Marketing Planning Flashcards
What is the role of marketing in a business? (Name at least 3 roles)
Exchange process
Business philosophy
Management process
A way to satisfy customer needs
Catalyst for change
Source of value
Provider of growth
Describe SOSTAC.
SOSTAC is a marketing planning framework that stands for: Situational analysis, Objective setting, Strategy, Tactics, Actions, and Control & evaluation.
Describe APIC.
APIC is a marketing planning framework that stands for: Analysis, Planning, Implementation, Control
Describe the stages of the marketing planning cycle.
Marketing audit: Where are we now?
Marketing objectives: Where do we want to be?
Marketing strategy: How can we get there?
Marketing tactics: Which approach is best?
Control & Evaluation: How can we ensure we meet our objectives?
When would you use an Ansoff Matrix?
When you want to devise a growth strategy for your business, either by focussing on existing products in existing markets (market penetration), new products in existing markets (product development), existing products in new markets (market development), or new products in new markets (diversification).
List the 7Ps of the marketing mix and describe an example of each.
Product: modifying the existing product, creating add-ons to the product, product packaging
Price: sales/offers, luxury pricing, loyalty discounts
Place: placement in retail spaces, own stores vs. distributors
Promotion: advertising, branding
People: customer service ethos, staff training, employee retention
Process: onboarding, personalisation, sales experience
Physical evidence: store layout, store ambiance, ratings and reviews
Describe the different components of the marketing environment, and list 3 examples for each.
Internal: elements within the business, that can be controlled by the business.
Examples: staff, company culture, executives, company values & mission
Micro: elements external to but close to the organisation, that directly impact the business
Examples: customers, suppliers, intermediaries, competitors
Macro: elements outside the organisation that impact the business
Examples: politics, economics, social/cultural factors, technology, legal factors, environmental factors, ethics
List 3 examples for each element of PESTELE/STEEPLE.
Political: Government attitudes, political bodies, local governments, pressure groups, government stability
Economic: Interest rates, inflation, exchange rates, unemployment, tax
Sociocultural: Demographic changes, lifestyles, social issues, education levels, attitudes and values, trends
Technological: Developments in production tech, developments in communication tech, new product development, government investment in technology
Environmental: finite resources, climate change, waste and packaging, sustainability, CSR
Legal: regulations, competition law, employment law, foreign trade, consumer protection laws, codes of conduct
Ethical: Ethics and moral philosophies, CSR, consumerism, company reputation - (un)ethical behaviour, advertising messages, social media
What factors should a business consider when setting marketing objectives?
Specific: the objective is clearly stated
Measurable: the objective should be quantifiable, often numerically
Achievable: the objective should be achievable based on your business’ capabilities
Realistic: the objective should align with your business’ values and long-term strategy
Time-bound: there should a stated timeframe for the objective to be achieved in
Name 3 examples of corporate objectives, and 3 examples of marketing objectives
Corporate:
- Profit
- ROI (return on investment)
- Innovation
- Service levels
Marketing
- Market share
- Awareness
- Sales
- Product launch
- New markets
List the primary stakeholders in the micro environment.
Customers
Competitors
Intermediaries
Suppliers
Other stakeholders, depending on the business
When would you use a Freeman Matrix?
In order to identify and analyse the stakeholders in your business’ micro environment.
When would you use Mendelow’s Power-Interest Matrix?
In order to determine the level of power and interest of different stakeholders, and the actions you should take around these stakeholders.
Describe the 4 quadrants of Mendelow’s Power-Interest Matrix.
Low interest/low power: minimal amount of communication/actions needed
Low interest/high power: keep satisfied
High interest/low power: keep informed
High interest/high power: key players; high amount of communication/actions to keep them happy
Describe Porter’s 5 Forces.
Porter’s 5 Forces is a framework used to identify sources of competitions within your industry or market. These are:
- Threat of new entrants
- Threat of substitute products
- Bargaining power of suppliers
- Bargaining power of buyers
- Rivalry among existing competitors
