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469 | CH 15

Terms in this set (46)

best-cost provider strategy
giving customers the most value for their money. It combines some uniqueness with lower costs and lower prices
brand market share
a brand's percentage of total industry sales
brand repositioning
creating a new perception of the brand in the mind of a typical consumer
broad differentiation strategy
seeking to make the organization's products and services unique when compared with those of competitors, therefore being able o compete based on those differences
company market share
a company's percentage of the total industry sales
competitive superiority
a form of brand equity
core competence
a firm's most proficiently performed internal activity that is central to the firm's strategy and competitiveness
distinctive competence
an activity a company performs at a level that is superior to all rivals
focused (market niche) strategy
the approach of concentrating on a market segment and out competing rivals based on price or some form of differentiation
low-cost provider strategy
seeking to achieve the lowest overall costs as compared with competitors and therefore bein able to compete with price
management by objectives
a participate goal-setting program
marketing control
the assessment of all marketing activities individually and collectively
metrics
performance measures that serve as standards set during the planning process and that are used in the control process
product market share
a product's percentage of total industry sales
profit center
a business unit or department that is treated as a distinct entity, enabling revenues and expenses to be determined so that profitability can be measured
strategic business units
clusters of activities that are typically held together by a common thread such as a product type or type of customer served
strategic controls
performance measures that apply to the CEO and top-level management team that direct the portfolios of businesses or activities held by a single company or corporation
4 steps of control process
1. restate the standard
2. measure performance
3. compare performance to the standard
4. make a decision (corrections/reward)
efficiency
-conducting an operation with little wasted motion or few wasted resources
-"doing things right"
effectiveness
-conducting an operation in such a way that the organization succeeds in reaching customers and keeping them
-"doing the right things"
standards
-key ingredient
-mgt. team must specify performance targets
-targets become basis of control
what are the levels of control
-company wide performance
-strategic marketing controls
-brands and product line controls
-marketing function or department controls
-individual employee controls
different types of market share
-company
-brand
-product
sales
assessed by
-company sales, brand sales, product line sales, and individual products
profitability
assessed by
-product, territory, customer, market segment, trade channel, order size,
-cost of customer acquisition, break even analysis
customer satisfaction
-customer reactions
strategic correction approaches
-resource based approach
-competitive based approach
resource based approach
-focus on core competencies
-develop distinctive competence
-competitive superiority
competitive based approach
-low cost provider
-broad differentiation
-best cost provider
-focused strategy
rapid growth strategies
-mergers, acquisitions, takeovers, vertical/horizontal integration, join venture, globalization
slow growth strategies
-incremental (add cost and slowly expand)
-efficiency/profitability (eliminate waste, improve efficiencies)
stability growth strategies
-highly competitive mature markets
-maintain status quo
-long term contracts
-develop relationships
decline growth strategies
-divestment
-liquidation
-retrenchment or turnaround
tactical corrections
-product line
-product based
-funcational
product line tactical correction
-cut/ add depth/breadth to product line
-brand repositioning
product based tactical correction
-finding new users
-finding new uses for the product
-encouraging more frequent uses
functional based tactical correction
-advertising modifications
-consumer and trade promotions
-changes in personal selling
-distribution channel
brand awareness metrics
-ratings
-circulation figures
-traffic counts
-number of visitors
-telephone surveys, internet questionnares
brand loyalty metrics
--repeat business
-lifetime value
brand equity metrics
-surveys, questionnaires, focus groups
new product metrics
-rate of trials
-repeat purchase rates
-cannibalization rate
sales activities metrics
-input measures
-output measures (accounts and orders)
-financial measures (volume, margin, cm)
-turnover rate of sales staff
advertising metrics
-advertising and promotional cost measures
-psychological responses
-behavioral responses (inquiries, store traffic, coupons redeemed, order size)
distribution metrics
-average delivery time
-percentage of stores carrying a product
-month of inventory in dealer's possession
-distribution per unit
public relations metrics
-counting clippings
-calculating impressions
-calculating advertising equivalence
performance appraisal metrics
-perceptions of relevance, fairness, and rewards
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