Test

Operational Strategy

Day-to-day activities and processes that implement the higher level strategies effectively.

Functional level strategy

How the functional areas of the organisation (finance, marketing, operations and HR) will contribute to achieving overall strategic goals & maximising the effectiveness of all relevant areas.

Business Strategy

Concerned with how the business unit will compete within its industry sector & market segment. Involved: positioning, differentiation and competitive advantage.

Marketing

set of strategies and activities by which companies acquire and engage customers, build customer relationships, and create superior customer value in order to capture value from customers in return.

Digital Marketing

achieving marketing objectives through applying digital media, data and technology

What does digital marketing focus on?

Managing different forms of online presence, such as company websites, mobile apps and social media company pages, integrated with online communication techniques.

Corporate strategy

Concerns the allocation of resources within the organisation to achieve the business direction and scope (масштаб, можливість) specified within corporate objectives. Typically, this might be market expansion, product development priorities, acquisition (набуття залучення), divestment (відмова від інвестицій, продаж активів), diversification and maintaining a competitive edge.

The promotion mix

(or marketing communications mix), is the specific blend of promotion tools that the company uses to persuasively communicate customer value and build customer relationships.

What does the marketing environment consist of?

The marketing environment consists of a wide variety of factors and influences, grouped under seven broad headings; sociocultural, economic, ethical, political, legal and ecological, thus making the acronym PESTLE

Microenvironment

The actors close to the company that affect its ability to serve its customers – the company, suppliers, marketing intermediaries, customer markets, competitors and publics.

Macroenvironment

The larger societal forces that affect the microenvironment – demographic, economic, natural, technological, political and cultural.

What does evaluation involve?

It involves a process of narrowing down a wide list of potential options to an evoked set, typically by constructing performance criteria with which to judge choices

Perception

represents the way in which individuals analyse, interpret, and make sense of incoming information

An attitude

is the stance which an individual takes on a subject that causes them to react in a certain way

Motivation

refers to the processes that cause people to behave as they do

Consumer involvement

A person’s perceived relevance of the object based on their inherent needs, values and interests

Value

A belief about some desirable end-state that transcends specific situations and guides selection of behaviour.

Belief systems

an interconnected set of values, ideas, and assumptions that people use to make sense of the world, define what is true or false, and guide their behaviour.

Core values

the fundamental beliefs, guiding principles, and non-negotiable ideals that govern behaviour, shape identity, and drive decision-making for individuals or organisations.

Enculturation

the lifelong process by which an individual learns, internalises and adopts the values, norms, language and traditions of their own native culture.

Acculturation

the process of social, psychological and cultural change that results from prolonged, direct contact between two or more distinct cultures

Integrated marketing communications

is a process which involves the management and organisation of all agents in the analysis, planning, implementation and control of all marketing communications contacts, media, messages and promotional tools focused at selected target audiences (Pickton and Broderick 2001).

Integrated marketing communications

involves carefully integrating and coordinating the company’s many communications channels to deliver a clear, consistent and compelling message about the organisation and its products (Kotler et al 2020).

The promotional mix – also called its marketing communications mix

consists of the specific blend of advertising, public relations, personal selling, sales promotion and direct marketing tools that the company uses to engage consumers, persuasively communicate customer value and build customer relationships (Kotler et al 2020)

Advertising

Any paid form of non-personal presentation of ideas, goods or services by an identified sponsor (Kotler et al 2020).

Direct marketing

an interactive system of marketing which uses one or more advertising media to effect a measurable response at any location, forming a basis for creating and further developing an ongoing direct relationship between an organisation and its customers (Brassington and Pettitt 2013)

Direct marketing

involves engaging directly with carefully targeted individual consumers and customer communities to both obtain an immediate response and build lasting customer relationships (Kotler et al 2020)

Sales promotion

consists of short-term incentives to encourage the purchase or sales of a product or service

A short-term tactical technique