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Flashcards

Marketing Test #1

Hayden Churchill Business/Economics English 49 cards

Marketing Test #1

Cards in this deck (49)

  1. 13 Types of StrategiesCorporate
    Business
    Functional
  2. 2What must a strategy specify?What? (Objectives - e.g. profit +5%)
    Where? (scope, target market)
    How? (Resources, design activities)
  3. 3A Corporate level strategy must identify...?1. What business(es) are we in?
    2. What business(es) should we be in?
    3. What portion of our total resources should we devote to each SBU?
  4. 4A Business level strategy must identify....?1. Sustainable competitive advantage
    2. Appropriate scope
  5. 5A functional level strategy must identify...?1. How to allocate resources
    2. What objectives to achieve
  6. 65 considerations for a Marketing Strategy1. Target customers
    2. Company's internal factors
    3. Product life-cycle
    4. Situational factors (i.e. now and future new trends)
    5. Competitors
  7. 7A marketing plan is ...?A set of Predictive Actions to achieve the Specific Objectives
  8. 8Predictive Actions are set based on the current situations of the....?1. Customers
    2. Competitors
    3. External/Internal environment
  9. 99 contents of a Marketing Plan1. Executive summary
    2. Current situation and trends
    3. Performance review
    4. Objectives
    5. Marketing strategy
    6. Action plans
    7. Projected profit-and-loss statement
    8. Controls
    9. Contingency plans
  10. 10What is a contingency plan? (in the context of a marketing plan)An alternative plan
  11. 11What are controls used for? (in the context of a marketing plan)Monitoring the progress of the plan
  12. 12What is an action plan? (in the context of a marketing plan)A set of detailed marketing activities and a plan of implementation of proposed activities
  13. 13Contents of an Annual Marketing Plan? (there are 3)1. Analysis of current situation and trends
    2. Objectives (financial & marketing)
    3. Marketing Strategies
  14. 14True / False The strength marketing has on influencing decisions does not vary across organizationsFalse.
    Strength of its influence DOES vary across organizations
  15. 15What is the purpose of a marketing strategy within a company1. Influences R&D
    2. Capable of connecting with customers
    3. Can satisfy customer needs
    note: strength of influence can vary by company
  16. 16The single most important measure of performance is...?Profitability Analysis
  17. 17What is the control process for measuring performance1. Setting standards of performance
    2. Specifying necessary feedback data
    3. Obtaining needed data
    4. Evaluating data - explain gaps in actual and given standards of performance
    5. Taking corrective action
    Repeat
  18. 18#1 How do you set standards for performance?1. Benchmarking
    2. Profitability analysis
    3. Marketing Dashboard
  19. 19What is Benchmarking?A comparison of ones own company's performance against the performances of other companies
  20. 20What is a marketing dashboard?Visual display of essential information through a few metrics
    i.e. profits, sales, demographics etc.
  21. 21#2 & #3 How do you specify and obtain necessary feedback data?Develop a system to obtain feedback data through invoice data, market research and/or other transaction records
  22. 22#4 & #5 How do you evaluate Feedback Data and take Corrective Action?Analyze data and find any deviations from plan. Solve for "why?".
    Once solution is had, take corrective action, activate contingency plan
  23. 23Mission statements focus on...?1. The customers need to be satisfied
    2. The functions that must be performed to satisfy that need
    3. Not the product or technology itself
  24. 246 Components of a corporate strategy1. Scope
    2. Objectives
    3. Competitive advantage
    4. Future growth strategy
    5. Resource allocation
    6. Source of synergy
  25. 25#2 Components of an Objective1. A performance dimension or attribute sought (goal)
    2. Measure or index
    3. Time frame for the objective to be accomplished
  26. 26#3 7 sources of a competitive advantage1. Highly developed information systems
    2. Extensive market research operations
    3. Cooperative long-term relationship with customers
    4. A strong brand name
    5. Cooperative alliance with suppliers or distributors
    6. Enhance efficiency
    7. A body of satisfied and loyal customers
  27. 27#6 Sources of Synergy1. Corporate identity and brand
    2. Synergy from shared resources
  28. 28#5 Resource Allocation#5 Resource Allocation#5 Resource Allocation
  29. 29#4 Future Growth Strategy#4 Future Growth Strategy
  30. 30SBU stands forStrategic Business Unit
  31. 31What are SBU's?Components of a firm engaged in its own vision and direction.
  32. 324 characteristics of SBUs1. Own competitors and market environment
    2. Unique set of product-markets
    3. Responsibility for their own profitability
    4. Has control over factors necessary for successful performance
  33. 33Michael Porter three strategies1. Overall cost leadership
    2. Differentiation
    3. Focus
  34. 34Robert Miles and Charles Snow 4 strategiesProspector
    Defender
    Analyzers
    Reactors
  35. 35Prospector StrategyActively expands into new markets and stimulates new opportunities
  36. 36Analyzer StrategyTakes less risk and makes less mistakes than a prospector, but is less committed to stability than defenders
  37. 37Defender StrategyFinds and maintains a secure and relatively stable market, avoids changes wherever possible
  38. 38Reactor StrategyDoes not have proactive strategy, often reacts to events as they occur, goes without direction or focus
  39. 396 factors that affect market attractivenessDemographic
    Sociocultural
    Economic
    Regulatory
    Technological
    Natural
  40. 40Market opportunities are attractive when...1. Target customers are clearly identified
    2. The target segment is likely to grow
  41. 414 forces that affect Industry attractiveness1. Threat of new entrants
    2. Threat of substitutions
    3. Power of suppliers
    4. Power of buyers
  42. 42Industry opportunities are attractive when companies...1. Have sustainable competitive advantage
    2. Have a good team
    3. Business model is economically viable
  43. 43Evidence-based forecast is...Data that is used to make sound decision
  44. 442 types of data (in the context of evidence-based forcasting)Primary Data
    Secondary Data
  45. 45What is primary data?To gain new knowledge
  46. 46How to acquire primary data?1. Observations
    2. Surveys
    3. Focus groups
  47. 47What is secondary data?To acquire existing knowledge from internal or external data
  48. 48What is external data? (in the context of secondary data)Data from external sources such as journals, government staistics etc.
  49. 49What is internal data? (in the context of secondary data)Data from internal sources such as market knowledge systems, internal sales stats etc.

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Business/Economics Flashcards on Marketing Test #1, created by Hayden Churchill on 27/09/2018.
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