developing marketing strategy and plan

Question 1

What does marketing strategy consist of?

Answer 1

1. target market
2. marketing mix
3. sustainable competitive advantage

Question 2

how to achieve sustainable competitive advantage

Answer 2

1. customer excellence
2. product excellence
3. locational excellence
4. operational excellence

Question 3

What is customer excellence?

Answer 3

good customer service to retain customer loyalty

Question 4

What is operational excellence?

Answer 4

improving organization’s processes to achieve efficiency

Question 5

What is product excellence?

Answer 5

high-quality products that provide significant value to customers. it focuses on innovation, investment, and development

Question 6

What is locational excellence?

Answer 6

strategic location, one of a kind

Question 7

what is marketing plan?

Answer 7

written statement that involves swot, target audience, mission, and vision

Question 8

what is vision?

Answer 8

long term

Question 9

what is mission?

Answer 9

overall purpose

Question 10

What are the phases of the marketing plan?

Answer 10

1. planning
2. implementation
3. control

Question 11

what are the steps in planning

Answer 11

1. identify business mission and objectives
2. conduct situational analysis (swot)

Question 12

What are the steps in implementation?

Answer 12

1. identify opportunities using STP
2. implement marketing mix

Question 13

What are the steps in control?

Answer 13

evaluate performance using marketing metrics

Question 14

growth strategies

Answer 14

1. market penetration
2. market development
3. product development
4. diversification

Question 15

What is market penetration?

Answer 15

-increasing sales of existing product
-same product and same audience
-create offers

Question 16

What is market development?

Answer 16

-same product and new audience
-Create more branches

Question 17

What is product development?

Answer 17

new product but same audience

Question 18

What is diversification? and types

Answer 18

new product in new market
related: remain in familiar market
unrelated: no previous market experience

Question 19

what is portfolio analysis?

Answer 19

tool to assess and prioritize different products

Question 20

what is star

Answer 20

high market share, high growth market

Question 21

what is cash cow

Answer 21

high market share, low growth market

Question 22

what is question mark

Answer 22

low market share, high growth market

Question 23

what is dog

Answer 23

low market share, low market growth

Question 24

example of customer excellence

Answer 24

Ritz empowers employees by giving them 2000 dollars to solve customer problems without asking manager

Question 25

example of operational excellence

Answer 25

walmart and mcdonalds

Question 26

example of product excellence

Answer 26

apple

Question 27

example of locational excellence

Answer 27

starbucks and mcdonalds

Question 28

what does product do

Answer 28

create value

Question 29

what does price do

Answer 29

capture value

Question 30

what does promotion do

Answer 30

communicate value

Question 31

what does place do

Answer 31

deliver value

Question 32

example of market penetration

Answer 32

coca cola

Question 33

example of market development

Answer 33

okhtein

Question 34

example of product development

Answer 34

apple

Question 35

example of related diversification

Answer 35

nike creating a fitness app

Question 36

example of unrelated diversification

Answer 36

BMW creates fragrance