Sound strategy and effective differentiation provide a foundation for ___
Successful marketing activities
What is the basic definition for strategy
A plan of action used to achieve a goal
What is the managerial process of creating and maintaining plans of action that facilitate exchanges that have value to both the customers and the company in an evolving market environment
Marketing strategy
True/False: marketing strategy is goal-driven action plans that get customers to do what the company wants
True
For a successful marketing strategy, what are the three major steps
- Set specific goals and determine a plan of action to achieve them
- The plan is implemented using specific marketing tools and tactics
- Evaluate the plan activities to see what works and what doesn’t and what needs to be adjusted to improve likelihood of success
What is a strategic business unit (SBU)
A subgroup within an organization that decides its own strategy and has its own customers
Is marketing considered a functional business unit
Yes it is
What is a marketing department
A functional business unit that makes the decision needed facilities exchanges with customers
Aside marketing departments, Give two examples of functional departments
Accounting
Finance
Human Resources
Operations
Does the marketing department deal heavily with the three major steps of marketing strategy
Yes
Which functional areas is the closest in the company to customer
Marketing department
Define a mission statement
A mission statement is a definition of the firm’s business focus that provides direction for the company
Characteristics of a good mission statement
Clearly indicates what the company is about by taking into consideration what present and future customers might want in an exchange
Account for potential market trends and changes due to environmental forces
When a company defines their mission too narrowly and focuses on the company instead of the customer and potential future environmental trends what is that called
Marketing myopia
What is a marketing strategy that differentiates a product from its competitors
Product differentiation
What is the single most important point of differentiation from competitors
Unique selling proposition
Competitive advantage is an advantage over competitors gained by offering customers a greater value true or false
True
What is a true competitive advantage
One that cannot be easily copied by competitors at least in near terms
Can only one company have true competitive advantage if no why not
No because there are customers in the market who want different things
What is a brand name
A name applied by a manufacturer or organization to a particular product or service meant to differentiate that product from others
From a marketing perspective define a brand
The collection of perceptions tied to a specific product that differentiates it from others
What involves high level of planning and a coordinated marketing team effort
Implementing a successful marketing plan
What is the SWOT analysis
A SWOT analysis involves identifying internal strengths and weaknesses and external opportunities and threats
When evaluating the internal situation what should you consider
Personnel skills set
Financial resources
Technology
Perceptions in the market
Production capabilities
Cost structure
Marketing capabilities
