Strategic Marketing classes
20 important questions on Strategic Marketing classes
What are the External factors and what do they consist in?
- Market shares
- Nº of customers
- Repeat purchases
- Consumption intensity
- Distribution coverage
What leads to the estimation of Opportunities & Threats in the market?
- Market
- Competition
- Micro environment (using the PICD analysis)
- Macro environment (using the DESTEP analysis)
The external analysis is what influences the outside of the company
What are the CSF = Critical Success Factors
Hygienic CSFs: minimum requirements that are determined by the market. Failing to meet these = zero success
Ex: certification, quality mark, licensing...
Visionary CSFs: not of crucial importance for the continuity of the organisation, but crucial for the success on the long term.
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What are the Internal factors and what do they consist in?
In order to estimate their own strengths and weaknesses, the company itself should perform an internal analysis in relation to their competition.
Ex: Education level, product quality, market knowledge...
Is there a core competency that could provide a sustainable competitive advantage?
What are the true strengths that set you apart from the competition, in which you excel?
- Unique Selling Points
- Unique Buying Points
What is a Benchmark?
What problems does SWOT presents?
- The analysis usually reveals a (too) large nº of developments
Choose essential points that can influence the strategy
What does the Confrontation Matrix (step 4) consists of?
- Basis of the strategic marketing plan- where market and business come together
- You can follow up this marketing strategy with the value proposition, marketing mix and operational marketing.
What are the right questions to ask when doing a confrontation matrix?
Does this Strength enable the organisation to use this Opportunity? (Grow)
Confronting Strengths with Threats
Does this Strength enable the organisation to protect from this Threat? (Defend)
Confronting Weaknesses with Opportunities
Does this Weakness prevent the organisation from using this Opportunity? (Reinforce)
Confronting Weaknesses with Threats
Does this Weakness prevent the organisation from protecting against this Threat? (Retreat)
What does the SFA-model stands for and brings?
- Suitability
- Feasibility
- Acceptability
Using the SFA testing system, the various weighted strategic options are compared/tested.
The strategic option with the highest score is regarded as the most fitting option for the organisation.
What do you investigate in the aspect of Suitability?
- How far does the strategic option utilise the Opportunities / Strengths
- How far does the strategic option minimise the Threats / Weaknesses
What do you test in the aspect of Feasibility?
In the Feasibility model, what does FOETSLE stand for?
Organisable: do we have the right organisation and staff?
Economic: does it fit the expected market developments?
Technical: know-how of production, technology
Social/Strategic: reorganisations, social plan
Legal: possible legal issues
Ecological: possible environmental consequences
What do you measure in the aspect of Acceptability?
- What is the level of acceptance among stakeholders?
What do you get from the total score of the SFA model?
What does Threat of new entrants stands for? And does it depend on?
- Which obstacles are there?
Depends on:
- Capital & investment requirement
- Brand loyalty
- Access to the distribution channels
What does Threat of substitution stands for? And does it depend on?
Depends on:
- Quality of the product and its substitutes
- Willingness of purchasers to switch over to the substitute
- Transfer costs for substitutes
What does Power supplier stands for? And does it depend on?
- Are many potential delivering parties, only a few, a monopoly...?
Depends on:
- Concentration of suppliers
- Profitability of suppliers
- Transfer costs
What does Power buyer stands for? And does it depend on?
- Can they join forces by ordering large quantities?
Depends on:
- Concentration of purchasers
- Differentiation of products
- Role of quantity and service
What are the competitor based pricing methods?
- Following the market leader
- Me-too pricing
- Going rate (premium & discount pricing)
ACTIVE
- Stay-out & put-out pricing
The question on the page originate from the summary of the following study material:
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