Strategic Market Planning (3.1, 3.2)

Question 1

Business Planning

Answer 1

Ongoing process of making decisions that guide the form in the short and long term at 3 levels

Question 2

The three levels of Business Planning (SFO)

Answer 2

Strategic, Functional, Operational

Question 3

Strategic Planning (Big picture )

Answer 3

Managerial process that matches the organization’s resources

Question 4

Strategic Business Units (SBUs)

Answer 4

Individual units within the firm represent different areas of business, each different enough to have their own objectives.

Question 5

Functional Planning (Market Planning)

Answer 5

various functional areas of the firm (marketing, finance, HR), setting out details about how to achieve the strategic objectives

Question 6

Operational Planning

Answer 6

Supervisory management (Eg. sales managers, brand managers, market research managers) creating detailed annual semi-annual and quarterly plans as well as day to day activities to carry out an organizations functional plans)

Question 7

Step 1 of strategic planning

Answer 7

Define the Mission statement

Question 8

Mission Statement

Answer 8

A formal statement describing the organization’s overall purpose and what it hopes to achieve. M

Question 9

Step 2 of strategic planning

Answer 9

Situation Analysis

Question 10

Situation Analysis

Answer 10

Environmental analysis internal and external

Question 11

Internal environment

Answer 11

Controllable elements within a firm

Question 12

External environment

Answer 12

Elements outside the firm not in their control

Question 13

External PEST + C

Answer 13

Political, Economical, Socio-Cultural, Technological, and competitive

Question 14

SWOT Analysis

Answer 14

Strengths, Weaknesses, Opportunities, Threats

Question 15

Step 3 of strategic planning

Answer 15

Set long-term Organisational SBU Objectives. It can be related to sales, profit, market share, sustainability, etc

Question 16

SMART Objectives

Answer 16

Specific, Measurable, Attainable, Relevant, Time Bound

Question 17

Step 4 of strategic planning

Answer 17

Establishing the Business Portfolio

Question 18

Business portfolio

Answer 18

The group of different products or brands in a firm.

Question 19

BCG Matrix

Answer 19

Helps make decisions about how to allocate funds across the firms different businesses.

Question 20

Stars

Answer 20

DOMINANT market share in HIGH-growth markets.

Requires money to keep up with production and promotion demands

Question 21

Cash Cows

Answer 21

DOMINANT market share in a LOW-growth market.

They are good to have, but not too many. (used to fund other endevours )

Question 22

Question marks

Answer 22

WEAK market share in a HIGH-growth market.

Potential to be stars. Needs new segmentation or positioning strategy.

Question 23

Dogs

Answer 23

Nobody wants

Can be a very specialised product or one at the end of its life cycle.

Question 24

Step 5 of strategic planning

Answer 24

Defining growth strategies

Question 25

Product Market Growth Matrix

Answer 25

Lays out options for how to achieve growth

Question 26

Market Penetration Strategy

Answer 26

SAME product SAME market. (Eg Nike opening new stores) (LEAST RISKY)

Question 27

Market Development Strategy

Answer 27

SAME product NEW Market

Question 28

Product Development Strategy

Answer 28

NEW product SAME Market (Eg Zara home)

Question 29

Diversification Strategy

Answer 29

NEW product NEW Market

Question 30

Step 1 of Marketing Strategy

Answer 30

Situation Analysis

Question 31

Situation Analysis

Answer 31

SWOT and PESTC specific to the marketing environment (4ps)

Question 32

Step 2 of Marketing Strategy

Answer 32

Set Marketing Objectives

Question 33

Set Marketing Objectives examples.

Answer 33

- to launch 2 new chocolate bars in the UK market by February 2024 to increase sales of existing line of chocolates by 15 % by June 202

Question 34

Step 3 of Marketing Strategy

Answer 34

Developing Marketing Strategies

Question 35

Developing Marketing Strategies

Answer 35

Identifying the target market based on 4ps

Question 36

Product Strategy

Answer 36

Features, Variations, Packaging, Design, Branding

Question 37

Pricing Strategy

Answer 37

Price set for customers, retailers, wholealers

Question 38

Promotion Strategy

Answer 38

How you communicate the products’ benefits to consumers (value proposition)

Question 39

Distribution Strategy

Answer 39

How and when the product/service will be made availableto targeted customers

Question 40

Step 4 of Marketing Strategy

Answer 40

Implementation & Control of the Marketing Plan