What is the point of the strategic marketing management process?
identify starting point and end point, how we get there (route) and how we ensure the arrival (evaluation)
What is the first step in the smm process?
the strategic (position) analysis: point is to understand the position of the organisation considering the external environment, internal resources and compentencies, and stakeholders
A model to analyse the macro environment
PESTLE: to identify driving forces like trends, uncertainties etc.
Political
Economic
Socio-cultural
Technological
Legal
Environmental
What impact does the industry have on the kind of competition the comapny may face?
brand competition (individual brands)
product competition (type of product)
form competition (different types of solutions for the need)
generic competition (share of wallet, is it FMCG or luxury?)
What is strategic group mapping?
Uisng to characteristics to map competitors within an industry (eg. price and number of different models)
What are two models to analyse the internal environment?
resourec audit (of financial, physical, human resources meaning all tangible and intangible resources including all departments like Marketing, R&D etc.)
Porters Value Chain model (to show competitive advantage and core competencies through looking at primary and secondary activities)
What are the two main ways to acquire a competitive advantage?
either based on cost or on differentiation
SWOT
external and internal analysis through considering strengths and weaknesses (internal) and opportunities and threats (external)
Why should a company have a strategy?
to set the future direction
to state value creation (how)
to identify what products and in which markets the firm will invest its resources
to describe how the company outperforms its competitors
Last changed5 months ago