What is marketings role within a firm?
Marketing managers facilitate exchange by creating value for the firm’s chosen customers. Value is created by meeting customer’s functional and emotional needs.
Marketing Mix, 4 P’s of Marketing
Price, Product, Place, Promotion
What are the basic building blocks of marketing strategy?
What businesses should we be in? Pepsico, for example, competes in three specific businesses—beverages, salty snacks, and packaged food. With these chosen businesses, Pepsico specializes in areas that draw on common core skills and resources.
Strategic Business Strategy
How do we compete effectively in a given business? For example, now that Pepsico has decided to compete in the salty snack business, how can the company play to its strengths given the opportunities in the marketing environment?
How do we orchestrate the marketing mix to deliver value to a particular market segment?
BCG- Boston Corporate Goup
What does SWOT stand for?
Strength, Weakness, Opportunities, Threats
Explain the SWOT analysis.
What are the four parts of a Product-Market Expansion Matrix
Marketing Penetration, Product Development, Market Development, Diversification
Explain the Product-Market Expansion Matrix .
Market penetration: Honda has been selling motorcycles in Japan since 1949. The company continually seeks opportunities to sell more motorcycles (existing product) in Japan (existing market).
Product development: Once Honda was established as a successful motorcycle manufacturer in the USA (existing market), they successfully introduced new products such as automobiles, lawnmowers and power generators into the USA building on their competence in gasoline-powered engines.
Market development: In 1958 Honda started manufacturing the Super Cub motorcycle in Japan. The Super Cub was a very successful product in Honda’s home market of Japan. It was small, easy to handle, and nothing like the much larger motorcycles being sold in the USA. In 1963 the Super Cub (existing product) was successfully introduced into the USA (new market) with the famous ad campaign, “You meet the nicest people on a Honda.’
Diversification: Before successfully introducing the Super Cub to the USA, Honda attempted to manufacture a new and larger motorcycle to compete directly with large US and British motorcycles.
What is the Strategic Triangle?
Sustainable competitive advantage begins by continually
creating more value than our competitors do for our
Determinants of Customer Perceived Value
The Marketing Strategy Process
What are the 4 Profitability Drivers
Customer acquisition, customer retention, sales per customer, margin
Explain Customer Acquisition.
Explain Sales per Customer.
Explain Customer Retention