Business Strategy

  1. A written document that details the necessary actions to achieve one or more marketing objectives. It can be for a product or Service (economics)|service, a brand, or a product line and cover between one and five years.
    marketing plan
  2. The foundation of a well-written marketing plan.
    Solid marketing strategy
  3. Abell suggested that the definition should cover three dimensions: "______" to be served, "______" to be served, and "______" to be utilized
    customer groups, customer needs, technologies
  4. Marketing planning process:
    • Market & Environment Analysis
    • Fixing Marketing Target
    • Setting Marketing Strategy
    • Marketing Mix
    • Marketing Controlling
  5. Facts for this section will come from management accounting, costing and finance sections.
    Financial data
  6. From production, research and development.
    Product data
  7. Sales, packaging, distribution sections
    Sales and distribution data
  8. Information from these departments
    Advertising, sales promotion, merchandising data
  9. From market research, who would in most cases act as a source for this information
    Market data and miscellany
  10. A study of the organization's markets, customers, competitors and the overall economic, political, cultural and technical environment; covering developing trends, as well as the current situation.
    Review of the marketing environment
  11. A study of the company's marketing mix; in terms of the 7 Ps
    Review of the detailed marketing activity
  12. A study of the marketing organization, marketing research systems and the current marketing objectives and strategies.
    Review of the marketing system
  13. Malcolm McDonald format:
    • Review of the detailed marketing activity
    • Market data and miscellany
    • Review of the marketing environment
    • Marketing System regularly questioned
    • Portfolio planning
    • 80:20 rule
    • 7Ps
  14. 7Ps
    • Product
    • Place
    • Price (amount of money)
    • Promotion (Getting the product known)
    • Physical Environment (ambiance, mood, or tone of the environment)
    • People (Represent the business)
    • Process (How people obtain your product)
  15. Detailed plans and programs:
    • Clear (Unambiguous statement of 'exactly')
    • Quantified (outcome is possible)
    • Focused (Temptation is avoided)
    • Realistic (Achievable)
    • Agreed
  16. A marketing plan for a small business typically includes ________________ of competitors, including the level of demand for the product or service and the strengths and weaknesses of competitors
    Small Business Administration Description
  17. Content of the marketing plan for Small Business:
    • Description of the product or service
    • Marketing budget
    • Description of the business location
    • Pricing strategy
    • Market Segmentation
  18. Content of the marketing plan for Medium-sized and Large organizations:
    • Executive Summary
    • Situational Analysis
    • SWOT Analysis
    • Objectives
    • Strategy
    • Action Programme
    • Financial Forecast
    • Controls
  19. Performance analysis:
    • Sales analysis
    • Market share analysis
    • Expense analysis
    • Financial analysis
  20. Useful measures:
    • market research (customer panels)
    • lost business (orders lost)
    • customer complaints
  21. A __________ is a process that can allow an organization to concentrate its limited resources on the greatest opportunities to increase sales and achieve a sustainable competitive advantage. It should be centered around the key concept that customer satisfaction is the main goal.
    marketing strategy
  22. A key component of ________ is often to keep marketing in line with a company's overarching mission statement.
    marketing strategy
  23. Basic theory:
    • Target Audience
    • Proposition/Key Element
    • Implementation
  24. Types of strategies
    • Strategies based on market dominance
    • Porter generic strategies 
    • Innovation strategies 
    • Growth strategies 
    • Marketing warfare strategies
  25. In this scheme, firms are classified based on their market share or dominance of an industry.
    Strategies based on market dominance
  26. three types of market dominance strategies:
    • Leader
    • Challenger
    • Follower
  27. Strategy on the dimensions of strategic scope and strategic strength.
    Porter generic strategies
  28. _______ refers to the market penetration while _________ refers to the firm’s sustainable competitive advantage.
    Strategic scope, strategic strength
  29. This deals with the firm's rate of the new product development and business model innovation. It asks whether the company is on the cutting edge of technology and business innovation.
    Innovation strategies
  30. three types of Innovation strategies:
    • Pioneers
    • Close followers
    • Late followers
  31. In this scheme we ask the question, “How should the firm grow?”.
    Growth strategies
  32. Common four answers for growth strategies:
    • Horizontal integration
    • Vertical integration
    • Diversification
    • Intensification
  33. A more detailed scheme uses the categories for growth strategies:
    • Prospector
    • Analyzer
    • Defender
    • Reactor
  34. This scheme draws parallels between marketing strategies and military strategies.
    Marketing warfare strategies
Card Set
Business Strategy
Last Semester