PPM Exam 2

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PPM Exam 2
2012-03-15 15:56:18
Marketing strategy

Marketing strategy
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  1. Customers will buy my services if:
    • they are available and highly affordable
    • they offer the most quality, performance and innovation
    • I have the right sellling and promotional effort
    • I satisfy the needs and wants of target groups of customers more effectively and efficiently than the competitors
  2. Marketing plans
    • Goals and objectives
    • Market definitions and dynamics
    • segmentation
    • target
    • position
    • marketing mix
    • financial projections
    • implementation and monitoring
  3. 6 critical marketing plan questions
    • what are my goals?
    • what needs/wants am I trying to satisfy?
    • who has these needs?
    • whom do I want to serve (who is my target)?
    • How should I position my product to reach target customers?
    • What does my position imply for marketing tactics?
  4. Goals
    • desired long range states of profit, growth and market status
    • consumer response
    • long term
  5. objectives
    • short term measures of accomplishment
    • help firm achieve goals
  6. Objective financial measurements
    • revenue
    • profit
    • cash flow
  7. objective market position metrics
    • clients
    • cases
    • target segments
  8. Rate of growth measurement
    • case/clients
    • revenue
    • customer satisfaction
    • reliance on new services or markets
  9. functional needs
    what do customers want to do
  10. experiential needs
    what do custormers want to experience?
  11. Financial needs
    do customers want to save money?
  12. Process benefits
    do customers want to simplify the process of fulfilling needs?
  13. Psycho-social needs
    how do customers want to think about themselves?
  14. Things to consider when identifying potential customers
    • demographics
    • purchase behavior and product use
    • desired benefits
    • psychographics
  15. you cannot design your marketing plan unless you know:
    • how to target customers
    • importance of emotion in the decision
    • amount of time they have to make decision
    • number of people involved in the decision
  16. involvement
    • how relevent is the product to you?
    • would you be embarrased to be seen by someone else using one brand or another?
  17. High envolvemnt
    • Feel think do
    • Feel do think
  18. Low involvement
    • think feel do
    • do feel think
  19. High expense low envolvement
    think feel do
  20. High expense high involvement
    feel think do
  21. Low expense high involvement
    feel do think
  22. low expense low involvement
    do feel think
  23. Who influences purchase decision process?
    • users
    • influencers
    • deciders
    • approvers
    • buyers
    • gatekeepers
  24. users
    • often initiate buying proposal
    • help define product specs
  25. influencers
    • define specifications
    • provide info for evaluating alternatives
  26. deciders
    choose product requirements and or suppliers
  27. approvers
    authorize actions of deciders or buyers
  28. buyers
    select vendors and negotiate
  29. gatekeepers
    can prevent sellers or information from reaching the buying center
  30. Must be first identified in the marketing plan
    target customers
  31. positioning
    process of establishing within your target market the desired perception of you product or service relative to competitors
  32. Goal of positioning
    own a word in the consumer's mind
  33. corollary principle with reguards to positioning
    two companies cannot own the same word in a consumer's mind
  34. Positioning statement is 2 sentences that answer these 7 questions
    • product name
    • what is the product
    • customer
    • need
    • who is the competition
    • what's different
    • why does this matter
  35. Marketing mix 5 p's
    • product
    • personnel
    • place
    • promotion
    • price
  36. Reference value
    price of the customer's best alternative
  37. differentiation value
    the value of the things that differentiate your services from the customer's best alternative
  38. economic value
    reference + differentiation value
  39. Ugly truthes of marketing
    • the distribution channel you want may not want your product
    • distribution partners care about profitability
    • retailers tend to focus on sales per square foot