Prin. of Marketing Ch. 2

Define positioning:

Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers

List the four P's. Should we rename them the 4 C's? Explain your viewpoint.

Product- C: customer solution Price- C: Customer cost Place- C: convenience Promotion- C: communication

What is a marketing dashboard

Sets of marketing performance measures in a single display used to monitor strategic marketing performance.

SBU stands for _____________________ _____________________ ___________.

Strategic business units *An SBU can be a company division, a product line within a division, or sometimes a single product or brand

________________: the process of developing and maintaining a strategic fit between the organization's goals (current) and capabilities (future) and its changing marketing opportunities.

Strategic planning

McDonald's mission is to be "__________________________."

"McDonald's brand mission is to be our customers' favorite place and way to eat."

Fill-in the boxes of the The Product/Market Expansion Grid

*Also called Ansoff's Matrix!

List the 8 elements in a marketing plan (table 2.2).

-Executive summary -current marketing situation -threats and opportunity analysis -objectives and issues -marketing strategy -action programs -budgets -controls *ACCETOMB

The most common form of marketing organization is the _______________ -List 3 other ways to organize.

-Functional organization -3 ways: geographic, product management, market

The growth-share matrix defines four types of SBUs.

-Stars are high-growth, high-share businesses or products. Cash cows, are low-growth, high-share businesses or product -Question marks, are low-share business units in high-growth markets -Dogs are low-growth, low-share businesses and products.

What is the big difference between a value chain and a value delivery network?

-Value chain: Series of internal departments that carry out value-creating activities -Value delivery network: Made up of the company, its suppliers, its distributors, and its customers who partner with each other

List 3 customer-centered marketing measures.

-customer retention -customer lifetime value -customer equity

"A startling ____________% of CMOs don't take ROI measures into account when setting their marketing budgets, and an even more startling _______________% said they base their marketing budgets on "________ ____________."

57% 28% "gut instinct"

Dogs, cows, stars?! What are they? Why should you care???

BCG Matrix: The best-known portfolio-planning method was developed by the Boston Consulting Group, a leading management consulting firm.

List 3 standard marketing measures

Brand awareness, sales, market share

Do you think Leonard Berry is right? (see slide 9) Explain. *Value Network

Companies should assess: -Their internal value chains. -As well as the value chains of their suppliers, distributors, and their customers which is called: - Value delivery network: Made up of the company, its suppliers, its distributors, and its customers who partner with each other

_________________ refers to dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate products or marketing programs.

Market segmentation

Do you understand the difference between product and market oriented mission statements?

Market: defined in terms of satisfying basic customer needs. Product: based around the product

What is marketing ROI? Is it easy to measure?

Net return from a marketing investment divided by the costs of the marketing investment *Hard to measure