strategic marketing -semester 1 Flashcards
what are the components of strategic planning?
1) the mission statement
2) strategic audit - external and internal factors
3) SWOT
4) portfolio analysis
5) formulation and implementation
6) feedback and control
what is the mission statement?
a document outlining the business intent usually a few scentences/paragraph what are we in business for? who are our customers? geographical locations of operations what business are we in?
what is the strategic audit
Examination of the businesses marketing environment, strategies and activities.
what is SWOT
strenghs
weaknesses
oppotunity
threats
what is portfolio analysis?
collection of business products and services currently being produced
what is formulation?
Based upon objectives, analysis and audit need to
compile the marketing plan (marketing mix:
product, price, place and promotion)
what is feedback and control?
Needs to be put into place to monitor progress and ensure objectives are being met operating control strategic control
what is each stage of the BCG? what do they mean in terms of profitbaility?
1) question mark - intro
2) star - potential but needs investing in
3) cash cow - little investment needed, very prospurous
4) dog - declining, should consider dropping product from portfolio
criques of boston matrix?
dogs can still become profitable
judgement based
ignores cometitor actions/retaliations
assumes market growth is attractive for competiors
porters generic statergies?
cost leadership - being effcient with resources to increase economies of scale and cheaper operating costs
differentiation - focus on being unique to gain a compeitive advantage
focus - focusing on the needs of consumers so that you can tailor the stratgic marketing plan based on consumer needs and wants
what must the mission statement include?
specific
motivating
realistic
Based on distinctive competencies
what is the importance of strategic planning? what are the roles of strategic planning?
gain/maintain market share
gives company direction
common goals to acheive company aims
plan for future/predict what will happen
focus on economies of scale - cheaper running costs
what are the internal factors of the strategic audit?
Customers Suppliers Competitors Marketing mix effectiveness Profitability
what are the external factors of the strategic audit?
the market
macro enviroment (economy ect)
gov regulations
what must a business do with their portfolio?
assess any problems or issues in portfolio
devlop growth statergies to counter issues
