Chapter 14

Question 1

Planning

Answer 1

The process of anticipating events and formulating strategies to realize the firm’s future objectives.

Question 2

Marketing planning

Answer 2

Designing activities relating to marketing objectives and the changing marketing environment.

Question 3

A marketing plan

Answer 3

Allows the platform for which actual and expected performance can be compared.

Question 4

Step 1: MARKETING PLAN PROCESS

Answer 4

Define the business mission

Question 5

Step 2: MARKETING PLAN PROCESS

Answer 5

Marketing objectives: should be formed based on the business’s mission.

Question 6

Step 3: MARKETING PLAN PROCESS

Answer 6

SWOT Analysis

Question 7

Step 4: MARKETING PLAN PROCESS

Answer 7

Competitive advantage: # competitors a firm must face

Question 8

Step 5: MARKETING PLAN PROCESS

Answer 8

Marketing strategy: Target market strategy

Question 9

Step 6: MARKETING PLAN PROCESS

Answer 9

Marketing strategy: Positioning strategy

Question 10

Step 7: MARKETING PLAN PROCESS

Answer 10

Marketing strategy: marketing mix (4P’s)

Question 11

Step 8: MARKETING PLAN PROCESS

Answer 11

Implementation, evaluation, and control.

Question 12

Monopoly

Answer 12

A firm controls the output and price of a product for which there are no substitutes

Question 13

Monopolistic competition

Answer 13

A relatively large number of suppliers offer a similar but not identical product.

Question 14

Strategic window

Answer 14

The limited period through which the ‘fit between the key requirements of a market and particular competencies of a firm is at an optimum.

Question 15

4 Types of the corporate culture

Answer 15

• Prospector
• Reactor
• Defender
• Analyser

Question 16

Prospector

Answer 16

Identifies and capitalizes on emerging market opportunities, emphasized through research and communication.

Question 17

Reactor

Answer 17

Responds to environmental pressures when forced to do so. The reactor is a follower, not a leader.

Question 18

Defender

Answer 18

Has a specific market domain, does not search outside that domain for new opportunities.

Question 19

Analyzer

Answer 19

Conservative and aggressive. Tries to identify emerging opportunities in other markets.

Question 20

Opportunity-utilization strategies

Answer 20

Management must be able to identify alternatives through the strategic opportunity matrix. It matches products with markets.

Question 21

Market-penetration

Answer 21

Increasing the market share among existing customers with an existing range of products.

Question 22

Product development

Answer 22

Strategy development entails the creation of new products for present markets.

Question 23

Diversification

Answer 23

Increasing sales by introducing new products into new markets.

Question 24

Product development

Answer 24

Attracting new customers to existing products