Opportunity Analysis and Consumer Analysis Flashcards
(78 cards)
A long-term, forward-looking approach to planning with the fundamental goal of achieving a sustainable competitive advantage.
Strategic Marketing
The ultimate goal of strategic marketing is to…
Create a road map that aligns marketing efforts with overall
business goals, that:
- optimizes resources,
- improves
customer engagement; and
- drives growth.
Helps the organization
establish a clear and concerted direction for all marketing activities.
Strategic Marketing Process
Five (5) Steps in the Strategic Marketing Process:
- Mission Identification
- Situation Analysis
- Objective Setting
- Marketing Strategy Development
- Strategy Evaluation and Control
Which Step in the Strategic Marketing Process:
Where the company’s mission statement is articulated.
Mission Identification
Mission Statement defines:
- What an Organization is,
- Why it Exists,
- its Reason for Being,
- its Primary Customers,
- The Products and
Services it produces; and - its Geographical Area of Organization.
Which Step in the Strategic Marketing Process:
The Market, Customers, Competitors, and the Company’s Internal and
External environment are being Assessed and Evaluated.
Situation Analysis
Which Step in the Strategic Marketing Process:
Formulation of SMART marketing targets or goals.
Objective Setting
Which Step in the Strategic Marketing Process:
Involves Market Segmentation;
1. Identification of target market, positioning
2. selection of broad marketing strategies; and
∙ 3. translation of strategies into action plans
Marketing Strategy Development
Which Step in the Strategic Marketing Process:
Periodic Monitoring and Evaluation is necessary to identify deviations and make necessary Adjustments and Corrections.
Strategy Evaluation and Control
Determines the means or tactics to implement the strategies.
The objective is to ensure that the strategies are
implemented successfully.
Tactical Marketing
Seven (7) Steps in Tactical Marketing Process:
- Marketing Strategies
- Action Plans / Tactics
- Marketing Activities
- Activity Timetables
- Responsibility / Accountability
- Activity Budgets
- Monitoring and Control
Includes forces that are internal to the company or those that are relevant to its operation.
Marketing Microenvironment
Marketing Microenvironment Includes (6):
- The company
- Suppliers
- Market Intermediaries
- Customers
- Competition
- Publics
Why is considering the Marketing Microenvironment important?
They affect the company’s ability to build and maintain
sustainable relationships with current and prospective customers.
The Marketing Department cannot work independently, as it requires the functions of other Departments.
Its decisions must be also be aligned with the organization’s goals and strategies.
The Company
Provides raw materials, utilities, labor, capital, and
equipment.
Suppliers
Channels that link the organization to its
customers. Most products are delivered and distributed to
customers through this.
Market Intermediaries
Create the demand for products and services.
They can either be end-users, businesses, or organizations.
Customers
Very volatile; the demand for a company’s products and services is affected by the nature and intensity of this.
Competition
May include any individual or entity with an actual
or potential interest in the company and its products or
services.
Publics
Reports of this include a lot of information that can aid organizations in making effective marketing decisions.
Marketing Research
Nine (9) Types of Marketing Research:
- External Research
- Observation Research
- Test Marketing
- Target Market Studies
- Concept, Product, Development, and Product Studies
- Pricing Test
- Locations Studies
- Advertising Pre- and Post-Testing
- Usage, Attitude, and Image studies
The information from this research helps marketers identify macroenvironment shifts.
These are bases in pinpointing opportunities and
anticipating threats.
External Research
