Value equity & innovation - Overview Marketing strategy
15 important questions on Value equity & innovation - Overview Marketing strategy
Where does marketing strategy play a role in strategy?
What are the three characteristics for strategic marketing?
- Business & corporate level
- Marketing functional domain
- Distinctive customer value as prerequisite for sustainable competitive advantage
What are the two requirements for the value marketing strategy aims to deliver?
- Customers deem important in the long run (relevance)
- That competitors cannot easily imitate (based on unique capabilities)
- Higher grades + faster learning
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What are the three elements of marketing strategy for value propostion (or STP)?
- Segmenting (identifying different needs and groups in the markets)
- Targeting (selecting the segment(s) to target in order to reach the firm's overall objectives, Niche markets vs. Mass markets)
- Positioning (the position you want to claim in people's minds)
How do you call a process of dividing the market into groups of consumers with a common need?
What are the four ways to segment or target?
- Geographic
- Psychographic
- Behavioral
- Demographic
What are the five requirements of a segment?
- Identifiable, with measurable characteristics
- Substantial, large enough to serve profitability
- Differentiable, similar needs that differ from other groups
- Stable, be around to approach them before the need ends
- Actionable - internally clear how to find them and what to do
What are the three elements of a positioning statement?
- Frame of reference - how you define your market
- Product category or customer need
- Point of difference - what sets you apart from the players in that market
- Unique and relevant
- Reason to believe - what is proof of the pudding
What are the four levels of customer equity?
- Customer attraction / customer retention
- Customer life time value
- Customer equity
- Profitability Firm value
Which marketing strategy lever is described by the following: Subjective assessment of brand above its objectively perceived value.
Which marketing strategy lever is described with the following? Tendency to stick with the brand beyond customer's objective and subjective assessment of the brand.
What are the eight steps of the marketing strategy process?
- Value identification
- Internal / external analysis
- SWOT
- Value definition
- Strategic option choice
- Value delifery
- Implementation
- Control
What are the five c's for internal and external analysis?
- Context (macro analysis
- Inductry analysis (5 forces)
- Competitive analysis
- Customer (segment) analysis
- Company (internal) analysis
- Collaborator analysis
What are three possible options for strategic options in the marketing strategy process?
- Value equity
- Brand equity
- Relationship equity
What can also describe the implementation stage of the marketing strategy process?
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