Summary: Marketing Planning & Strategic Management
- This + 400k other summaries
- A unique study and practice tool
- Never study anything twice again
- Get the grades you hope for
- 100% sure, 100% understanding
Read the summary and the most important questions on Marketing Planning & Strategic Management
-
1 STP marketing model
This is a preview. There are 5 more flashcards available for chapter 1
Show more cards here -
What is targeting and positioning?
The target market is the segment of the overall market that you choose to pursue. With these decisions, the company is ready for positioning- giving the brand or product a distinctive and meaningful place (position) in the minds of targeted customers. -
2 NPD; new product development process
This is a preview. There are 10 more flashcards available for chapter 2
Show more cards here -
Explain monitoring of customer reaction
Monitoring of customer reaction; evaluate how customers react to the product. If a new product doesn’t fare as well as expected, the company faces decisions about changing the marketing mix (including the product), repositioning the product, or pulling it. Google watches product usage closely and has been known to discontinue new products quickly if they fail to attract many users. You can learn many valuable lessons even when customers don’t react as positively as you’d hope. -
3 Extension; line extensions & brand extensions
-
What is line extensions?
Putting anestablished brand on a new product andadding it to anexisting product line. Same product in the same line- E.
g .M &M ’s comes out with a newflavour
- E.
-
What is brand extensions?
Putting anestablished brand on a new product in a differentcategory for a newcustomer segment . Different product, but the samebrand - E.g.
M &M ’s comes out withmilk ,ice cream ,McFlurry ’s, etc.
- E.g.
-
4 FMS objectives; pricing objectives - financial, marketing, societal
This is a preview. There are 5 more flashcards available for chapter 4
Show more cards here -
Explain Consumer Pricing in the Retail Channel
Theretail pricing is the price at which the product is sold to the endcustomer is called theretail price of the product. Retail price is thesummation of themanufacturing cost and all thecosts thatretailers incur at the time ofcharging thecustomer . -
5 Pricing situation
This is a preview. There are 5 more flashcards available for chapter 5
Show more cards here -
How to do the pricing to meet the firm's objectives?
- The pricing strategy must be consistent with the firm’s overall mission, direction, goals and marketing plan objectives.
- Due to market realities, organizations may have to trade off market share growth with profitability.
-
What are two price strategies when introducing new products?
- Penetration pricing: pricing a product relatively low in order to gain market share rapidly
- Skim pricing: pricing a new product high in order to establish an image and more quickly recover development costs in line with profitability objectives
- Penetration pricing: pricing a product relatively low in order to gain market share rapidly
-
What are some typical pricing adaptations?
Price adaptation is the ability of a business to change its pricing models to suit differentgeographic areas, consumer demands andprevailing incomes.- Discounts
- Allowances: mostly to retailers
- Bundling or unbundling
- Product enhancement
- Segment pricing
-
6 S-statement; strategy statement
This is a preview. There are 1 more flashcards available for chapter 6
Show more cards here -
What are the three main themes of strategy statements?
Fundamental goals that the organization seeks, whichreflect thestated mission , vision andobjectives - The
scope ordomain of the organization’s activities - The particular
advantages orcapabilities it has to deliver all of these - All in less than 35 words!
- Example:
Coca-Cola : "torefresh the world in mind, body, andspirit ",slogan : "happiness " -Tesla : "toaccelerate theworld's transition tosustainable energy"
-
8 Generic
This is a preview. There are 7 more flashcards available for chapter 8
Show more cards here -
What is the value chain (Porter's model)?
The value chain describes the categories or activities within an organization which, together, create a product or service. This model can be used to model the value generation of an organization.
- Higher grades + faster learning
- Never study anything twice
- 100% sure, 100% understanding