02 - Strategic Marketing Flashcards
Purpose of Planning (4)
1) Help focus on the goal
2) Estimate job/project completion
3) Establish milestones and track progress
4) Identify problems along the way
Types of Plans (3)
1) Strategic vs. Tactical Objectives
2) Long Term vs. Short Term (time)
3) Business plan vs. Departmental plans
Elements of a Basic Plan (3)
1) Situation analysis (SWOT)
2) Mission/Objectives
3) Strategy and tactics (how will the business reach said mission/objectives?).
Boston Consulting Group Matrix components
1) Question mark (Low MS, High MG)
2) Star (High MS, High GR)
3) Cash cow (High MS, Low GR)
4) Dog (Low MS, Low GR)
Characteristics of a mission statement (6)
1) Market Oriented
2) Realistic
3) Specific
4) Fit market environment
5) Distinctive competences
6) Motivating
Criteria for a good objective (6)
1) Clear
2) Distinctive
3) Quantitative in nature
4) Bound by a time-frame
5) Divisible
6) Flexible
(SMART objectives)
Factors (Environmental scanning) (2)
1) Internal and external
2) Controllable and uncontrollable
Internal Environmental Scanning Factors (6)
1) Top Management
2) Finance
3) R&D
4) Purchasing
5) Manufacturing
6) Accounting
External Environmental Scanning Factors (6)
1) Socio-cultural
2) Economic/Financial
3) Legal/Political
4) Competitive
5) Global
6) Technological
Marketing grid components (4)
1) Market Penetration (EP & EM)
2) Market Development (EP & NM)
3) Product Development (NP & EM)
4) Diversification (NP & NM)
Reasons for Downsizing
1) Rapid growth of the company
2) Lack of experience in a market
3) Change in a market environment
4) Decline of a particular product.
(Always consider BCG Matrix)
Cooperative Strategies (2)
1) Joint Venture
2) Value-chain partnership
Definition: Joint Venture
The situation where two businesses work together on a product/service/project, effectively gaining varying levels of synergy.
Definition: Value-chain-partnership
For example when FedEx and USPS team up to take advantage of each others’ strengths.
