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Flashcards in M2 - 08 Marketing Plan Deck (22)
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1
Q

What part of the marketing process does the marketing plan fall under?

A

Step 3: constructing an integrated marketing program to deliver superior value.

marketers must develop a marketing policy.

(MARKETING) POLICY – The way in which a Company handles its efforts in different (Marketing) controllable variables at its hand, in order to achieve its (Marketing) Objectives.

2
Q

define marketing policy

A

(MARKETING) POLICY – The way in which a Company handles its efforts in different (Marketing) controllable variables at its hand, in order to achieve its (Marketing) Objectives.

includes:
1 - product policy
2 - price policy
3 - Distribution Policy
4 - Promotion Policy
3
Q

Define Product Policy

A

Product policy is defined as the broad guidelines related to the production and development of a product. These policies are generally decided by the top management of a company i.e. board of directors. It is like a long term planning with respect to the product-mix of the company in order to deliver maximum customer satisfaction.Product life cycle plays a very important while defining product policies

4
Q

define product and service.

A
  • Product – Anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need.
  • (Service - Any activity of benefit that one party can offer to another that is essentially intangible and does not result in the ownership of anything)
5
Q

define price

A

Price – (1) The Amount of Money charged for a Product or Service [Cash], or

(2) The Sum of the values [Cash + Non-Cash] that Consumers exchange for the Benefits of having or using a Product or Service

6
Q

define distribution

A

Distribution – (1) Set of Organizations involved in Planning, Implementing and
Controlling the Physical Flow of Products, from points of manufacturer) to consumers, or

(2) Set of interdependent Organizations involved in the Process of Making a Product or Service available for the Custome

7
Q

define promotion

A

Promotion – Mix of Personal Selling, Direct Marketing, Advertising, Sales Promotion and Public Relations used by any Organization to pursue its Marketing Objectives

8
Q

define marketing plan

A

A detailed Plan for a Product or Brand that assesses the current Market situation and outlines Marketing Objectives, Strategies, Action Programs, Budgets and Control Systems.

  • assemble the 4 Ps

PRODUCT POLICY
PRICE POLICY
DISTRIBUTION POLICY
PROMOTION POLICY

9
Q

define strategic planning

A

the process of developing and maintaining a strategic fit between the organizations goals and capabilities and its changing marketing opportunities.

10
Q

describe how a company turns its mission into company objectives and goals in order to formulate a plan.

A

once a company decides on a mission that emphasizes their strengths inthe market place, the company needs to turn its missions into detailed supporting objectives for every level of management. every manager should have an objective and be responsible for reaching it.

11
Q

what is the purpose of a BCG matrix/growth share matrix?

A

a portfolio planning method that evaluates a companies strategic business units in terms of market growth rate and relative market share.

if you need a current “snap shot” of how the products are doing you would benefit from using the Boston Consulting Group Matrix. The matrix assess products on two dimensions. The first dimension looks at the products general level of growth within its market. The second dimension then measures the product’s market share relative to the largest competitor in the industry. Analysing products in this way provides a useful insight into the likely opportunities and problems with a particular product.

  • star
  • cash cow
  • dog
  • ?
12
Q

explain how having a clear objective leads to more efficient strategy development in the marketing plan.

A

clear objectives means:
- Knowledge of your Target market, (know their needs)
– Clear view of Marketing opportunity, (know your Product’s benefits)

knowing this makes defining your strategy easier

13
Q

define mission statement

A

Mission statement = A statement of the organization’s purpose—what it wants to accomplish in the larger environment.

14
Q

define market penetration

A

Market penetration = Company growth by increasing sales of current products to current market segments without changing the produc

15
Q

define value chain

A

Value chain = The series of internal departments that carry out value-creating activities to design, produce, market, deliver, and support a firm’s products. success depends on on how well each dept preforms

16
Q

define value delivery network

A

In its quest to create customer value, the firm needs to look beyond its own internal value chain and into the value chains of its suppliers, distributors, and, ultimately, its customers.

Value delivery network = The network made up of the company, its suppliers, its distributors, and, ultimately, its customers who partner with each other to improve the performance of the entire system

17
Q

define swot analysis

A

an overall evaluation of the companies strengths (S), weaknesses (W), opportunities (O) and threats (T)

swot is a structured planning method that evaluates those four elements of a project or business venture. A SWOT analysis can be carried out for a product, place, industry, or person. It involves specifying the objective of the business venture or project and identifying the internal and external factors that are favorable and unfavorable to achieve that objective.

18
Q

what does a company’s strategic plan convey?

A

The strategic plan defines the company’s overall mission and objectives

strategic planning is the process of developing and maintaining a strategic fit between the organizations goals and capabilities and its changing marketing opportunities.

19
Q

in the process of strategic planning, where will information for your marketing mix come from?

A

it will flow from the chosen target segment dimensions. Guided by marketing strategy for the target, the company designs an integrated marketing mix made up of factors under its control—product, price, place, and promotion (the four Ps).

Product policy - what do they want.

price policy - how much will they pay
- your budget will flow from this target dimension as well
place policy -where do they ship

promo policy - where do they search for info

20
Q

Besides looking at target dimensions in the strategic planning process, marketers should also consider what two product concepts?

A
  • Type of Product (Consumer or Industrial? Convenience, Shopping…?)
    – Moment in PLC (think of Market/Segment)?
21
Q

define forcasting

A

Forecasting is the use of historic data to determine the direction of future trends. Forecasting is used by companies to determine how to allocate their budgets for an upcoming period of time. This is typically based on demand for the goods and services it offers, compared to the cost of producing them.

3 Levels of Forecast:
– National Income Forecast
– Industry Sales Forecast
– Company Sales Forecast (specific Product for a specific Target segment)

22
Q

Define ROI

A

[return-investment]/investment

expressed in a %. A performance measure used to evaluate the efficiency of an investment or to compare the efficiency of a number of different investments. ROI measures the amount of return on an investment relative to the investment’s cost.