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Small business saying "locally owned" is an example of |
Positioning strategy |
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When discussing the marketing planning process, STP stands for |
Segmentation, targeting and positioning |
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Additional investment to create more opportunities for students to find jobs is related to |
product value |
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Idea of value based marketing requires firms to charge a price that |
Captures the value customers perceive that they are receiving. Value based marketing=customers perceived value |
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Ebooks create what value since they can be downloaded anywhere |
Place value creation. Getting customers products when and where they need them |
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In value based marketing promotion communicates what |
the value proposition to customers through a variety of media |
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Ads in search engines are an example of what 4 p |
promotion |
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"thats great lets keep doing what were doing" ignores what step of the marketing planning process |
Evaluate performance |
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First objective of the evaluate performance phase of marketing planning process is to |
review implementation programs and results using metrics. |
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Starting point for evaluating performance is |
compare goals to actual performance and for any goals not met to review implementation programs looking for explanations |
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Attempt to determine why performance of diff units varied and whether the variation |
was due to internal or external factors |
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Understanding the causes of performance regardless of whether that performance exceeded met or fell below the firms goals |
enables firms to make appropriate adjustments |
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once the causes of above or below goal performance are understood |
firms can decide how the marketing plan should be adjusted |
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After conducting STP analysis and developing strategies for each of the four p’s she now has to make what decisions |
resource allocation. She has chosen a target market, determined positioning strategies and developed marketing mixes. She now has to consider available resources and determine how they will be allocated across the different options available for implementation |
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In most companies, portfolio management is typically done at the SBU or ___ level of the firm |
product line. |
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A ___ is a group of products that consumers may use together or perceive as similar in some wat |
product line |
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relative share of a market is |
determined by comparing its market share to market shares of competitors |
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To determine how attractive a particular market is using bcg portfolio analysis, market growth rate is established as one axis |
BGC matrix uses market growth rate on one axis and relative market share on the other |
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In BCG portfolio analysis, products in low growth markets that have received heavy investment and now have excess funds available to support other products are called |
Cash cows. High relative market share in low growth market. Generates excess cash that can support other product lines |
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High relative market share in high growth market |
Star |
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A dog should be phased out unless its |
complementing or boosting the sales of another product |
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Strategic marketing planning process is |
Not always sequential |
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What are the 4 major growth strategies marketers typically use |
Market penetration, market development, product development and diversification |
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Product development strategy |
Firms develop new products for their existing customers |
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Market penetration strategy |
Sell more of her current products to current customers |
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Market development strateg |
Employs the existing marketing offering to reach new market segments |
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Selling books to us usually and wanting to sell international |
Market development growth strategy |
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Existing product to new customers |
Market development strategy |
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Expanding into international markets is generally |
more risky than expansion in domestic markets |
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Marketers that design and offer new products and services to their existing customers are pursuing a product development growth strategy |
… |
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Selling more existing services to existing customers is a |
market penetration grwoht strategy |
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Sell new things to current customers |
Product development strategy |
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Introducing newly developed products or services to a market segment the company is not currently serving is called |
Diversification |
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What is the third step in the marketing planning process |
identify opportunities |
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Marketing planning process steps |
Define business mission, situation analysis, identify opportunities, implement marketing mix and allocate resources and evaluate performance |
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After defining a business mission what should a firm do next to develop a marketing plan |
perform a situation analysis |
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Best way to build a sustainable competitive advantage using product excellence |
positioning the product using a clear distinctive brand image |
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Implementation phase |
marketing managers identify and evaluate different opportunities by engaging in segmentation, targeting and positioning (STP)(step 3) |
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CDSTEP |
Cultural demographic social technological economic and political forces |
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Question mark |
High growth market but low market share |
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