Question

1. What is strategic marketing management and what are its objectives?

2. What are the components of both the macro-environment in which marketers operate and the micro-environment (Porter’s five forces) and how do each of these work to influence strategic marketing decisions?

3. How do firms create value for their customers and help encourage purchase of the firm’s products?

4. Marketers frequently talk about brand loyalty, brand equity, and customer lifetime value.  What are the similarities and differences between these concepts?  

5. What is a sustainable competitive advantage?

6. How do you use chain ratios to help determine potential market size?

7. One of the key tasks for marketers is to set a price for products.  How do they do that and what things will influence what might be an acceptable price to its market?

8. Marketers need to use estimated margins within their channel of distribution to help set desired retail prices.  Make sure that you can do this.  

9. There are three main types of growth strategies to overcome the strategic planning gap.  These are intensive, integrative, and diversification.  But within the first two of these there are multiple ways of using employing this general growth strategy.   What are they and how do they work?

10. Marketers must always be aware of, but not afraid of, their competitors.  How do marketers analyze what their competitors are doing in order to gain knowledge about them and assist in creating effective strategies?

11. Customer relationship management has become a key aspect in trying to have relationship marketing instead of transactional marketing.  What is this concept and how does it work?

12. Marketers frequently talk about the concept of a funnel for many things.  For example, new ideas, locations, and purchase.  How is the concept of a funnel used in these areas?

13. New products are the lifeblood of organizations.  What can marketers do to try and maintain innovativeness and desirability with new products?

Please answer 1-12 short answer questions.

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Answer 1

1. Strategic marketing management is the process of defining goals and objectives of the firm's business, planning its processes through analysis of its external and internal environment, customer and target market segmentation and analysis, competition review so that the firm can focus on its priorities and effectively implement its planned strategies.The objectives of strategic marketing management is to identify the priorities of the firm and assess opportunities with analysis of market and industry to achieve the strategic goals and objectives of the business.

2. Components of the macro environment and micro environment of marketers operations include the external environment factors like political, economic, legal, socio cultural, technological and environmental factors that are part of macro environment. The micro environment factors consists of the internal environment factors like the industry suppliers, competition, buyers and substitutes that can influence the firm's business. These factors affect strategic marketing decisions as it provide inputs for decision making based on the threats and opportunities available to the firm through changes in its external environment. The internal environment analysis is important to plan product and market strategy based on customer needs, industry and market trends, competition and the firm's goals and objectives.

3. Firms create value for their customers and encourage purchase of its products by focusing on providing benefits that customers prefer and expect from purchasing a product. Firms can create value by ensuring that customers are satisfied by the product performance functions. They can encourage customers to buy more by engaging with them and understanding their needs and preferences, providing them benefits in terms of service, support and availability of the product. Firms can focus on features that are unique to their products and services, are popular with customers and focus on providing more value to their customers by ensuring better costs and quality.