Flashcards
Strategic marketing process: 5 steps, strategies and plan
Flashcards do conjunto (19)
- 1What are the 5 interrelated processes of strategic marketing?1. Defining the organisation's business, mission & goals
2. Identifying & framing organisational growth opportunities
3. Formulating product-market strategies
4. Budgeting marketing, financial and production resources
5. Developing reformulation and recovery strategies - 2Business DefinitionOutlines the scope of an organisation's operations
Defines a business from a customer or market perspective - 3Business missionWritten statement of organisational purpose with reference to its customers, products or services, markets, philosophy & technology
- 4Benefits of Business Mission1. Crystallize management's vision of the organization's long term direction & character
2. Provides guidance in identifying, pursuing, & evaluating market & product opportunities
3. Inspire & challenge employees to do those things that are valued by the organization and its customers - 5Business Goals or ObjectivesSpecify what an organization intends to achieve
1. Production Goals
2. Financial Goals.
3. Marketing Goals. - 6Identifying & Framing organizational growth opportunities1. What might we do?
- Environmental opportunities
2. What do we do best?
- Distinctive competencies
3. What must we do?
- Success Requirements - 7Market Penetration StrategyOrganization seeks to gain greater dominance in a market where it already has an offering (Existing offering, existing market)
- attempt to increase usage or consumption rates & stimulate trial
Consider:
1. Market Growth
2. Competitive Reaction
3. Capacity of market to increase usage - 8Market Development StrategyExisting offering, new market
An organization introduces its existing offerings to markets other than those it is currently serving.
Consider:
1. Competitor S & W & retaliation
2. Understand new buyer number, motivation & patterns
3. Own strengths, & adaptability to new markets - 94 Forms of Market Development1. Exporting
2. Licensing
3. Joint Venture
4. Direct Investment - 10Product Development StrategyNew Offering, Existing Market
1. Product Innovation - completely new product
2. Product Augmentation - enhance value of existing offerings.
3. Product Line extension - broaden the existing line of offerings by adding sizes, flavours etc. - 11Product Development Strategy - things to consider1. Market Size & Volume necessary for the effort to be profitable
2. The magnitude & timing of competitive response
3. The impact of the new product on existing offerings.
4. The capacity (Human & Financial Investment & Technology) of the organisation to deliver the offering to market.
5. A significant 'point of difference' reflected in superior product or service characteristics that deliver unique and wanted benefits to the consumer
6. Cannabalism - 12DiversificationNew offering, new market
- High risk
- Successful diversifications result from an organization's attempt to apply its distinctive competency in reaching new markets with new offerings - 13Product Market Strategy Selection1. Evaluation of Relevant Information
- info on markets: size, buying behaviour, requirements
- info on environmental forces - social, legal political& demographic
2. Analysis of costs & benefits of alternative strategies & possibilities of success. - 14Marketing PlanFormal, written document that describes the context & scope of an organisation's marketing effort to achieve defined goals or objectives within a specific future time period.
- 15Relevant CostsFuture expenditures unique to the decision alternatives under consideration (Opportunity Costs)
- 16Sunk CostsPast expenditures for a given activity & irrelevant to future decisions
- 17Gross Profit MarginPer Unit: SP - Unit COGS
Total: Sales Revenue - Total COGS - 18Trade Margin (Markup)% of cost = profit/cost * 100%
% of SP = profit/selling price * 100% - 19Break EvenUnits
Fixed Costs/Contribution
Dollars
Fixed Cost/Contribution Margin
Informações
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- FlashCards sobre Sem título, criado por emma.brouwer123 em 08-12-2015.
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