session 2: swot

Question 1

whats the objective of the marketing strategy and marketing mix?

Answer 1

build profitable customer relationships

value creation to do so

Question 2

what do the marketing strategies include?

Answer 2

Market segmentation and targeting

Differentiation and positioning

Question 3

what are the components in order of the marketing strategy and marketing mix?

Answer 3

1. Meet customers’s needs and build relationships
2. Building strategies
3. 4 P:
4. Marketing placement

Question 4

what guides marketing mix decisions?

Answer 4

marketing strategy

Question 5

what are the 4 Ps?

Answer 5

product

price

place

promotion

Question 6

what are the components to building strategies?

Answer 6

segmentation

targeting

differentiation

positioning

Question 7

what is segmentation?

Answer 7

Dividing a market into segments of buyers according to needs

Question 8

how will buyers in a market segment respond to a given set to marketing efforts?

Answer 8

They will respond in a similar way to a given set of marketing efforts

Question 9

what is targeting?

Answer 9

Evaluating each segment and selecting which to pursue

Question 10

what is targeting based upon?

Answer 10

Based on which segment will generate the most customer value by the product offered

Question 11

what is differentiation

Answer 11

Creating unique and superior customer value

How are we different and better?

Question 12

what is positioning?

Answer 12

Attempting to occupy a desirable place in the minds of target consumers

Make the consumer “think” a certain way about a brand and create an emotional bond

Question 13

true or false

The company’s entire marketing program should support the chosen positioning strategy

Answer 13

truuuue

the 4 ps work towards this

Question 14

what is a marketing mix?

Answer 14

the set of controllable marketing tools that the firm
uses and mixes

their goal is to obtain the desired responses in their target market

also used to influence demand of the product

Question 15

when is the marketing set up?

Answer 15

After deciding on its overall marketing strategy

Question 16

what are the 4 Cs?

Answer 16

the buyer’s views of the product

customer solution

customer cost

convenience

communication

Question 17

how do the 4 Ps and 4 Cs relate to each other

Answer 17

Product = Customer solution

Price = Customer Cost

Place = Convenience

Promotion = communication

Question 18

what are the components of Managing Marketing?

Answer 18

Analysis

Planning

Implementation

Control

Question 19

explain the functioning of Managing Marketing

Answer 19

analysis is made on planning implementation, and control

planning leads to implementation, which leads to control

control is then made on the planning and the implementation (because of corrective action)

Question 20

what is planning?

Answer 20

develop strategic plans

develop marketing plans

Question 21

what is implementation?

Answer 21

carrying out the plans

assigning:

Who

Where

When

How

Question 22

what is marketing control?

Answer 22

1. Set specific marketing goals
2. measuring results and performance in market place
3. evaluating results and causes of any differences between expected and actual performance
4. taking corrective action

Question 23

what are the components of the SWOT analysis

Answer 23

Strengths

Weaknesses

Opportunities

Threats

Question 24

which component of the SWOT analysis is internal and positive?

Answer 24

Strengths

Question 25

which component of the SWOT analysis is external and positive?

Answer 25

Opportunities

Question 26

which component of the SWOT analysis is internal and negative?

Answer 26

weaknesses

Question 27

which component of the SWOT analysis is external and negative?

Answer 27

threats

Question 28

what are strengths?

Answer 28

internal capabilities that help a company reach its objectives

Question 29

what are weaknesses?

Answer 29

internal limitations that may interfere with a company's ability to achieve its objectives

Question 30

what are opportunities?

Answer 30

external factors that the company may be able to exploit to its advantage

Question 31

what are threats?

Answer 31

current and emerging external factors that may challenge the company's performance

Question 32

what does the marketing plan contain?

Answer 32

Executive Summary Current Marketing Situation SWOT Objectives and Issues Marketing Strategy (Positioning and 4 Ps etc.) Action Programs Budgets Controls used to monitor progress

Question 33

true or false The marketing plan must be consistent and supportive of the larger organizational strategic plan.

Answer 33

truuuue

Question 34

a marketing department organization is led by whom?

Answer 34

Chief Marketing Officer/VP Marketing

Question 35

what is a functional organization in the marketing department organization?

Answer 35

Different marketing activities are headed by a specialist e.g., sales manager, market research manager

Question 36

what is geographic organization in the marketing department organization?

Answer 36

Sales and marketing people are assigned to specific countries, regions, and/or districts

Question 37

what is product management in the marketing department organization?

Answer 37

One person is responsible for the strategy and marketing program for a single product

Question 38

what is a market or customer in the marketing department organization?

Answer 38

Manager responsible for specific market or type of customer e.g. large customers like Walmart or government

Question 39

what is operating control?

Answer 39

Evaluates performance against the annual plan and takes corrective action ensure that the company achieves the sales, profits, and other goals involves determining the profitability of different products, territories, markets, and channels

Question 40

what is strategic control?

Answer 40

Evaluates whether strategies match opportunities

Question 41

what should companies do if marketing strategies and programs become outdated?

Answer 41

each company should periodically reassess its overall approach to the marketplace