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MKTG 2P91 > Chapter 2 Strategic Planning in Contemporary Marketing > Flashcards

Chapter 2 Strategic Planning in Contemporary Marketing Flashcards

(52 cards)

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1
Q

Define Planning

A

Anticipating future events and conditions and determining the best way to achieve organizational objectives

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2
Q

Define Marketing Planning

A

Implementing planning activities devoted to achieving marketing objectives

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3
Q

Define Strategy

A

The integrated set of choices that positions the business in its industry as to generate superior financial returns over the long run

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4
Q

Strategic Planning

A
  • Determining organizations primary objectives
  • Adopting courses of action that will achieve these objectives
  • Provides long term direction for its decision makers
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5
Q

Tactical Planning

A
  • Guides the implementation
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6
Q

List the Managerial Levels

A
  • Top Management
  • Middle Management
  • Supervisory Management
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7
Q

Describe Top Management and provide an example

A

Top Management: Chief Executive Officer (CEO)
Type of planning: Strategic Planning
Examples: Fundamental strategies, total budget

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8
Q

Describe Middle Management and provide an example

A

Middle Management: General Sales Manager
Type of planning: Tactical Planning
Examples: Divisional policies and procedures, business unit budgets

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9
Q

Describe Supervisory Management and provide an example

A

Supervisory Management: Supervisor
Type of Planning: Operational Planning
Examples: Daily and weekly plans, department rules and procedures

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10
Q

Forms of aspirations

A
  • Mission: Why we exist
  • Vision: What future we want to create
  • Values: What is important to us
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11
Q

Define Mission

A

Essential mission that differentiated one company from another
- Short statement that describes the nature of the business

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12
Q

Characteristics of a mission statement

A
  • Broad in scope
  • Does not include monetary amounts, numbers or objectives
  • Fewer than 150 words
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13
Q

Components of Mission Statement

A
  • Customers
  • Markets
  • Concern for employees
  • Concern for growth/profits/survival
  • Technology
  • Products/services
  • Inspiring and enduring
  • Concern for public image
  • Philosophy
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14
Q

Define Values

A

What we believe in and how we will behave

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15
Q

Define Vision

A

What we want to be

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16
Q

Define Strategy

A

Competitive game plan

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17
Q

Define Balanced Scorecard

A

How we will monitor and implement the plan

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18
Q

Define Objectives

A

Guide the development of marketing objectives and plans

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19
Q

Define Marketing Strategy

A

Selecting and satisfying target consumers through the marketing mix elements

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20
Q

Purpose of Porter’s Five Forces Model

A
  • Competitive analysis
  • Determine market attractiveness
  • Focuses on external factors that determine the shape of the competition
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21
Q

Components of Porter’s Five Forces Model

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A
  • Threats to new entrants
  • Bargaining power of buyers
  • Bargaining power of suppliers
  • Threat of substitute products
  • Rivalry among competitors
22
Q

Define First Mover Strategy

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A

The company first to offer a product in a marketplace will be the long term market winner

23
Q

Define Second Mover Strategy

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A

Observing innovation to first movers and then improving on them to gain competitive advantage in the marketplace

24
Q

SWOT Analysis

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A
  • Compares the organizations strengths and weaknesses with its opportunities and threats
  • Internal environment vs external environment
25
Strengths
- Cost advantages - Financial resources - Customer loyaly
26
Weaknesses
- Too narrow a product line - Inadequate financing capabilities - High costs of operation
27
Opportunities
- Add to product line | - Enter new markets
28
Threats
- Changing buyer tastes - Likely entry of new competitors - Adverse government policies
29
Strategic Window
Limited periods when key requirements of a market and a firms particular competencies best fit together
30
Define Target Market
The group of people toward whom the firm directs its marketing
31
Marketing Mix Variables
- Product - Promotion - Price - Distribution
32
Product Strategy
Deciding what goods or services the firm should offer to a group of consumers
33
Promotion Strategy
Communication link between sellers and buyers directly through sales people or indirectly through advertising and promotions
34
Pricing Strategy
Methods of setting profitable and justifiable prices A good pricing strategy: - Creates value for customers - Builds and strengthens customer relationships with a firm and its products
35
Distribution Strategy
Involves modes of transportation, warehousing, inventory control, order processing and selection of marketing channels
36
External Factors Affecting the Marketing Mix
- Competitive - Political/legal - Economic - Technological - Social/cultural
37
Rule of Three
The 3 strongest, most efficient companies dominate between 70 to 90 percent of a market Example: Cereal manufacturers (General Mills, Kellogs, Post)
38
Methods for Marketing Planning
- Business Portfolio Analysis - BCG Matrix (different business divisions) - Ansoff Matrix (business in 1 or 2 sectors)
39
Define the Ansoff Matrix (Strategic Growth Opportunity)
An analysis of potential growth opportunities based on existing or new customers and existing or new products
40
Components of the Ansoff Matrix
- Market Penetration - Product Development - Market Development - Diversification
41
Define Market Penetration
Company wants to increase market share and increase product | - Could be done through marketing promotion (buy one, get one)
42
Define Product Development
Company wants to improve product or extend the product line | - Brings more customers (Coke introduces Diet Coke)
43
Define Market Development
International markets - Product expands into another country New market segments - Product brands may use different market segments
44
Define Diversification
``` Related diversification (Wholefoods market) Unrelated diversification ```
45
Define Business Portfolio Analysis
An evaluation of a company's products and divisions to determine the strongest and weakest
46
Define Strategic Units
Key business units with diversified firms - Each has its own managers, resources, objectives and competitors - Each pursue its own distinct mission and develops its own marketing plans
47
BCG Market Share/Market Growth Matrix
BCG Analysis - A market share/market growth matrix that plots market share against market growth potential
48
High Market Share/High Industry Growth Rate
Stars: Generate considerable income | - Strategy: Invest more funds for future growth
49
Low Market Share/High Industry Growth Rate
Question Marks: Have potential to become stars or cash cows | - Strategy: Either invest more funds for growth or consider disinvesting
50
Low Market Share/Low Industry Growth Rate
Dogs: Generate little profits | - Strategy: Consider withdrawing
51
Steps in the Planning Process (Corporate Level)
1. Determine the mission of the organization 2. Determine organizational objectives 3. Assess organizational resources and environmental risks and opportunities
52
Steps in the Planning Process (Business Unit Level)
1. Formulate strategy 2. Implement strategy through operating plans 3. Monitor and adapt strategies based on feedback

MKTG 2P91 (5 decks)

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