Strategic MK Exam 2

Executing a strategy by creating/performing specific actions that ensure achievement of marketing objectives

Marketing implementation

What firm wants to happen, their planned strategic choices

Intended marketing strategy

Strategy that is actually undertaken

Realized marketing strategy

Planning and implementation must ____ ____ _____ because environmental factors constantly change

Evolve over time

where planning is often done at the top of the organizational hierarchy and implementation is done at the firm’s frontline

Centralized marketing structure

What is the fifth P

People

Where the strategists are completely separate from the employees who are implementing. Common in franchise systems like McDonalds

Implementation by command

Decisions are easier and uncertainty is reduced in this type of implementation. Disadvantages are that readability of implementing is not considered and disregards that strategy and implementation affect each other

Implementation by command

Type of implementation where managers from many levels/areas work together to evaluate and develop marketing strategies

Through consensus

This type of implementation gets decision making closer to frontline employees and ensures coordination of strategy across the entire firm, but decision making process becomes more cumbersome & time-consuming

Consensus

When executives focus explicitly on implementation by modifying the firm in ways that will ensure successful implementation

Implementation through change

This type of implementation is used successfully by many first, though it still suffers from the separation of planning and implementation.

Through change

Marketing strategy and its implementation become extensions of the firm’s mission, vision, and organizational culture

Implementation as Organizational Culture

This implementation completely dissolved the barrier between strategists and implementers. Disadvantages are that a strong corporate culture is required as well as extensive employee training

Implementation as organizational culture

How to reduce the difference between what happens and what the company is expecting to happen

Marketing activities must be evaluated and controlled on an ongoing basis

Burger King trying to get women employees engaged to work for them by posting on twitter “Women belong in the kitchen” is an example of

An implementation failure

Words, letters, and numbers that can be spoken are examples of

Brand name

Symbols, figures, or a design are examples of

Brand mark

What is critical to product identification and is the key factor in differentiating a product from its competition

Branding strategy

Those who face the most trouble with strategic issues in branding because the firm’s reputation can get rebuilt when unfavorable events occur

Corporate branding

Private labeling is different than manufacturer because private label brands are owned by

The merchants that sell them

Sam’s Club Choice: cola

When a firm uses the same name or part of the brand name on every product

Family Branding

when a firm uses the same name or part of the brand name on every product

Family branding

Toyota, Sony

When a firm gives each of its product offerings a different brand name

Individual branding

Taco Bell

Using two or more brands on one product, creates distinctive differentiation

Cobranding

Reese’s and Oreo cookie

Contractual agreement where a firm permits another to use its brand on non-competing products

Brand licensing

Packaging and labeling play a role in both

Product modification and repositioning

This is a vital branding feature that helps customers make proper product selections, attached to important environmental and legal consequences

Labeling

What are some negatives to luxury license branding like the Tiffany Example

There is a high reliability on the manufacturer correlated with the quality

When the core product is incapable of differentiation & most organizations try to enhance the symbolic elements of the offering by changing price, distribution, or promotion

Commoditization

These product ps are for resale and use in making other products, or for a firm’s operations

Business products

This is the total groups of products offered by the firm

Product mix

Product mix width correlates to

Variety

Product mix depth correlates with

Assortment

Break even in units equation

Total fixed costs / unit price - unit variable costs

Average unit cost / 1 - markup percent

Cost plus pricing, a firm sets price es based on average unit costs and its planned markup percentage

Customers’ sensitivity to changes in price,

Price elasticity

Making a product available to Maximum number of merchants or outlets

Intensive distribution

This involves spreading messages of marketing promotions across all different platforms

IMC

Advertising, sales promotion, internet marketing, personal selling, public relations, direct marketing are all

Elements of IMC

From the smallest portion (top) and largest portion (bottom) what corporate responsibilities rank lowest to highest importance in order (4)

Philanthropic responsibilities

Ethical responsibilities

Legal responsibilities

Economic responsibilities

Creating long-term customer relationships while also maintaining, supporting, and enhancing the natural environment

Green marketing

Misleading consumers about the eco-friendly nature of products

Greenwashing

This ethical issues in social media is when companies pay individuals to write fake positive reviews about their products or services without disclosing they were compensated for their endorsement.

Fake reviews and testimonials

This ethical issues in social media is when Influencers promote products or received free products in exchange for their endorsement

Influencer Deception

Kim K crypto

This ethical issues in social media is when Advertisers may create ads that use misleading imagery, exaggerated claims, or deceptive tactics to entice users to click or make a purchase

Misleading advertisements

Ex weight loss product using fake before and after pics

Companies may lure customers in with a compelling offer or advertisement on social media to then switch them to a different (usually more expensive) product once they engage with the brand

bait-and-switch tactics

Some companies may advertise a product at low price on social media but fail to disclose additional fees at check out process

Hidden fees and charges

Marketers may use tactics to create a sense of urgency or scarcity, such as claiming a product is in limited supply or available for limited time when it reality the product may be readily available

False scarcity

Companies or individuals may create fake social media accounts or profiles to artificially boost engagement, create the illusion of popularity, or manipulate public opinion about a product or brand

Astroturfing

AI influencers