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Summary Marketing Fundamentals chapter 2
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Summary of 3 pages for the course Marketing Research at HZ
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Main concepts MarketingChapter 2
Strategy = the long term plan. Indicates the marketing goals and how those goals
can be realised.
Marketing plan = all the marketing objectives and the company’s full marketing
strategy, including the budgets &actions plans per product-market combination.
Strategic Business Unit(SBU) = a division of the organisation that operates more
of less independently. --> it sales a range of products to a certain group of
customers.
Strategic profile = big picture drawn by the head office to assure a profitable
future for the company.
Marketing strategy = how will a company achieve its objectives?
1) brand image : make sure your products are attractive
2) quality : expectations about the product’s performance
3) innovation : create new & unique benefits
4) customer relationship : meet customer’s needs.
Strategic planning = the development of a long-term plan to use the resources of
an organisation in an optimal way.
Business definition = the company’s activities.
Business scope = the extent(= omvang) of the firm’s current activities.
The Abell model (=describes a company’s broader business)
1) customers : which group/target?
2) needs : what products are the customers looking for?
3) technologies : how can we satisfy the needs?
Mission statement = the mission of an organisation
Core competencies = capabilities that customers value & competitors, find it hard
to duplicate (=na maken)
, SWOT analysis = strengths/opportunities/weaknesses/ threats.
Confrontation matrix = a helpful tool to identify possible strategies, based on the
SWOT analysis.
Objective = ambitious but realistic.
Star = an SBU wit a large market share in a high growth market.
Question marks = sbu’s with a low market share in a fast growing market.
Dog = little revenue & investment.
Investment strategy
Build : an aggressive growth strategy to increase market share
Hold : maintain the SBU’s current market share by defending its market position.
Harvest : investments are kept to a minimum in order to maximise cash flow.
Divest : to withdraw(=terugtrekken) if the proceeds(=opbrengst) from sales will
generate a high return on investment.
Cost-leadership strategy = cutting expenses and reducing prices of the products,
while appealing to a wide range of market segments.
Differentiation strategy = changing prices with the purpose to be better than the
competitors.
Growth strategy = will our existing products increase the sales?
Penetration strategy = selling our existing products to existing markets.
Market development strategy = find new markets for the current products.
Development strategy = improve a product or introduce a new one.
Diversification strategy = introducing new products to reach new markets or
satisfy the customer’s needs.
Organisation = the mechanism through which a managerial philosophy is
translated into action.
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