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What is Strategic Marketing?
Strategic marketing planning is the basis for all marketing strategies and decisions. The marketing plan is written document that acts as a guidebook of marketing activities for the marketing manager. By specifying objectives and defining the actions require to attain them, a marketing plan provides the basis which actual expected performance can be compared.
What does the basic Marketing Plan consist of.
- 1. business mission statement
- 2. S.W.O.T. analysis
- 3. Objectives
- 4. selecting target market
- 5. creating marketing mix (4 P's)
- 6. Implement, evaluate and controls the plan
What is a good Marketing Objective statement consist of?
Objectives should be realistic, measurable and time specific.
What is Competitive advantage?
A competitive advantage is a set of unique features of a company and it products that are perceived by the target market as significant and superior to the competition.
What are the 3 types of Competitive Advantages?
- The 3 types of competitive advantages are:
- 1. Cost competitive- include experience curves, efficient labour, no-frills goods and services, government subsidies, product design.
- 2. Product or Service differentiation-when a firm provides something unique that is baluable to buyers besides just low price.
- 3. Niche competitive- comes from targeting market segments with specific needs and wants.
What are 4 strategic Alternatives?
- 1. Market penetration- when firms tries to establish more of a market majority from already existing clientele
- 2.Market Development- means attracting new customers to existing products.
- 3. Product development-a strategy that entails the creation of new products for present markets.
- 4.Diversification-a strategy of increasing sales by introducing new products into new markets
What is a Portfolio Matrix?
A tool for allocating resources among products or strategic business units on the basis of relative market share and market growth
4 types of Portfolio Matrix are?
- 1. Star- a business unit that is a fast growing market leader
- 2. Cash cow- a business unit that generates more cash then it needs to maintain its market share
- 3.Problem child- a business unit that shows rapid growth but poor profit margins
- 4. Dog- a business unit that has low growth potential and a small market share
What is Marketing Strategy?
Marketing strategy involves the activities of selecting and describing one or more target markets and developing and maintain a marketing mis that will produce matually satisfying exchanges with the selected target markets
What is the Marketing Mix?
The Marketing mix refers to the unique blend of Product, Place (distribution), Promotion and Price.
Identify several techniques that make strategic planning effective?
- 1. Continual attention
- 2. Creativity
- 3. Management commitment