Strategic Marketing Exam 1
1. Puma sustainability in line with marketing concept: yes--sustainability
expensive but ensures company will have input materials far into future; people
willing to pay for environmentally friendly good--will increase profits
2. Marketing concept: achieving organisational goals depends on determining
the needs and wants of target markets and delivering the desired satisfactions
more effectively and efficiently than competitors do.
3. How has the "power" of choice shifted to the customer and consumer with
globalization, trade and manufacturing improvements over the past 15
years?: supply has outstripped demand, more info due to internet, power in
supply chain now in consumer's hands--customers have more choice, need
customer satisfaction
4. How has the definition of marketing evolved over the past twenty years?
What is the fabric of the new marketing concept?: market is more customer
focused now/market driven; more based on society/community/consumers
5. Culture, Strategy and Tactics are simultaneously merged into the new
marketing paradigm. How does reality of the marketing function fall short
in many organizations?: The challenge of simultaneously building a customer
orientation in an organisation
(culture), developing value propositions and competitive positioning (strategy) and
developing detailed marketing action plans (tactics) is complex.
6. In companies with Market-led orientation, five components merge
together to create a new culture. What are they and what is their impact?:
customer orientation, competitor orientation, interfunctional orientation (using
company resources well), organizational culture, long-term creation of
shareholder value; impact is that the components lead to financial and other
benefits for the company
7. product push marketing: companies focus their activities on their existing
products and services and look for ways to encourage, or even persuade,
customers to buy
8. customer-led marketing: organizations chase their customers at all costs; the
goal is to find what customers want and, whatever it is, give it to them--short
term orientation
9. resource-based marketing: middle ground of product push and consumer led-
-firms base their marketing strategies on equal consideration of the
requirements of the market and their abilities to serve it--long term orientation
10. stakeholder interests: customer: quality/value Shareholder: maximize
investment
, manager: personal reward/career trajectory/short-term gains
employees: job satisfaction/compensation distributors:
predictability/continuous
community: job creation/loss
environment: reduce impact
11. marketing contributes to stakeholder's objectives: managers/employees:
providing security, job satisfaction, compensation which will lead to better
products for consumers/more success which is good for distributors and
community--environment
12. 6 marketing principles: 1) focus on the customer
2) only compete in markets where you can establish competitive advantage
3) customers do not buy products--buy benefits
4) marketing is too important to leave to the mark department--strategy
5) markets are heterogeneous
6) markets and customers change constantly
13. 3 roles of marketing within the organization: 1) identification of customer
requirements
2) decide on the competitive position to be adopted
3) implement the marketing strategy
14. LEGO electronic games with their strategy: digital fits with strategy--growth
because kids can play with bricks, or see TV show/event with them, play a game
online with them
15. Best Buy implementation from Diverge: Best Buy developed Geek
Squad--fills gap between those who love/can afford tech and those who don't know
how to use it
16. Nike differentiation diverge: increased performance of products instead of
increasing performance of users
17. Cirque du Soleil success formula: prestige pricing--upscale event for adults;
made it about experience, not price
18. Nike mistakes w/ Bauer: kept goods stylish, but not up to performance
standards; broke brand promise--sold Bauer back
19. living your promise and JCP - Diverge: live your brand promise: JCP=good
value and choice to market segment; JCP failed--went for millennials, alienated
true brand ambassadors--40-60 year olds
20. 3 questions of strategic planning: 1) what is the business doing now?
2) what's happening in the environment?
3) what should the business be doing?
1. Puma sustainability in line with marketing concept: yes--sustainability
expensive but ensures company will have input materials far into future; people
willing to pay for environmentally friendly good--will increase profits
2. Marketing concept: achieving organisational goals depends on determining
the needs and wants of target markets and delivering the desired satisfactions
more effectively and efficiently than competitors do.
3. How has the "power" of choice shifted to the customer and consumer with
globalization, trade and manufacturing improvements over the past 15
years?: supply has outstripped demand, more info due to internet, power in
supply chain now in consumer's hands--customers have more choice, need
customer satisfaction
4. How has the definition of marketing evolved over the past twenty years?
What is the fabric of the new marketing concept?: market is more customer
focused now/market driven; more based on society/community/consumers
5. Culture, Strategy and Tactics are simultaneously merged into the new
marketing paradigm. How does reality of the marketing function fall short
in many organizations?: The challenge of simultaneously building a customer
orientation in an organisation
(culture), developing value propositions and competitive positioning (strategy) and
developing detailed marketing action plans (tactics) is complex.
6. In companies with Market-led orientation, five components merge
together to create a new culture. What are they and what is their impact?:
customer orientation, competitor orientation, interfunctional orientation (using
company resources well), organizational culture, long-term creation of
shareholder value; impact is that the components lead to financial and other
benefits for the company
7. product push marketing: companies focus their activities on their existing
products and services and look for ways to encourage, or even persuade,
customers to buy
8. customer-led marketing: organizations chase their customers at all costs; the
goal is to find what customers want and, whatever it is, give it to them--short
term orientation
9. resource-based marketing: middle ground of product push and consumer led-
-firms base their marketing strategies on equal consideration of the
requirements of the market and their abilities to serve it--long term orientation
10. stakeholder interests: customer: quality/value Shareholder: maximize
investment
, manager: personal reward/career trajectory/short-term gains
employees: job satisfaction/compensation distributors:
predictability/continuous
community: job creation/loss
environment: reduce impact
11. marketing contributes to stakeholder's objectives: managers/employees:
providing security, job satisfaction, compensation which will lead to better
products for consumers/more success which is good for distributors and
community--environment
12. 6 marketing principles: 1) focus on the customer
2) only compete in markets where you can establish competitive advantage
3) customers do not buy products--buy benefits
4) marketing is too important to leave to the mark department--strategy
5) markets are heterogeneous
6) markets and customers change constantly
13. 3 roles of marketing within the organization: 1) identification of customer
requirements
2) decide on the competitive position to be adopted
3) implement the marketing strategy
14. LEGO electronic games with their strategy: digital fits with strategy--growth
because kids can play with bricks, or see TV show/event with them, play a game
online with them
15. Best Buy implementation from Diverge: Best Buy developed Geek
Squad--fills gap between those who love/can afford tech and those who don't know
how to use it
16. Nike differentiation diverge: increased performance of products instead of
increasing performance of users
17. Cirque du Soleil success formula: prestige pricing--upscale event for adults;
made it about experience, not price
18. Nike mistakes w/ Bauer: kept goods stylish, but not up to performance
standards; broke brand promise--sold Bauer back
19. living your promise and JCP - Diverge: live your brand promise: JCP=good
value and choice to market segment; JCP failed--went for millennials, alienated
true brand ambassadors--40-60 year olds
20. 3 questions of strategic planning: 1) what is the business doing now?
2) what's happening in the environment?
3) what should the business be doing?
