Ch.3 Strategic Planning

Question 1

Managerial process of
Creating/maintaining a fit btw org’s objectives/resources & evolving market environment
Goal : long-run profitability & growth

Answer 1

Strategic planning

Question 2

3 Levels of Strategic Planning

Answer 2

1. Corporate
2. Business
3. Marketing

Question 3

“___” takes place at the highest level of org, sets direction & scope
- mission statement
- set org goals & obj
- key business opportunities & constraints
- allocation of resources

Answer 3

Corporate Strategic Planning

Strategic directions incl.
SWOT analysis/ Portfolio analysis/ Growth strategy

Question 4

“___” is undertaken at SBU level, addresses
- issues of when/ where/ how/ whom to compete
- Goal : gain competitive advantage
- identify core competencies

Answer 4

Business Strategic Planning

Question 5

“___” aim at Target Market & Mktg Mix
- incl. production/ branding/ $/ communication
- identify target markets
- develop mktg mix (4p)
- mktg audits/annual review

Answer 5

Marketing Strategic Planning

Question 6

A subgroup of business(es) which has
- specific Mission & Target Market
- control over resources/competitors
- independent plans

Answer 6

SBU
Strategic Business Unit

Question 7

Strategic vs Tactical in
1. decision level
2. scope width
3. term length
4. impact long-run

Answer 7

Strategic / Tactical
1. All 3 / low operation or mktg lvl (directed by corporate level)
2. Wide / Narrow
3. Long / Short
4. Affect resource, financial /
limited profitability impact

Question 8

___
- Answers “the value we provide”
- based on analysis of Cx’s benefits
- establish boundaries for decision/ obj/ strategy

Answer 8

Mission Statement

Question 9

In business planning for Competitive Adv., completing a SWOT analysis to

Answer 9

1. Implement strategy for SBU growth
2. Achieve Competitive Adv.
3. Identify Core Competencies

Question 10

SWOT analysis:
Internal environment &
External environment

Answer 10

Strength & Weakness
Internal
Financial/ Mngt/ Mktg

Opportunities & Threats
External
Competitive/ Regulatory/ Economic/ Social/ Tech

Question 11

Ansoff’s Strategic
Opportunity Matrix

Answer 11

Current ←Product→ New
Market Penetration
↑ Product Dev.
Market
↓ Market Dev. Diversification
New

Question 12

Market Penetration

Ansoff’s strategic opportunity matrix

Answer 12

Increase market share among existing Cx by
selling more current products

e.g. reloadable card/ all-day brkfst

Question 13

Market Development

Ansoff’s strategic opportunity matrix

Answer 13

Attracting new Cx
to existing products

e.g. oversea branches & localized additions

Question 14

Product Development

Ansoff’s strategic opportunity matrix

Answer 14

New products/trends for current market

e.g. new soup/ sandwiches/ donuts

Question 15

Diversification

Ansoff’s strategic opportunity matrix

Answer 15

New products intro into new markets
Riskiest

e.g. Indigo books→home/ fashion/ wellness

Question 16

___ is a set of unique features of a company & its products perceived by target market as
significant & superior in competition

Answer 16

Competitive Advantage
in
- Cost
low-cost w/ satisfactory profit
- P/S Differentiation
unique & valuable benefit
- Niche Strategies
serve single market segmt
geographic / product

Question 17

8 Cost Competitve Advantages

Answer 17

1. Experience Curve
2. Efficient Labour
3. No-Frills G/S
4. Gov Subsidies
5. Product Design
6. Re-Engineering
7. Production Innovation
8. New Srv Delivery

Question 18

Advantage that cannot be copied by the competition

Answer 18

Sustainable Competitive Adv.

Question 19

2 Sources of tomorrow’s competitive advantages

Answer 19

Skills & Assets

Question 20

A statement of what to accomplish thru mktg activities

Answer 20

Marketing Objective

Question 21

5 Criteria of Marketing Objective

Answer 21

SMART
1. Specific
no guessing
2. Measurable
unit e.g. $
3. Attainable
realistic reachable
4. Relevant
on-brand, mission-paralleled
5. Time-Bound
time window assigned

Question 22

Target market strategy identifies market segmt. & begins w/ “___”
then decide how many segmts

Answer 22

MOA
Market Opportunity Analysis

Description & est. of size & sales potential of market segmts that are
of interest to the business &
assessment of competitors

Question 23

Marketing Mix

Answer 23

Product
Place
Promotion
Price

4P

Question 24

Heart of Marketing Mix & starting point

in Marketing Mix

Answer 24

Product strategies
& product offering

Question 25

• Buyer must give up to obtain product
• Most flexible/quickest change in 4P
• Important competitive weapon
• “Value” in consumer’s mind

in Marketing Mix

Answer 25

Price Strategies

Question 26

Making products available when/where Cx wants them

Answer 26

Place (Distribution) Strategies

Physical Distribution:
Storing & Transporting

Question 27

Introduce/ facilitate/ sustain conversation & community between company and customer

Answer 27

Promotion Strategies
aka IMC
Integrated Mktg Communications

incl. ads/ direct mktg/ PR/ sales promo/ personal selling/ digital mktg

Question 28

the process turns mktg plan into action, ensures to be executed & accomplishes objectives

*doing what you said you were going to do”

Answer 28

Implementation

Question 29

Gauging the extent the mktg objectives achieved

& 4 common failing reasons

Answer 29

Evaluation

1. Unrealistic Obj
2. Inappropriate Strategy
3. Poor Implementation
4. Change in Environment

Question 30

___ provides mechanisms for
1. Evaluating Mktg results
2. Correcting actions not reaching org obj

Answer 30

Control

Question 31

Broadest control device available to mktg managers
- helps allocate resources efficiently
- develop profile of org’s mktg effort
- a basis to develop & revise mktg plan
- selling philosophy/tech of strategic mktg to org members
- imporve communication
- raise mktg consciousness

Answer 31

Marketing Audit

Question 32

4 Characteristics of
Marketing Audit

Answer 32

1. Comprehensive
   covers major issues
2. Systematic
   takes place in sequence, covers org’s mktg environment, system/ activities
3. Independent
   inside/outside party to conduct
4. Periodic
   regular scheduled

Question 33

Effective Strategic Planning requires

Answer 33

1. Continual Attention
2. Creativity
3. Mngt Commitment