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MKTG 494 - Chapter 2
Exam 1
| Question | Answer |
|---|---|
| Steps to Value Delivery Process | 1. Choosing the Value (Segmentation, Targeting, Positioning), 2. Providing Value (prices, product features, distribution), 3. Communication Value (sales, promos, ads) |
| Core Business Processes | Market-sensing (gathering intelligence), new-offering (researching, developing, and launching new offerings), customer acquisition (define target markets and prospective customers), Customer relationships, Fulfillment (shipping goods on time, payment) |
| Value Chain | Tool to identify ways to create more customer value |
| Value Chain - Primary Activities | Primary Activities – inbound logistics (bringing materials into business), Operations (convert into final products), Outbound Logistics (shipping), Marketing, Servicing |
| Value Chain - Support Activities | Support Activities – Procurement, technology development, human resource, firm infrastructure |
| 3 Characteristics of Core Competencies | 3 Characteristics – source of competitive advantage that makes significant contribution to perceived customer benefits, applications in a wide variety of markets, difficult to imitate |
| 3 Key Management Questions for Holistic Marketing | Value Exploration (How does the company identify new opportunities), Value Creation (how do we create more new value offerings?), Value Delivery (how do we use our capabilities and infrastructure to deliver new value offerings more efficiently?) |
| Marketing Plan | central instrument for directing and coordinating marketing effort |
| Strategic Marketing | target markets and value proposition firm will offer based on analysis of best market opportunities |
| Tactical Marketing Plan | specifics product features such as pricing, sales, service |
| 4 Planning Activities of Corporate Headquarters | Defining Corporate Mission, Establishing strategic business units, Assigning resources to each SBU, Assessing growth opportunities |
| Mission Statement | provides employees with a shared purpose, direction, and opportunity. Work their best when they reflect a vision, almost impossible dream, that will provide direction for the company for the next 10 to 20 years. |
| Target Market | focus on selling a product or service to a current market (ie. Pepsi would define their target market as anyone who drinks cola beverage, competitors will be other cola companies.) |
| Strategic Market | focuses on potential market (ie. Pepsi could consider everyone who might drink something to quench their thirst, which broadens the range of drinks. They might consider selling additional beverages) |
| A business can define itself in 3 dimensions | customer groups (photography company), customer needs (lighting), and technology (bulbs) |
| Market Penetration Strategy | Current Products, Current Markets |
| Market Development Strategy | Current Products, New Markets |
| Product-Development Strategy | New Product, Current Markets |
| Diversification Strategy | New Product, New Market |
| Interactive Growth | (i) Increase sales and profits through backward (gain control of suppliers), forward (acquire wholesalers or retailers), or horizontal integration (acquire competitors) within its industry. |
| Diversification Growth | (i) Makes sense when good opportunities exist outside present business, industry is attractive and has the right mix of business strengths to be successful |
| Marketing Opportunity | area of buyer need and interest that company has a high probability of satisfying |
| Porter’s Generic Strategies | Overall cost leadership, differentiation, focus |
| Strategic Group | firms that pursue the same strategy to the same target market |
| 4 major categories of marketing alliances | product/service, promotional, logistics, pricing collaborations |
| Marketing Plan | written document that summarizes what the marketer has learned about the marketplace and indicates how the firm plans to reach its marketing objectives. Contains tactical guidelines for marketing programs and financial allocations over planning period |
| 5 parts of a marketing plan | executive summary/table of contents, situation analysis, marketing strategy, financial projections, implementation controls |
Created by:
lucynguyen08
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