There is no change in either the basic product line or the markets served. Rather, selling more of the product or selling the product at a higher price generates increased sales (2) Market development, which is a marketing strategy to sell current products to new markets.
What is the strategic marketing process?
Strategic Marketing is a process of planning, developing and implementing maneuvers to obtain a competitive edge in your chosen niche . This process is necessary to outline and simplify a direct map of the company’s objectives and how to achieve them.
What are the three key elements of a visionary organization?
Successful visionary organizations use this foundation to guide and inspire their employees through three elements: core values, mission, and organizational culture .
Which of the following statements regarding the strategic business unit level is most accurate?
Which of the following statements regarding the strategic business unit level is most accurate? the strategic direction is more specific at the strategic business unit level than at the corporate level . people in the finance and the human resources departments traditionally operate at what overall organizational level?
What are the disadvantages of a positioning strategy?
A potential weakness of product positioning is that every company wants to position its products favorably in the minds of consumers , so there is usually a high level of competition. New companies, for example, often find it difficult to position their products in a market that has well-established competitors.
What is product line filling?
Adding more products to an existing product Line in order to leave no gaps into which competitors might move . When product lines are increased by moving up or down market to attract new customers, the process is sometimes called line stretching. +1 -1.
What are the four basic marketing strategies?
The 4 Ps of marketing are place, price, product, and promotion . By carefully integrating all of these marketing strategies into a marketing mix, companies can ensure they have a visible, in-demand product or service that is competitively priced and promoted to their customers.
What are the three phases of the strategic marketing process?
It involves carefully creating the marketing mix elements to reach its target markets. The strategic marketing process is completed in three phases. Three Phases of the Strategic Marketing Process. Phases of the strategic marketing process include planning, implementation, and evaluation .
What are the 4 types of marketing strategies?
- Cause Marketing. Cause marketing, also known as cause-related marketing, links a company and its products and services to a social cause or issue.
- Relationship Marketing. ...
- Scarcity Marketing. ...
- Undercover Marketing.
What is the strategy?
Strategy is an action that managers take to attain one or more of the organization’s goals . Strategy can also be defined as “A general direction set for the company and its various components to achieve a desired state in the future. Strategy results from the detailed strategic planning process”.
Which of the following is essential to recognize when determining organizational strategy quizlet?
Which of the following is essential to recognize when determining organizational strategy? An organization has limited resources which must be focused on achieving goals.
Which of the following are the three levels of strategy in organizations quizlet?
These three levels are: Corporate-level strategy, Business-level strategy and Functional-level strategy .
What is a visionary organization?
A visionary organization lives in two-worlds— one of purpose and one of profit . This type of organization celebrates its past, embraces its present, and is fueled by its future. It is an organization that is not shackled to the past or its past traditions.
Who is the target audience of an organization’s strategic vision statement?
However, the most important target audience is mostly employees—current and prospective . The primary purpose of missions and visions is to give an organization focus, coherence and direction. To achieve this, it is the organization’s people who you primarily write them for.
What is the primary purpose of a marketing metric?
Marketing metrics measure the success of marketing campaigns and show how well campaigns are tracking toward key performance indicators (KPIs) . They are one of the most important elements of any campaign, and without them, marketing teams wouldn’t have a clear picture of whether their marketing strategy is a success.
Why is product positioning important?
Product positioning creates an image of the company’s products in the mind of consumers , highlighting the most important benefits that differentiate the product from similar products in the market. ... After segmenting the target market by demographic and psychographic attributes, marketers must understand customer needs.
What is the importance of positioning in the development of marketing strategy?
It is the most important aspect of B2B software marketing because it is the foundation for everything you do in marketing . Effectively done, positioning quickly tells the recipient of your marketing message why they should care about your service, product, solution, technology or company.
What is product line decision?
Product Line Decisions means a company offers similar products to solve a whole range of similar problems that target customers have . ... This is where the concept of product line comes in. While a smartphone and wireless earphones ( Apple air-pod and Samsung buds) are not the same, but the same type of customer uses them.
What are the positioning strategies and how can one use them effectively?
- Positioning based on product characteristics. ...
- Positioning based on price. ...
- Positioning based on quality or luxury. ...
- Positioning based on product use or application. ...
- Positioning based on competition.
What is a line filling strategy?
The concept of Line Filling can be defined as the business strategy where the firm plans to increase the number of products in the existing product line . The main idea and intention behind the same are to reduce the level of competition in the market and take advantage of the gap in the market.
What is line extension strategy?
A line extension is a strategy to offer customers more options by changing your existing product lines slightly . ... The benefits of this strategy include offering more options for a product that has been established as successful and owning more physical or digital shelf space.
What should a product strategy include?
- The market for the product and the specific needs it will address.
- The product’s key differentiators or unique selling proposition.
- The company’s business goals for the product.
What are the 5 marketing strategies?
The 5 areas you need to make decisions about are: PRODUCT, PRICE, PROMOTION, PLACE AND PEOPLE . Although the 5 Ps are somewhat controllable, they are always subject to your internal and external marketing environments. Read on to find out more about each of the P’s.
What are the top 5 marketing strategies?
- SEO. ...
- Influencer marketing. ...
- PR and affiliate marketing. ...
- Email marketing. ...
- Social media marketing.
What is the most important phase in strategic marketing process?
The first stage of strategic marketing is the planning phase . It’s the most critical step, as it is the basis of your efforts. You’ll want to identify your business purpose, needs, and the goals and objectives you want to accomplish, as the entire process will help you achieve them.
What are the 7 marketing strategies?
These seven are: product, price, promotion, place, packaging, positioning and people .
What is in a strategy?
Strategy generally involves, setting goals and priorities, determining actions to achieve the goals, and mobilizing resources to execute the actions . A strategy describes how the ends (goals) will be achieved by the means (resources).
What is a strategic organization?
Strategic Organization’ may refer to: ... the process of organizing in a way that is strategically effective – i.e., promotes the broad goals of the organization.
What do visionaries do?
Visionary Leaders Turn the Vision into Reality
A visionary leader ensures the vision becomes reality by stating clear goals, outlining a strategic plan for achieving those goals and equipping and empowering each member to take action on the plan at the organizational, team and individual levels.
What is the basic concept of choice of strategy?
Strategic choice refers to the decision which determines the future strategy of a firm . ... The decision involves the following four steps – focusing on few alternatives, considering the selection factors, evaluating the alternatives against these criteria and making the actual choice.
What are the 3 types of strategy?
- Business strategy.
- Operational strategy.
- Transformational strategy.
What is called visionary management technique?
Visionary Management
This leadership style is defined by persuasion, charisma, and a high emotional IQ . Leaders who practice this management style can articulate a vision for the future, and the path others must take to reach it.
What are reasons why strategic planning may not occur?
- Lack of focus. Often, people get lost in the semantics of defining their vision, mission and values. ...
- Lack of energy/resources. ...
- Lack of understanding. ...
- Lack of accountability. ...
- Lack of follow up. ...
- Lack of flexibility.
Which of the following statements accurately summarize the importance of strategic planning in marketing?
Which of the following statements accurately summarize the importance of strategic planning in marketing? Proper strategic planning improves the likelihood that marketers will select, adapt, and execute the right marketing actions to maximize success in both the short and long-term.
Which of the following is true of strategic planning in a firm?
Which of the following is true of strategic planning in a firm? Strategic planning deals with adapting the firm to take advantage of opportunities in its changing environment . Cosmetics firm SatinSilk is revamping its mission statement and advertising strategy.
Which one of the following is not a primary task of strategic managers?
| Q. Which one of the following is not a primary task of strategic managers? | B. Developing the steps to follow in implementing operational level plans | C. Defining the business and developing a mission | D. Developing a strategy | Answer» b. Developing the steps to follow in implementing operational level plans |
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What are the levels of strategy in an organization?
- Corporate level strategy: This level answers the foundational question of what you want to achieve. ...
- Business unit level strategy: This level focuses on how you’re going to compete. ...
- Market level strategy: This strategy level focuses on how you’re going to grow.
What are different types of strategies?
For better clarification of the term strategy, we should distinguish among three forms of strategy: general strategy, corporate strategy, and competitive strategy . The general strategy is such a strategy as to how a given objective will be accomplished.
