02 Strategic Marketing

Question 1

Why plan?/Purpose of Planning (4)

Answer 1

1) Help focus on the goal
2) Estimate job/project completion
3) Establish milestones and track progress
4) Identify problems along the way

Question 2

Types of Plans (3)

Answer 2

1) Strategic (goal, broader guideline) vs. Tactical Objectives (marketing plan to achieve strategic goal, specific)
2) Long Term/Range vs. Short Term/Range (time)
3) Business plan vs. Departmental plans

Question 3

Elements of a Basic Plan (3)

Answer 3

1) Where is the company currently: Situation analysis (SWOT)
2) Where does it want to go: Mission/Objectives
3) How do we get there?Strategy and tactics (how will the business reach said mission/objectives?).

Question 4

Boston Consulting Group Matrix components

Answer 4

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)

Question 5

Factors (Environmental scanning) (2)

Answer 5

1) Internal and external
2) Controllable and uncontrollable

internal/controllable: employee wages
internal/uncontrollable: electric costs, building rent
external/controllable: lobbyism
external/uncontrollable: competition, global economy, poltics

Question 6

External Environmental Scanning Factors (6)

Answer 6

1) Demographic factors (redesign product with young market for older people)
2) Socio-cultural: growing ethic diversity: turkish books
2) Economic/Financial
3) Legal/Political
4) Competitive: solar panels by chinese
5) Global: global warming
6) Technological: invest in faster internet 5G

Question 7

SWOT-Analysis

Answer 7

Strength: Advantages, Capabilities, Marketing (reach, distribution, awareness)
Weaknesses: Lack of competitive strength, financials
Opportunities: market developments, business and product development
Threats: Environment effects, market demand, obstacles

Question 8

Marketing Strategies: Activities for best marketing strategy and mix

Answer 8

(1) Marketing analysis

(2) Planning, Implementation and control

Question 9

Marketing mix

Answer 9

integration of product, price, place and promotion

Question 10

Marketing strategy definition

Answer 10

Marketing logic by which the company hopes to create customer value and achieve profitable customer relationship

Question 11

Steps in Divide and Conquer Strategy

Answer 11

1) Segmentation: male/female, spending power, age
2) Targeting: e.g. female market
3) Differentiation and Positioning: if everyone targets females - i have to position product differently, they have to think of mine as better, different