition and why the company exists to operate. What makes the company it in the long term.

Objectives: What the company is striving to achieve. How they see their business going, sales, profit, ROI, membership, etc.

Goals: (SMART goals) what company is striving after in specific time period. Example: 500 new customers by May

6
Q

SBU

A

Strategic Business Unit: an organizational business unit that is planned for separately, has its own set of competitors, and own separate manager.
Example: could be a specific brand within a company or product line.

Think of all the different products Johnson + Johnson has or a type of clothing brand at Francesca’s or even a category.

7
Q

PLC (Product Life Cycle)

A

Cycle on a graph of introduction, growth, maturity, and decline.

Graph starts going up, then humps, then dips.

8
Q

4 Different methods of SBU analysis

A

1-PLC
2-BCG Matrix
3-GE’s Strategic Planning Grid
4-Brand Asset Valuator

9
Q

BCG Growth-Share Matrix, 4 cells and what each means.

A

4 cells.
Left is market growth. (High, Low)
Bottom is market share. (High, Low)

In the order a product travels in: Question Mark, Star, Cash Cow, Dogs.

10
Q

What is the optimal flow on the BCG Growth-Share Matrix?

A

Cash Cow to Question Mark.

11
Q

4/5 Stages within the BCG and describe them.

A
Introduction: Before Question Mark
Build: Question Mark and Star
Hold: Cash Cow
Harvest: Cash Cow and Dogs
Divest: Dogs and continued
12
Q

Examples of companies that went from Stars to Dogs.

A

Digital Cameras.
Blockbuster.

Super popular to extinct. (iPhone creation and Netflix)

13
Q

Why would you keep a Dog?

A

You are keeping another option open/afloat. Things cycle so this Dog could be a fad later in the long run.

14
Q

Brand Asset Valuator

A

Assets/attributes are assigned a weight that evaluates and critiques them in order.

15
Q

Problems according to Day’s “Diagnosing Product Portfolio” with BCG Matrix

A
  • Ignores overhead costs
  • Where do niche markets fall?
  • Sometimes markets never stabilize
16
Q

4 types of expansion in the Product-Market Expansion Grid

A

Products on Top. (Current, New)
Markets on Left. (Current, New)

Current Markets. Current Products= Market Penetration
Current Markets. New Products= Product Development
New Markets. Current Product = Market Development
New Markets New Product = Diversification.

17
Q

GE Strategic Planning Grid

A

Works off of Market Attractiveness/Business Strength and has 9 cells.

18
Q

Strategic Planning Gap

A

Gap between current performance and desired performance (clearly stated in mission, objectives, and goals)

19
Q

SWOT Analysis

A

Strengths
Weaknesses
Opportunities
Threats

20
Q

DREK

A

Differentiation (how unique is it?)
Relevance
Esteem (do people like it?)
Knowledge (top of the mind awareness)

21
Q

Marketing plan vs marketing audit

A

Marketing plan: evolve’s from company’s mission statement and says what is expected in the future from the company

Marketing audit: analyzation/analysis of business units for problems/issues