Summary: Strategic Marketing

Read the summary and the most important questions on Strategic Marketing

• 1 Strategic Marketing classes

• 1.1 Week 1

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• What is the DECOY effect?

  When there are only 2 options and consumers will tend to make decisions according to their personal preference. 
  But when there is a 3 option (strategical decoy), they will be more likely to choose the most expensive of the 2 original options.

• Give an example of a Decoy effect

  Popcorn Small - 3€
  Popcorn Medium - 6.5€
  Popcorn Large - 7€
  
  Even though the Medium is just 50 cents cheaper, customers will choose this option, when before (with only 2 options) they would choose the Small

• What are the 6 P's? Explain the last one.

  • Product
    
  • Price
    
  • Place
    
  • Promotion
    
  • People
    
  • Purple Cow - Result of thinking outside the ordinary boxes
    

• Give some tips to reach the purple cow.

  
  

  • Remarkable isn't always about changing
    
  • Explore the limits
    
  • Find things that are "just not done"
    
  • Ask "why not"
    

• What are the 3 levels of marketing activity? Explain them.

  Internal Environment factors: All variables that stem from the organisation itself and can influence the marketing policy.
  
  Micro factors: Are uncontrollable and can only be partially influenced, originating from the industry.
  
  Macro-environmental factors: Influences from society that are relevant and uncontrollable to an individual organisation.

• What are the 3 Decision Levels? (market development)

  MARKETING STRATEGY (step 4 , 5)
  

  • Vision + Mission
    
  • Long term - 5 years
    
  • Steer the bow of the ship to where land is expected
    

  
  
  MARKETING TACTICS (step 6)
  

  • Choose marketing instruments
    
  • Medium term - 2-5 years
    

  
  
  MARKETING OPERATIONS (step 7)
  

  • Sets ship in motion
    
  • Marketing annual plan - max. 1 year
    

• 1.2 Week 2

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• What are the 3 aspects of planning?

  • Planning levels
    
  • Planning horizon
    
  • Planning methods
    

• What are the aspects of planning levels?

  • Concern (strategic) - Philips

  • Division (strategic) - Machines
    
  • Business plan (strategic / operational) - Doctors
    
  • Instrumental plan (operational) - Wearables
    

• What does Michael Porter say about STRATEGY?

  • Company's direction for the long term
    
  • Start with the right goal (that is profit-oriented)
    
  • It's about choices to gain competitive advantage 
    
  • What makes your organisation unique in the eyes of the consumer
    

• What are the models Porter uses for STRATEGY?

  • 5 forces model
    
  • Value chain
    
  • Porter's generic competitive strategies