GMGT 680 Marketing Concepts and Strategy Quiz 1

Who holds the power

-Shift away from retailers to customers
-Consumers search for most value

-Marketers win when they provide value

-Creates price match pressure on retailers

What does this mean for marketers: mobile technology replacing retail stores

Marketers have to drive value and create competitive advantages such as: Value, unique experiences, emphasizing digital channels

Key examples of mobile technology replacing retail stores

-News consumed online

-Music consumed on streaming apps

-Sharing/gig economy

How does media fragmentation create a major advantage for marketers

Niche marketing and enhanced targeting

Marketers can tailor messaging, offers, and experiences to small highly interested groups rather than to everyone

How does media fragmentation create a disadvantage for marketers

harder to reach a mass audience

Strategic planning

overall high level process, includes corporate situation analysis, business unit strategy, leads to functional plans and overall direction for the organization

Marketing Plan

provides the outline for how the organization will combine product, pricing, distribution, and promotion decisions to create an offering that customers will find attractive.

Tactical planning

addresses specific markets or market segments and the development of marketing programs that will fulfill needs of customers in those markets

Top level strategic concerns

corporate mission, SBU Coordination, resources acquisition

Mid level strategic concerns

focus on a particular product or market

Lower level strategic concerns

tactical and operational

Internal analysis

objective review of resources, strategy, and performance

Competitive intelligence

assessment of competitors, capabilities, vulnerabilities, and planning

Environmental screening

macro considerations, economic, political, legal, tech and cultural

Situation analysis

collecting and interpreting internal, competitive and environment information (where are we now, current state, products, competitive advantage)

global planning

planning for marketing activities that happen in international markets instead of just 1 country

What is the correct flow of the marketing planning process?

Marketing Objectives → Marketing Strategy → Implementation → Evaluation and Control

Extra details you can add on the back:

• This flow happens after setting higher-level corporate and business-unit goals.

• Marketing Objectives: Specific goals the marketing plan aims to achieve.

• Marketing Strategy: How the objectives will be achieved (target market, positioning, marketing mix).

• Implementation: Executing the strategy (who does what, budgets, timelines).

• Evaluation and Control: Measuring results and making adjustments (includes contingency plans).

3 types of plans and their timeframes

Strategic plan: 3 years
Operating plan: 1 year
Marketing plan” 1 year and 3 year

How are most organizations grouped

Strategic business units

Strategic business units examples for nike

Shoes, Clothes, Outerwear, Golf

Strategic planning

situation analysis and marketing plan

4 elements of the marketing mix (and one that could be the 5th)

Product, price, place (distribution), promotion (People 5th)

What does a mission statement answer

what business are we in

Describe the Strategic Planning Process flowchart (top to bottom)

• Corporate Situation Analysis → Corporate Mission, Goals, and Objectives

• Business-Unit Situation Analysis → Business-Unit Mission, Goals, and Objectives

• Business-Unit Strategy

• Then it branches into Functional Goals & Strategies (Marketing, Production, Finance, HR, Other)

• Each functional area follows: Goals & Objectives → Strategy → Implementation → Evaluation and Control

• Ends with specific plans (Marketing Plans, Production Plans, Financial plans, human resource plans, other functional plans)

What is the flow inside each of the bottom squares for the strategic planning process

→Goals and Objectives
→Strategy
→ Implementation
→ Evaluation and Control

What is a problem with broad mission statements

If the mission is too broad, it will become meaningless
Can lead companies to establish plans and strategies in areas where their strengths are limited

What is a problem with a narrow mission statement

can cost the company to miss major opportunities

2 Questions management will ask before approving a marketing plan

Will the proposed plan achieve desired objectives

Are there alternative uses of resources that would better meet corporate or business unit objectives other than this plan

Marketing objectives

quantitative expectations to permit measurement and evaluation

Strategic objectives

high level, long term goals set at the corporate or business unit level that guide the overall direction of the company

5 w model of customer analysis and explain

Who are current and potential customers

What do our customers do with our products

Where do customers purchase our products

When do customers purchase our products

Why (or how) do customers purchase our products

5 stages of a competitive analysis and explain

1. Identification: identify current and potential brand, product, generic, and total budget competitors

2. Characteristics: assess size, growth, profitability, objectives, strategies, and target markets of each competitor

3. Assessment: assess each key competitor’s strengths and weaknesses

4. Capabilities: capabilities in terms of products, distribution, promotion, and pricing (could someone enter our market)

5. Response: estimate each competitor’s most likely strategies and responses under different environmental situations

All of the different data sources marketers use to develop strategic and marketing plans

-Economic growth/changes

-political trends

-Legal and regulatory trends

-technological advancements

-sociocultural trends

-secondary information sources

-Primary data

Examples of secondary information sources

-internal data sources (customer purchase data)

-government sources (economy, census, business trends)

-periodicals/books

-social media

-commercial data sources

examples of primary data

-surveys

-focus groups

-direct observation

-experiments

difference between primary and secondary data

primary is right from the source, secondary comes from another source

Marketing insights

the actionable understanding and value you get after analyzing the data

Marketing research

the process of collecting data

Benefits of a SWOT analysis

-simplicity and lowered costs

-Flexibility (connected structured data)

-quantitative and qualitative analysis combined

-Promotes collaboration (brings together varying perspectives/insights)

Customer intimacy

develop long term relationships by seeking input on how to improve and solve problems (know your customer better than anyone else)

Operational excellence

focus on efficiency and effectiveness of operations, lower cost of doing business

Product orientation

strategy that focuses on excelling at technology and product development to create the most advanced, highest quality products in the market

Process improvement

continuously improving internal processes and operations to increase efficiency, reduce costs, and deliver products more effectively than competitors

Core competencies that create competitive advantage

operational excellence, product leadership, customer intimacy

All of the different intangibilities of a marketing goal

-Attainability

-Consistency

-Comprehensiveness

What does everything in marketing start with

Who you are going to do what to

Sicker def of marketing

driving revenue through customer contact to satisfy customer needs

Secret word

Bogey (1 over par)