TOPIC 3

Question 1

The process of developing and maintaining a strategic fit between the organization’s goals and capabilities and it’s changing marketing opportunities.

Answer 1

Strategic Planning

Question 2

A statement of the organization’s purpose- what it “wants to accomplish” in the larger environment.

Answer 2

Mission Statement

Question 3

A mission statement asks…

Answer 3

• What is our business?
• Who is our customers?
• What do consumers value?
•What should our business be?

Question 4

A formal summary of the aims and values of a company, organization, or individual. “Reason for being”

Answer 4

Mission Statement

Question 5

A ___ mission statement is essential for effectively establishing objectives and formulating strategies.

Answer 5

Clear

Question 6

MSC: Who are the firm’s ____?

Answer 6

Customers

Question 7

MSC: What are the firm’s major _____ or _____?

Answer 7

Products or Services

Question 8

MSC: Geographically, where does the form compete?

Answer 8

Market

Question 9

MSC: is the firm technologically current?

Answer 9

Technology

Question 10

MSC: is the firm committed to growth and financial soundness?

Answer 10

Concern for survival, growth, and profitability

Question 11

MSC: What are the basic beliefs, values, aspirations, and ethical priorities of the firm?

Answer 11

Philosophy

Question 12

MSC: firm’s distinctive competence or major competitive advantage?

Answer 12

Self Concept

Question 13

A company’s road map, indicating both what the company wants to BECOME.

Answer 13

Vision statement

Question 14

Is the collection of businesses and products that make up the company.

Answer 14

Business Portfolio

Question 15

Business Portfolio has a 2 steps:

Answer 15

• Analyzing the current business Portfolio.
• Shaping the future portfolio

Question 16

Portfolio Analysis is the process which the management ______ the product and businesses.

Answer 16

Evaluates

Question 17

Can be a company division, a product line within a division, or sometimes a single product/brand.

Answer 17

Strategic Business Units (SBU)

Question 18

Who made the growth matrix? Start, ??, cash cow, and dog.

Answer 18

Ansoff’s growth matrix

Question 19

Matrix: High, High

Answer 19

Star

Question 20

Matrix: High, Low

Answer 20

Question Mark

Question 21

Matrix: Low, High

Answer 21

Cash Cow

Question 22

Matrix: Low, Low

Answer 22

Dog

Question 23

Analyzing Current Business Portfolio:
Build, Hold, Harvest, Divest.

Answer 23

1. Increase Market Share
2. Preserve Market Share
3. Increase Short-Term Cash flow
4. Sell or Liquidate

Question 24

Enumerate: Developing Startegies For Growth

Answer 24

Market Penetration
Market Development
Product Development
Diversification

Question 25

T or F: Market Development - Making more sales to CURRENT customers WITHOUT CHANGING ITS PRODUCTS.

Answer 25

F: Market Penetration

Question 26

Develop new Market for its current products

Answer 26

Marketing Development

Question 27

Offering modified or new products to current markets.

Answer 27

Product Development

Question 28

New Products for New Market

Answer 28

Diversification

Question 29

A group of Consumers who responds in a similar way to a given set of marketing effort

Answer 29

Market Segment

Question 30

Evaluating each segment's attractiveness and selecting one or more segments to enter.

Answer 30

Targeting

Question 31

Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products IN THE MINDS OF TARGET CONSUMERS.

Answer 31

Positioning

Question 32

The 4c's

Answer 32

Customer Solution Customer Cost Convenience Communication

Question 33

Marketing Function: Finding opportunities, Avoiding Threats, Understanding Strengths, Analyzing Weaknesses.

Answer 33

Analysis

Question 34

Marketing Function: Marketing Plan

Answer 34

Planning

Question 35

Analysis: internal capabilities

Answer 35

Strength

Question 36

Analysis: Internal Limitations

Answer 36

Weaknesses

Question 37

Analysis: External Factors (Advantage)

Answer 37

Opportunity

Question 38

Analysis: Current and Emerging external factors.

Answer 38

Threats

Question 39

Marketing Function: Plans are turned into action with day to day activities.

Answer 39

Implementation

Question 40

Marketing Function: Evaluation of the results of marketing strategy.

Answer 40

Control

Question 41

Identify: 4 Marketing Function

Answer 41

Analysis Planning Implementation Control

Question 42

Enumerate the 3: Customer Driven Marketing strategy

Answer 42

Market Segment Targeting Positioning

Question 43

Enumerate: Marketing Functions

Answer 43

Analysis Planning Implementation Control