W10-11 Flashcards
MARKETING PLAN PART 3: MARKETING STRATEGY (111 cards)
1
Q
is a company’s plan to sell or advertise a product or service.
A
Marketing strategy
2
Q
It’s a long-term plan that guides a company’s marketing efforts, resources, and tactics
A
Marketing strategy
3
Q
A _________________ is essential to a business’s success.
A
Marketing strategy
4
Q
is an overview of how a business or organization will articulate its value proposition to its customers.
A
Marketing strategy
5
Q
Generally, a __________________ outlines business goals, target market, buyer personas, competitors, and value for customers.
A
Marketing strategy
6
Q
A __________________ explains the organization’s current purpose and how it will achieve its goals, it describes the organization’s current purpose, including its business, objectives, and how it will achieve them.
A
mission statement
7
Q
__________________ are often mutable and can change as the organization’s circumstances change.
A
Mission statements
8
Q
A ___________________ defines the organization’s business, its objectives, and how it will reach these objectives.
A
mission statement
9
Q
A _______________ describes the organization’s future goals, it describes the organization’s future goals and aspirations.
A
vision statement
10
Q
_______________ are often more future-oriented than _______ statements.
A
Vision statements
11
Q
A ________________ details where the organization aspires to go.
A
vision statement
12
Q
are important for the success of a business because they provide purpose and meaning.
A
Mission and vision statements
13
Q
They can be used to guide strategy development, communicate the organization’s purpose to stakeholders, and set goals.
A
Mission and vision statements
14
Q
are measurable goals that businesses set to achieve through their marketing campaigns
A
Marketing objectives
15
Q
They are designed to align with the overall business strategy and ensure that marketing efforts are focused on achieving specific goals.
A
Marketing objectives
16
Q
In the ___________________ section of your plan document, you spell out your revenue and other goals for your marketing efforts for the next 3 years.
A
Marketing objectives
17
Q
(and, ideally, beyond), while also providing specifics on how you will achieve them.
A
Marketing objectives
18
Q
marketing plan has at least four objectives:
A
LEAD GENERATION
BRAND AWARENESS
BRAND CONSIDERATION
SALES
19
Q
____________________ Finding prospects
A
LEAD GENERATION
20
Q
______________________ Making those prospects aware of your company and its products
A
BRAND AWARENESS
21
Q
____________________ Getting prospects to think of you
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BRAND CONSIDERATION
22
Q
________ Convincing prospects to buy from you
A
SALES
23
Q
Each of your _______________ should include a description of what you intend to accomplish, including concrete, numerical goals with an associated marketing timeline.
A
marketing objectives
24
Q
To set these goals, review
your past sales numbers, your recent business growth in different markets, the size of typical new customers, and how new product introductions have fared. Then use those numbers as a guide for
the future.
A
marketing objectives
25
Restrict the number of _______________________ you set per year.
marketing objectives
26
Keep them challenging but achievable.
marketing objectives
27
Set modest goals to start so you avoid discouraging your people or yourself.
marketing objectives
28
You don't want to set an unrealistically high bar.
marketing objectives
29
“Kripsy Kreme Doughnuts” will continue to foster growth and increase profitability”
ARE EXAMPLE OF WHAT?
Overall Marketing Objectives
30
Increase market share to 20% in the doughnut industry in the United States and in the international market annually and for the next 3 years.
Sales volume and amount will also increase by 20% annually.
Profits will increase by 20%
Krispy Kreme Doughnuts will continue to be a quick service restaurant. However, we will try to open a sit-down-and-relax restaurant just like any other coffee shops and café, where customers can freely relax while enjoying our doughnuts and coffees to cater our customers who would want to relax after work, or after work meeting with a colleague or business associates/partners. It will add stores that will have drive-through to cater those working early in the morning and coming in late from work and some stores which are located in the busiest cities will also open 24-hour store to cater those who are working on a graveyard shifts.
ARE EXAMPLE OF WHAT _________?
Specific Objectives and Targets (3 years)
31
are specific, measurable, achievable, relevant, and time-bound goals that help you achieve your marketing goals.
SMART marketing objectives
32
WHAT ARE THE MEANING OF SMART MARKETING OBJECTIVES
S.M.A.R.T
SPECIFIC
MEASURABLE
ACHIEVABLE
TIME-BOUND
RELEVANT
33
Make your goal clear and easy to understand. For example, you can set a goal to sell 100 products, get 200 new subscribers, or generate 20 qualified leads.
Specific
34
Identify metrics that you can use to track your progress. For example, you can track the number of website visitors that come from your marketing campaigns.
Measurable
35
Make sure your goal is realistic and achievable within your company's constraints. Setting an unattainable goal can lead to wasted time and poor morale.
Achievable
36
* Set a deadline for your goal. This will help you stay on track and ensure your team feels a sense of urgency.
Time-bound
37
Consider how your objective will help you achieve a larger goal.
Relevant
38
improving the unique product value proposition customers will see the product as more desirable and be willing to pay a price premium, therefore, sales revenue will be increased.
Financial objectives
39
is a target or something we want to achieve through the finance department.
Financial objectives
40
_________________ guide the finance department and its team in making decisions and focusing on relevant activities to achieve objectives.
Financial objectives
41
can relate to revenues, costs, and profits. In a broader scope, they may also relate to return on investment, capital structure, and financial soundness (associated with financial leverage).
Financial objectives
42
12 TYPES OF FINANCIAL OBJECTIVES
1. Increasing margins
2. Increasing revenue
3. Reducing COGS
4. Reducing overhead
5. Improving liquidity
6. Increasing net revenue
7. Calculating EBITA (Earnings Before Interest Taxes and
Amortization)
8. Maximizing ROI
9. Maximizing ROCE
10. Improving cash flow
11. Increasing net profits
12. Reducing debt-to-equity ratio
43
Margins are the gaps between financial measurements, like revenue and costs or profits and revenue.
Increasing margins
44
___________ are the gaps between financial measurements, like revenue and costs or profits and revenue.
Margins
45
Typically, a business works to _______________, especially profit margins.
Increase Margins / Increasing margins
46
When there's a larger profit margin, that means more opportunity for the company to take profit and fewer expenses that cut profits.
Increasing margins
47
When there's a larger profit ______, that means more opportunity for the company to take profit and fewer expenses that cut profits.
margin
(Increasing margins)
48
Companies might set objectives to increase their profit margins or reduce the margin between revenue and costs.
Increasing margins
49
Companies might set objectives to increase their profit _______or reduce the margin between revenue and costs.
margins
50
Focusing on increasing profit margins can help the company learn how it can improve operations, customer service and marketing efforts to create more sales and reduce expenses.
Increasing margins
51
Focusing on _______________ can help the company learn how it can improve operations, customer service and marketing efforts to create more sales and reduce expenses.
increasing profit margins
52
A company might create an objective to increase its revenue to finance business
growth, employee salaries and bonuses or to expand into other markets.
Increasing revenue
53
A company might create an objective to increase its _______to finance business growth, employee salaries and bonuses or to expand into other markets.
revenue
Increasing revenue
54
With increased _______, companies have more capital to reinvest into the company to encourage growth, innovation and employee satisfaction.
revenue
55
With increased revenue, companies have more capital to reinvest into the company to encourage growth, innovation and employee satisfaction.
Increasing revenue
56
Many companies seek to increase their _______ by offering new products, attracting new leads or offering discounts for first-time buyers.
revenue
57
Many companies seek to increase their revenue by offering new products, attracting new leads or offering discounts for first-time buyers.
Increasing revenue
58
A ___________ increase doesn't always mean an increase in profits, as revenue covers expenses before the company can calculate its profits. Sometimes, expenses are higher as the company expands and earns more money.
revenue
59
A revenue increase doesn't always mean an increase in profits, as revenue covers expenses before the company can calculate its profits. Sometimes, expenses are higher as the company expands and earns more money.
Increasing revenue
60
Companies sometimes set an objective to decrease the cost of goods sold, or COGS.
Reducing COGS
61
_______________ can help the company increase profit margins by addressing the direct expenses for each product the company sells. For example, a clothing company might outsource its production overseas to reduce the overall cost for each item they produce, circumventing higher local costs of production. Typically, a company reduces its COGS by using cheaper materials, production methods or outsourcing work.
Reducing COGS
62
A company might seek to reduce its COGS by 10% to increase profit margins by 5% to 7% over the course of a year.
Reducing COGS
63
Companies often set an objective of reducing their overhead costs.
Reducing overhead
64
Overhead costs are any operational costs that are crucial to the business.
Reducing overhead
65
For example, utility costs, labor and materials costs are _____________
*Overhead expenses
Reducing overhead
66
By________________, the company can focus on making the production process more efficient and reduce the overall costs of each product it sells.
Reducing overhead
67
_______________ also improves profit margins, as any money the company doesn't spend on overhead can go directly to profits or the company can reinvest those saved costs.
Reducing overhead
68
_________ is the amount of cash or "liquid" assets a company has at any time.
Liquidity
69
Liquidity is the amount of cash or "liquid" assets a company has at any time.
Improving liquidity
70
_________________ are any assets, like machinery or stocks, that the company can sell quickly to gain a large amount of cash.
For example, a manufacturing company's production machinery might be its liquid assets, as the business could sell any of those items for cash.
Liquid assets
71
Liquid assets are any assets, like machinery or stocks, that the company can sell quickly to gain a large amount of cash.
For example, a manufacturing company's production machinery might be its liquid assets, as the business could sell any of those items for cash.
Improving liquidity
72
________________ can help provide a safety net for the business in case of sudden expenses, such as economic downturns, sudden market changes, or damages to production facilities from natural disasters.
Improving liquidity
73
Companies might seek to increase their net revenue, which is the revenue the company earns after it pays taxes.
Increasing net revenue
74
Companies might seek to increase their ___________, which is the revenue the company earns after it pays taxes.
net revenue
75
_____________ helps the business keep more of the money it earns for reinvesting, providing more liquidity for the business or growing its operation.
Increasing net revenue
76
The company can also redistribute its _____________ into assets for investors, providing more financial rewards for the individuals who support the business by purchasing stocks or options.
net revenue
77
The company can also redistribute its net revenue into assets for investors, providing more financial rewards for the individuals who support the business by purchasing stocks or options.
Increasing net revenue
78
Interest payments, taxes and amortization are also part of a company's net revenue.
Increasing net revenue
79
Interest payments, taxes and amortization are also part of a company's ____________.
net revenue
80
Companies often seek to improve their EBITA, or earnings before interest, taxes and amortization.
Calculating EBITA
81
Companies often seek to improve their ______, or earnings before interest, taxes and amortization.
*EBITA
Calculating EBITA
82
EBITA is a common objective for startups or small businesses that aren't turning a profit yet.
Calculating EBITA
83
_______ is a common objective for startups or small businesses that aren't turning a profit yet.
***EBITA
Calculating EBITA
84
EBITA measures how much the company earns before it calculates the true cost of running the business. EBITA = Net income + Interest + Taxes + AmortizationSince all the above items are available on the income statement, such a method of calculating EBITA is straightforward.
Calculating EBITA
85
______ measures how much the company earns before it calculates the true cost of running the business. ______= Net income + Interest + Taxes + Amortization Since all the above items are available on the income statement, such a method of calculating _________ is straightforward.
**EBITA
Calculating EBITA
86
Companies may invest in specific projects or innovative processes.
Maximizing ROI
87
Some companies also invest in stocks to increase their assets and liquidity.
Maximizing ROI
88
Maximizing a company's _____, or return on investment, is an objective many businesses set to earn the most money possible on investments.
Maximizing ROI
89
Maximum ____ ensures the company earns a profit on its investments instead of only earning the amount it invested back in dividends or from sales.
Maximizing ROI
90
The company's stakeholders might also expect an ____ for their initial support of the business, which can affect the way the business operates and its own investment decisions.
Maximizing ROI
91
________, or return on capital employed, is a measurement of the ratio of company profitability and capital efficiency.
Maximizing ROCE
92
It measures the amount of profit the company earns in relation to the capital it employs to create that profit.
Maximizing ROCE
93
_______ includes things like company debt and equity in its calculations to create a more complete synopsis of the company's capital use and profitability.
Maximizing ROCE
94
______ measures the amount of profit a company earns for every one dollar in capital it uses, with higher ROCE signaling strong profitability for most businesses.
Maximizing ROCE
95
Investors may look for businesses with higher ______ as strong investment opportunities.
Maximizing ROCE
96
Cash flow measures the amount of money that "flows" through a company.
Improving cash flow
97
_________ measures the amount of money that "flows" through a company.
* Cash flow
Improving cash flow
98
It includes how much revenue a company earns, how much it spends on various projects, improvements, basic costs and company growth and how much money leaves the company for investments, labor and other expenses.
Improving cash flow
99
A company typically measures three kinds of cash flow:
* Operational cash flow, or cash used for business operations
* CFI, or cash flow from investing
* CFF, or cash flow from financing
100
Many companies set an objective to become cash flow positive, or create a higher ratio of incoming cash to the company than outgoing cash.
Improving cash flow
101
__________ is a measurement of the company's cash after it pays all of its debts, operational costs and other expenses.
Net profit
102
Net profit is a measurement of the company's cash after it pays all of its debts, operational costs and other expenses.
Increasing net profits
103
______________ allows a company to have more cash to reinvest into business operations, increase employee salaries, benefits or bonuses or invest in other companies and assets.
Increasing net profits
104
Companies seek to increase their net profits to earn more from products and services and create a more profitable business to attract investors.
Increasing net profits
105
___________ typically depend on the cost of the goods the company sells, the customer sentiment, supply and demand and the materials and processes the company uses.
*Net profits
Increasing net profits
106
Net profits typically depend on the cost of the goods the company sells, the customer sentiment, supply and demand and the materials and processes the company uses.
Increasing net profits
107
The company's __________________ is a measurement of the ratio between all of the company's debts and its equity.
*debt-to-equity ratio
Reducing debt-to-equity ratio
108
The company's debt-to-equity ratio is a measurement of the ratio between all of the company's debts and its equity.
Reducing debt-to-equity ratio
109
Equity refers to the total amount of money a company could return to its investors if it liquidated all of its assets.
Reducing debt-to-equity ratio
110
________ refers to the total amount of money a company could return to its investors if it liquidated all of its assets.
**Equity
Reducing debt-to-equity ratio
111
_________________________ can help investors become more confident in the profitability of the company and reduces the company's overall financial obligations.
For example, a company might focus on reinvesting its profits toward paying down debts, effectively improving the company's debt-to-equity ratio.
Reducing a company's debt-to-equity ratio
