company and marketing strategy

Question 1

what is strategic planning

Answer 1

the process of developing and maintaining a strategic fit between the organisation’s goal, capabilities and its changing marketing opportunities

Question 2

strategy steps

Answer 2

1. defining the company mission/vision
2. setting objectives and goals
3. designing the business portfolio
4. planning marketing and other functional strategies

Question 3

what is a vision statement

Answer 3

aspirational, to the world, not about the company

Question 4

what is a mission statement

Answer 4

statement of the organisation’s purpose- what it wants to accomplish in the large environment

Question 5

What does SMART stand for

Answer 5

specific
measurable
achievable
relevent
time-based

Question 6

which model is related tot objective and goals

Answer 6

the SMART model

Question 7

what is a business portfolio

Answer 7

collection of businesses and products that make up the company

Question 8

what is a business portfolio analysis

Answer 8

process by which management evaluates the products and businesses that make up the company

Question 9

What is the BCG growth-share matrix

Answer 9

portfolio planning method that evaluates a company’s SBUs in terms of market growth rate and relative market share

Question 10

what does the BCG growth-share matrix entail

Answer 10

y axis - market growth rate
x axis - relative market share
cash cow, STAR, question mark, dog

Question 11

what is the product/market expand grid

Answer 11

portfolio planning tool for identifying company growth opportunities through market penetration; development and product development or diversification

Question 12

what does the product/market expansion grid entail

Answer 12

existing market + existing product = market penetration
existing market + new product = product development
new market + existing product = market development
new market + new product = diversification

Question 13

what is downsizing

Answer 13

reducing the business portfolio by eliminating product/business units that are not profitable anymore or do not fit in the company strategies

Question 14

what is an internal value chain

Answer 14

series of internal departments that carry out value-creating activities to design, produce, market deliver and support firm products

Question 15

what is a value delivery network

Answer 15

network composed of the company suppliers, distributors and consumers, who partner with each other to improve the performance of an entire system in delivering costumer value

Question 16

what does marketing analysis entail

Answer 16

+ve and internal = strength
-ve and internal = weakness
+ve and external = opportunity
-ve and external = threats

Question 17

what does a marketing plan entail

Answer 17

executive summary, current marketing situation, threats and opportunities analysis, objectives and issues, action programmes, budget, controls

Question 18

what is marketing implementation

Answer 18

turning marketing strategies and plans into marketing actions to accomplish strategic objectives

Question 19

what is ROI

Answer 19

net return from a marketing investment divided by the costs of the marketing investment