CH 2 -- Strategic Panning in Contemporary Marketing

Question 1

Planning

Answer 1

Process of anticipating future events and conditions and of determining the best way to achieve organizational goals

Question 2

Marketing Planning

Answer 2

Implementing planning activities devoted to achieving marketing objectives

Question 3

Strategic Planning

Answer 3

Process of determining an organizations primary objectives and adopting courses of action that will achieve these objectives

Question 4

Tactical Planning

Answer 4

Planning that guides the implementation of activities specified in the strategic plan

Question 5

Mission

Answer 5

Essential purpose that differentiates one company from others

Question 6

Marketing Strategy

Answer 6

Overall, company wide program for selecting a particular target market and then satisfying consumers in that market through the marketing mix

Question 7

Porter’s Five Forces

Answer 7

Model developed by strategy expert Michael Porter that identifies five competitive forces that influence planning strategies

Question 8

What are the five forces

Answer 8

Potential new entrants
Bargaining power of buyers
bargaining powers of suppliers
threat of substitute products
rivalry among competitors

Question 9

First Mover Strategy

Answer 9

Theory advocating that the company first to offer a product in a marketplace will be the long-term market winner

Question 10

Second Mover Strategy

Answer 10

Theory that advocates observing closely the innovation of the first movers and then improving on them to gain advantage in the marketplace

Question 11

SWOT Analysis

Answer 11

Review that helps planners compare internal organizational strengths and weaknesses with external opportunities and threats

Question 12

Strategic Window

Answer 12

Limited periods when key requirements of a market and a firm’s particular competencies best fit together

Question 13

A marketing strategy consists of:

Answer 13

1. Target Market
2. The marketing mix variables of product, distribution, promotion and price that combine to satisfy the needs of the target market

Question 14

Marketing Mix

Answer 14

Blending of the four strategy elements, product, distribution, promotion and pricing– to fit the needs of a preferences of a specific target market

Question 15

Four elements of marketing strategy are:

Answer 15

Product, Promotions, Distribution, Pricing

Question 16

Marketing Environment

Answer 16

5 Dimensions:

Political-Legal
Economic
Technological
Social-Cultural
Competitive

Question 17

Strategic Business Units

Answer 17

Key Business Units within diversified firms