Questions and answers guide to strategic marketing

Section A

Q1. Distinguish btw vision and mission statement

What is Vision?
Vision is a succinct narration of a company or unit’s final objective
or aspirations. It acts as a directing principle to the organization
and all those working under the same for strategic planning of the
desired corporate initiatives and actions.

In simple words, vision signifies how an organization or an

organization concerning the outer world will look like in the future
i.e. the desired goal of the economic activity undertaken by the
organization

What is Mission?
The mission is simple terms means a statement or short narration
of what the organization is doing in the present state. Mission sets
the framework for the set of activities performed by
units/individuals across the entity. Mission guides how to achieve
the vision.

Mission provides guiding support to the vision statement and

provides a clear set of directions to perform certain activities in
the present state. The mission helps the employees acknowledge
what they are currently doing as a part of the organisational
setup.

d
Main Differences between Vision and Mission
1. Vision focuses on the future or tomorrow. The
mission focuses on the present or today.
2. Vision helps in understanding the ultimate goal/objective of
an organization. The mission helps to recognize what an
organization does to achieve the goal.
3. Vision promotes motivation and inspiration. The
mission encourages to keep a focus on the current state of
affairs performed.
4. Vision signifies the company’s final
destination. Mission denotes how a company will reach that
destination.
5. Vision will not change so frequently as it is the company’s
final objective. The mission may change taking into account
the changing circumstances.
6. Vision has a long timeline because that is the final
destination of the organization. The mission may have a
short timeline.

Q2. Distinguish btw strategy and tactics

Definition of Tactics

The word tactic is an ancient Greek origin of term ‘taktike’ which means ‘art
of arrangement.’ To put simply, tactics refers to the skill of dealing
or handling difficult situations, to achieve a specific goal. It is defined as
a process that integrates all the resources of the firm like men, material,
method, machinery, and money, to cope up with the changing situation
immediately. It can be a caution that prevents the organization from
uncertainties.

Tactics are subordinate to, as well as in support of the strategy. There can
be an end number of tactics in a single strategy. Formulated by the middle-
level management, i.e. department heads or divisional managers are
responsible for making tactics considering the company’s overall strategy.
They are made according to the prevalent market conditions. Hence,
changes are frequently made.
Definition of Strategy

A master plan, designed by the organization to fulfill its overall objectives

is known as a strategy. In simple terms, the strategy is defined as
a comprehensive plan, made to defeat the enemies in the battle. It has the
same meaning in the business context also.

The strategy is a combination of corporate moves and actions, used by the

management to attain a competitive market position, carry on its
operations, making best possible use of scarce resources attract more and
more customers to compete in the market efficiently and achieve
organizational objectives. Strategies are action oriented and based on
practical considerations, not on assumptions.

Key Differences between Tactics and Strategy

The following are the major differences between tactics and strategy:

1. Tactics are the properly organized actions that help to achieve a

certain end. The strategy is the integrated plan that ensures the
achievement of organization objectives.
2. Tactics is a subset of strategy, i.e. without the strategy, tactics can do
nothing.
3. Tactics try to find out the methods through which strategy can be
implemented. Conversely, Strategy is a unified set of activities that
can help the organization to gain an advantageous position.
4. Tactics are formulated by middle-level management, whereas top
level management formulates a strategy.
5. Tactics involve lower risk as compared to strategy.
6. Tactics are preventive in nature while Strategy is competitive in
nature.
7. Tactics are defined as a trip, i.e. typically for a short duration, but the
strategy is a journey that lets the company travel from one position to
another. Hence it is for a long duration.
8. Tactics frequently change with the changes in the market conditions;
however, the strategy remains same for a long period.
9. Tactics have a reactive approach, unlike strategy.
 10. Tactics are made for coping with the present situation. In
contrast to strategy, they are made for future.

Q3. Outline the relation between strategy and customer in brief

In brief, the purpose of a business strategy is to meet the needs of its customers as

effectively as possible. The “outline” of that strategy should be unique and specifically
designed for its customers. Start with what the customers wants and figure out how to get it
to them. Beyond that, my answer will not be brief.

Q4. In brief explain the concept of strategic thinking

Strategic thinking focuses on finding and developing unique opportunities to create

value by enabling a provocative and creative dialogue among people who can affect an
organization’s direction, i.e. the board and management. It is the input to strategic
planning. Good strategic thinking uncovers potential opportunities for creating value and
challenges assumptions about an organization’s value proposition, so that when the
strategic plan is created, it targets these opportunities. Strategic thinking is a way of
understanding the fundamental drivers of a business and challenging conventional
thinking about them, in discussion with others. Finally, strategic thinking is having an
awareness of what has not yet taken shape, having foresight. Therefore, boards should
encourage forward thinking.

It can be difficult to be strategic. But a strategic thinker is always searching for the
unusual – something that is different – and is able to set assumptions aside. They
intentionally look at things from different perspectives and can resist the urge to let one
decision dictate or forecast future decisions, thus avoiding the sunk cost trap. A person
who has strategic perspective creates clarity out of complex and seemingly
disconnected details. They can feel the winds of change, sense points of conflict and
opportunity and articulate in concrete and compelling terms how they can be addressed.
They get to the heart of a problem and see the relationship between key elements.

Q5. Establish a relationship between strategic directions and vision of a company

Strategic direction refers to the foundational ideas or actions that allow for greater
consistency in strategy over time. It ultimately helps a company achieve its vision
and helps it fulfill the goals of its organizational strategy.

SECTION B

Q1.

It takes extensive research and strategic planning to gain a competitive advantage.

Every advantage is significant and counts for establishing your business as the leader in
your particular industry, especially in today's economy and this aggressive business
world.

Your target audience is a focused group of consumers that your company is looking to
market to with its products and services. You've differentiated this target market by
demographic, socioeconomic, and common needs or characteristics that turn them into
the perfect sales audience. However, your competition is also focusing on this target
market as well. By uncovering certain characteristics, you can find and gain a
competitive advantage over your competitors.

COST LEADERSHIP
Typically, businesses attempt to gain cost leadership as their first competitive
advantage. This is where a business is in the position to offer the same quality products
as the competition, but at a cost that is lower. Cost leadership happens when a
business figures out a way to yield products at a lower cost through perfecting
production methods or through using resources in a far better and more efficient
manner than the competition.

DIFFERENTIATION
The next strategy that companies often use for setting themselves apart from the
competition is differentiation. With this strategy, reducing prices is only one of many
feasible factors that can set a business apart from others. Companies that differentiate
themselves usually seek out one or more features or advantages they have that will set
them apart from the competition. Then they locate the sector of the market that will find
those features or advantages essential and market to them.

STRATEGIC ALLIANCES
Companies can gain a competitive advantage by seeking strategic alliances with other
companies within related or the same industry. However, companies need to be careful
not to cross any lines between alliances and deceit. This deceit can happen when
companies in the same industry attempt to collude to control prices. On the other hand,
strategic alliances are more like joint ventures that companies use to combine
resources and gain exposure for themselves at the expense of competition that is
outside the alliance.

QUALITY
Often, customers will pay more for better quality products or services. If you have more
expertise, superior design or access to higher-quality materials, product quality could be
your competitive advantage. If this is the case, you would need to find market sectors
that will purchase your higher-priced products.
BRAND
If promoting a well-known brand is your competitive advantage, you’ll need to reach
consumers who see the brand in a positive way, who need it, and can buy it. While
some brands can cut across multiple market sectors, like detergents, others like sports-
related brands, will need more focus.

SERVICE
By placing an emphasis on customer satisfaction, you can compete on service.
Customer service that focuses on creating higher levels of customer satisfaction implies
employees have good people skills, are trained in customer relations as well as the
products they support. Since customer service can get costly, businesses whose
competitive advantage is customer service avoid the lower-cost market sectors and do
better in the high-value sectors.

Even after you gain a competitive advantage, you are far from done. You will have to
maintain your competitive advantage continuously to be successful.

Q2.

It takes extensive research and strategic planning to gain a competitive advantage.

Every advantage is significant and counts for establishing your business as the leader in
your particular industry, especially in today's economy and this aggressive business
world.

Your target audience is a focused group of consumers that your company is looking to
market to with its products and services. You've differentiated this target market by
demographic, socioeconomic, and common needs or characteristics that turn them into
the perfect sales audience. However, your competition is also focusing on this target
market as well. By uncovering certain characteristics, you can find and gain a
competitive advantage over your competitors.

COST LEADERSHIP
Typically, businesses attempt to gain cost leadership as their first competitive
advantage. This is where a business is in the position to offer the same quality products
as the competition, but at a cost that is lower. Cost leadership happens when a
business figures out a way to yield products at a lower cost through perfecting
production methods or through using resources in a far better and more efficient
manner than the competition.

DIFFERENTIATION
The next strategy that companies often use for setting themselves apart from the
competition is differentiation. With this strategy, reducing prices is only one of many
feasible factors that can set a business apart from others. Companies that differentiate
themselves usually seek out one or more features or advantages they have that will set
them apart from the competition. Then they locate the sector of the market that will find
those features or advantages essential and market to them.

STRATEGIC ALLIANCES
Companies can gain a competitive advantage by seeking strategic alliances with other
companies within related or the same industry. However, companies need to be careful
not to cross any lines between alliances and deceit. This deceit can happen when
companies in the same industry attempt to collude to control prices. On the other hand,
strategic alliances are more like joint ventures that companies use to combine
resources and gain exposure for themselves at the expense of competition that is
outside the alliance.

QUALITY
Often, customers will pay more for better quality products or services. If you have more
expertise, superior design or access to higher-quality materials, product quality could be
your competitive advantage. If this is the case, you would need to find market sectors
that will purchase your higher-priced products.

BRAND
If promoting a well-known brand is your competitive advantage, you’ll need to reach
consumers who see the brand in a positive way, who need it, and can buy it. While
some brands can cut across multiple market sectors, like detergents, others like sports-
related brands, will need more focus.

SERVICE
By placing an emphasis on customer satisfaction, you can compete on service.
Customer service that focuses on creating higher levels of customer satisfaction implies
employees have good people skills, are trained in customer relations as well as the
products they support. Since customer service can get costly, businesses whose
competitive advantage is customer service avoid the lower-cost market sectors and do
better in the high-value sectors.

Even after you gain a competitive advantage, you are far from done. You will have to
maintain your competitive advantage continuously to be successful.

PESTLE ANALYSIS
Political factors relate to government controls and influences over economy or industry. Government
factors may be legislation or economic policies. The political environment can affect an industry
through a range of factors, including:
· Trade tariffs
· Conflicts
· Taxation
· Fiscal policies
Economic factors a have direct impact on a company’s long-term prospects in a market. The
economic environment may affect how a company prices their products or influence the supply and
demand model. Environmental factors can include:
· Inflation rate
· Disposable income
· Unemployment rate
· Interest rates
· Foreign exchange rates
· Economic growth patterns
Social factors, such as demographics and culture can impact the industry environment by influencing
peak buying periods, purchasing habits, and lifestyle choices. Society is important as people’s
culture and lifestyle can influence when, where and how they are likely to engage with products and
services. Social factors can include:
· Religion and ethics
· Consumer buying patterns
· Demographics
· Health
· Opinions and attitudes
· Media
· Brand preferences
· Education
Technological factors may have a direct or an indirect influence on an industry. While some
industries will be more affected by technology than others, innovations in technology may affect the
market and consumer choices and buying power. Technological factors can include:
· Automation
· Technological development
· Patents
· Licensing
· Communication
· Information technology
· Research and Development
· Technological awareness
Legal factors may affect both the internal and external environment of a company. The legal and
regulatory environment can affect the policies and procedures of an industry, and can control
employment, safety and regulations. Legal factors can include:
· Employment laws
· Consumer protection
· Industry specific regulations
· Regulatory bodies
· Environmental regulations
Environmental factors include all those relating to the physical environment and to general
environmental protection requirements. While the environment is more important to some industries,
such as tourism, agriculture or food production, these factors may influence a range of different
industries and are worth being aware of. Environmental factors include:
· Climate
· Geographical location
· Stakeholder and consumer values
· Environmental offsets
· Weather
· Global climate change

Q3

What is a SWOT analysis?

S.W.O.T. is an acronym that stands for Strengths, Weaknesses,
Opportunities, and Threats. A SWOT analysis is an organized list of your
business’s greatest strengths, weaknesses, opportunities, and threats.

Strengths and weaknesses are internal to the company (think: reputation,

patents, location). You can change them over time but not without some work.
Opportunities and threats are external (think: suppliers, competitors, prices)—
they are out there in the market, happening whether you like it or not. You
can’t change them.

Existing businesses can use a SWOT analysis, at any time, to assess a

changing environment and respond proactively. In fact, I recommend
conducting a strategy review meeting at least once a year that begins with a
SWOT analysis.

New businesses should use a SWOT analysis as a part of their planning

process. There is no “one size fits all” plan for your business, and thinking
about your new business in terms of its unique “SWOTs” will put you on the
right track right away, and save you from a lot of headaches later on.

Q4. 1. Demographic segmentation: The who

Demographic segmentation might be the first thing people think of when they hear
‘market segmentation’. This is perhaps the most straightforward way of defining
customer groups, but it remains powerful. Demographic segmentation looks at
identifiable non-character traits such as:

 Age
 Gender
 Ethnicity
 Income
 Level of education
 Religion
 Profession/role in a company

For example. demographic segmentation might target potential customers based on

their income, so your marketing budget isn’t wasted directing your messaging at people
who likely can’t afford your product.

Luxury goods manufacturer Montblanc worked with Yieldify to present a selection of

offers across their website. One sought to raise conversions using a Father’s Day deal
that offered a free gift to those spending over £200 – an amount that acknowledged the
spending expectations of Montblanc’s target audience and saw a +118% uplift in
conversions for those targeted

Another offer was aimed specifically at corporate gift buyers – a market segment that
Montblanc particularly appeals to – and resulted in a +30% uplift for that segment.

Segmentation isn’t just about your business reaching customers more effectively – it’s
also about those customers seeing messaging that is more relevant to them!
2. Psychographic segmentation: The why

Psychographic segmentation is focused on your customers’ personalities and interests.

Here we might look at customers and define them by their:

 Personality traits
 Hobbies
 Life goals
 Values
 Beliefs
 Lifestyles

Compared to demographic segmentation, this can be a harder set to identify. Good

research is vital and, when done well, psychographic segmentation can allow for
incredibly effective marketing that consumers will feel speaks to them on a much more
personal level.

In our experience working with luxury resort business Omni Hotels & Resorts, for
example, were aware that a big sector of the company’s target audience was always
keen to get the very best price they could. By targeting a notification campaign
specifically towards comparison shoppers, Omni Hotels & Resorts achieved a 39%
conversion rate uplift.

3. Geographic segmentation: The where

By comparison, geographic segmentation is often one of the easiest to identify,

grouping customers with regards to their physical location. This can be defined in any
number of ways:

 Country
 Region
 City
 Postal code

For example, it’s possible to group customers within a set radius of a certain location –
an excellent option for marketers of live events looking to reach local audiences. Being
aware of your customers’ location allows for all sorts of considerations when advertising
to consumers.
Using Yieldify’s tools, an online shoe store could show different products depending on
where the visiting customer was based: wellington boots for someone in the
countryside, pavement-friendly trainers for a city-dweller, strappy sandals to resort
visitors, and so on!

In large nations like the United States, customers could be presented with options that
match with local weather patterns. Geographical identification is an important part
of seasonal segmentation, which allows businesses to market season-appropriate
products to customers.

Some recent examples of proper geographic segmentation came from the response by
e-commerce businesses to the coronavirus pandemic. During lockdown stages, many
businesses shifted their focus to local communities to highlight how their services could
still be accessed online.

Conversely, as public spaces began to open up again purely e-commerce brands had to
shift their marketing plans to maintain the levels of business they had seen over the
lockdown period.

4. Behavioral segmentation: The how

Behavioral segmentation is possibly the most useful of all for e-commerce businesses.
As with psychographic segmentation, it requires a little data to be truly effective – but
much of this can be gathered via your website itself. Here we group customers with
regards to their:

 Spending habits
 Purchasing habits
 Browsing habits
 Interactions with the brand
 Loyalty to brand
 Previous product feedback
All of these are datasets that can be harvested from a customer’s usage of your website.
At Yieldify, we utilize behavioral segmentation to deliver highly relevant and targeted
campaigns based on a number of behavioral patterns:

 Number of sessions to your website

 Number of pages visited
 Time spent on site
 URLs visited
 Page types visited
 Shopping cart value
 Campaign history
 Referral source
 Exit intent
 Inactivity, and more.

For example, we can distinguish between a first-time visitor and someone who’s already
been on your site multiple times but haven’t purchased. Based on this behavioral data,
we can tailor our messaging accordingly:

Q5. What is a Stakeholder?

In business, a stakeholder is any individual, group, or party that has an interest
in an organization and the outcomes of its actions. Common examples of
stakeholders include employees, customers, shareholders, suppliers,
communities, and governments. Different stakeholders have different
interests, and companies often face trade-offs in trying to please all of them.

 
 

Types of Stakeholders

This guide will analyze the most common types of stakeholders and look at
the unique needs that each of them typically has. The goal is to put yourself in
the shoes of each type of stakeholder and see things from their point of view.

#1 Customers

Stake: Product/service quality and value

Many would argue that businesses exist to serve their customers. Customers
are actually stakeholders of a business, in that they are impacted by the
quality of service/products and their value. For example, passengers traveling
on an airplane literally have their lives in the company’s hands when flying
with the airline.

#2 Employees

Stake: Employment income and safety

Employees have a direct stake in the company in that they earn an income to
support themselves, along with other benefits (both monetary and non-
monetary). Depending on the nature of the business, employees may also
have a health and safety interest (for example, in the industries of
transportation, mining, oil and gas, construction, etc.).

#3 Investors

Stake: Financial returns

Investors include both shareholders and debtholders. Shareholders invest

capital in the business and expect to earn a certain rate of return on that
invested capital. Investors are commonly concerned with the concept
of shareholder value. Lumped in with this group are all other providers of
capital, such as lenders and potential acquirers. All shareholders are inherently
stakeholders, but stakeholders are not inherently shareholders.

#4 Suppliers and Vendors

Stake: Revenues and safety

Suppliers and vendors sell goods and/or services to a business and rely on it
for revenue generation and on-going income. In many industries, suppliers
also have their health and safety on the line, as they may be directly involved
in the company’s operations.
 

#5 Communities

Stake: Health, safety, economic development

Communities are major stakeholders in large businesses located in them. They

are impacted by a wide range of things, including job creation, economic
development, health, and safety. When a big company enters or exits a small
community, there is an immediate and significant impact on employment,
incomes, and spending in the area. With some industries, there is a potential
health impact, too, as companies may alter the environment.

#6 Governments

Stake: Taxes and GDP

Governments can also be considered a major stakeholder in a business, as

they collect taxes from the company (corporate income taxes), as well as from
all the people it employs (payroll taxes) and from other spending the company
incurs (sales taxes). Governments benefit from the overall Gross Domestic
Product (GDP) that companies contribute to.

Q61. rokel

Our Mission
THE MISSION OF ROKEL COMMERCIAL BANK IS TO PROVIDE BANKING
AND RELATED FINANCIAL SERVICES IN A MANNER THAT BUILDS
STRONG LASTING AND SATISFYING RELATIONSHIPS WITH CUSTOMERS,
EMPLOYEES, SHAREHOLDERS, AND THE COMMUNITIES IN WHICH THE
BANK OPERATES”
 Our Vision

“CREATING OPPORTUNITIES”
2. guaranty trust bank
Our Vision

We are a team driven to deliver the utmost in customer service.

We are synonymous with innovation, building excellence and superior financial

performance and creating role models for society.

Our Mission

We are a high quality financial services provider with the urge to be the best at all
times whilst adding value to all stakeholders.

 
.