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Marketing Chapter 1 & 12
Terms in this set (22)
- Short / long term objectives
- Resources deployment
- Scope - Interactions with markets, competitors, and other environmental factors.
- External factors
Strategies Should Specify
What, Where, How
The "What" Part of Strategies are:
Objectives to be accomplished
The "Where" part of Strategies are:
Industries, and product-markets
The "How" part of Strategies are:
Which resources and activities to allocate to each product-market to meet environmental opportunities and threats, to gain a competitive advantage.
Provides direction concerning the organizations overall mission, the kinds of businesses it should be in, and its growth policies.
Primarily addresses how a business will compete in its industry in order to attain a sustainable advantage over its rivals.
Decisions about how to divide the market into segments, which segments to target, what products to offer each target segment, which distribution channels to use, what promotional tools and appeals to employ, and what prices to charge.
The Components of Strategy
-Goals and objectives
-Identification of sustainable competitive advantage
Influence of Marketing Strategy in Companies
- Spend heavily on R&D
-Strong "customer connecting" capabilities
- Market oriented firms focus on satisfying customer needs
Should the customer be focus?
- Most customers have little knowledge of scientific advancements and emerging technologies
- Market-oriented management is important
Customer opinions are critical: cooperative development for new products
- Customers have no influence on
Firms' resource allocation
- Customer insights have great influence on
Contents of Annual Marketing Plan
- Executive Summary
- Current Situation and Trends
- Performance Review
- Marketing strategy selection
- Action Plans
- Contingency Plans (Alternative Plans)
Marketing Plan: Details What?
- Details current situation with respect to Customers, Competitors, and External and Internal Environment.
Marketing Plan: Specifies What?
- Specifies: Objectives, Resource Allocation
Marketing Plan: Develops What?
- Develops activities (Decision making focus)
- Marketing actions
- What to do, when to do it, how to do it?
Analysis of current situations and tredns
- SWOT (Trends): External environment, Internal environment
- Market Situation: Total Market, Target Market
- Competitive Situation (Competitors)
Marketing Action Plans (most important)
- Who is responsible for each action
- When it will be done
- How much is to be spent on each activity
Timeline and Milestones
- Improve the perceived price
Provides goals for the overall performance of the brand
- A market leader
E.g., Increase repeat purchase
_ A market challenger
E.g., Steal customers
Marketing Strategy Selection:
Derived from Marketing Objective selected.
- Fortress Strategy (market leader)
- Frontal attach (market challenger)
THIS SET IS OFTEN IN FOLDERS WITH...
Chapter 13: Performance Measurement System
Chapter 2: Corporate Strategy Decisions and Their…
Chapter 3: Business Strategies and Their Marketing…
Chapter 4: Understanding Market Opportunities
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