Strategic Marketing Study Guide
Strategic Marketing
Exam one Study Guide
Chapter 2 • Explain the 3 V framework of managing value. o Company value o Consumer value o Collaborator value ▪ The intersection of all three is the optimal value proposition. o Developing a value proposition involves defining the value that the offering creates for its target customers, the company, and its collaborators. Because value creation is the ultimate goal of marketing, the selection of target customers is guided by the company’s ability to develop an offering that will satisfy a particular need of its target customers better than the competition, and do so in a way that creates value for the company and its collaborators. • Describe the G-STIC process. o Goal o Strategy o Tactic o Implementation o Control ▪ Basis for developing a marketing plan o Marketing management involves a series of activities that create value for the relevant participants in the marketing exchange: target customers, the company, and its collaborators. The process by which a company creates value is captured by five key activities: setting a goal, developing a strategy, designing the tactics, defining an implementation plan, and identifying a set of control metrics to measure the success of the proposed action. It calls for internal consistency of its individual elements. • What are the 5-C’s? o Customers ▪ Potential buyers whose needs the company aims to fulfill with its offerings, either consumers or businesses o Company ▪ The particular business unit managing the offering where its success is defined by its resources o Collaborators ▪ Entities that work with the company to create value for target customers, including suppliers, manufacturers, distributors, R&D companies, service providers, external sales
Exam one Study Guide
Chapter 2 • Explain the 3 V framework of managing value. o Company value o Consumer value o Collaborator value ▪ The intersection of all three is the optimal value proposition. o Developing a value proposition involves defining the value that the offering creates for its target customers, the company, and its collaborators. Because value creation is the ultimate goal of marketing, the selection of target customers is guided by the company’s ability to develop an offering that will satisfy a particular need of its target customers better than the competition, and do so in a way that creates value for the company and its collaborators. • Describe the G-STIC process. o Goal o Strategy o Tactic o Implementation o Control ▪ Basis for developing a marketing plan o Marketing management involves a series of activities that create value for the relevant participants in the marketing exchange: target customers, the company, and its collaborators. The process by which a company creates value is captured by five key activities: setting a goal, developing a strategy, designing the tactics, defining an implementation plan, and identifying a set of control metrics to measure the success of the proposed action. It calls for internal consistency of its individual elements. • What are the 5-C’s? o Customers ▪ Potential buyers whose needs the company aims to fulfill with its offerings, either consumers or businesses o Company ▪ The particular business unit managing the offering where its success is defined by its resources o Collaborators ▪ Entities that work with the company to create value for target customers, including suppliers, manufacturers, distributors, R&D companies, service providers, external sales