Chapter 15 - Strategic Marketing Planning

Question 1

Organizing structure and strategy

Answer 1

Marketing strategy needs to be linked to the social goals of the company’s mission statement

(Business firm, not for profit organization)

Question 2

Types of organizations

Answer 2

Not for profits
Business firms
Firm
Company
Organization
Cooperation

Question 3

Strategy

Answer 3

An organizations long term course of action

How to apply limited resources

Question 4

Business Plan

Answer 4

Converts the value of your company

Identifies SWOT elements

Helps develop accurate forecasts

Question 5

Strategy issues

Answer 5

The business
Th Mission
The Goals
The budgets and financials

Question 6

Strategy issues: Mission

Answer 6

A statement of the organizations scope, often identified its customers, markets, products, technology, and values.

Inspirational theses- that can ignite the loyalty of customers, employees, stakeholders, and others with whom the organizations comes in contact

Question 7

Strategy issues: Goals

Answer 7

Profit
Sales
Employee welfare
Social responsibility
Market share
Customer satisfaction
Quality

Question 8

Strategy issues: Budgets and Financials

Answer 8

Marketing plans need to generate sales forecasts that lead to determining a companies cash flow

Consider realistic (expected), optimistic (best case), and pessimistic (worst case) forecasts

Review last resales, upcoming contracts, and market predictions on emerging trends

Question 9

Tracking strategic performance

Answer 9

Once the marketing plan is put into practice, it is immediately evaluated, and adjusted if needed.

Question 10

Marketing dashboards

Answer 10

Visual computer display of the essential information relative to achieving a marketing objective

Question 11

The marketing Plan

Answer 11

A road map for the marketing activities of an organizations for a specific future Period of time (ex. One year, five years, etc,)

Planning to implementation to evaluation

Question 12

The planning phase of the marketing plan steps

Answer 12

1. Situational Analysis (“where are we now.”)
2. Market product focus and goal setting (“where do we want to go.”)
3. Marketing Program (“how will we get there.”)

Question 13

Step 1 of the planning phase in the marketing plan - Situational Analysis

Answer 13

“Where are we now”

taking stock of the products past performance, where it is now, and where it is heading.

SWOT Analysis
customer - provide value and benefits to customers new and old
competencies - special distinguishable capabilities
competitors- external analysis

Question 14

Step 2 of the planning phase in the marketing plan- Markel-Product Ficus and Goal Setting

Answer 14

“Where do you want to go.”

Set market and product goals
Select target market

Determine competitive advantages (characteristics of a product that make is superior to competing substitutes)

Position the product

Question 15

competitive advantages

Answer 15

characteristics of a product that make is superior to competing substitutes

Question 16

The planning phase: Business Portfolio Analyisis

Answer 16

Used performance measures and market growth rates to analyze a firms SBUS

Question 17

Step 3 of the Planning Phase of marketing Plan - Marketing Program

Answer 17

“How will we get there?”

4 Ps - product , price, place, promotion

Question 18

The planning phase - Strategic Marketing Process

Answer 18

How an organization allocated its marketing mix to reach its target markets and achieve its goals

How to allocate resources
How to convert plans into actions
How to compare with plans, and whether deviations require new plans

Question 19

The Implementation Phase

Answer 19

Obtaining resources
Designing the marketing organization
Developing schedules
Executing the marketing program

Question 20

Marketing tactics

Answer 20

Details day to day operational decisions

Question 21

The evaluation Phase

Answer 21

Compare results either plans to identify deviations. Use marketing dashboard.

Act to correct negative deviations and exploit positive ones

“How did we do compared to our goals?”

“What do we need to fix? “

Question 22

Three organizational levels of Marketing

Answer 22

Corporate, business, and functional levels

Question 23

Corporate level of Marketing

Answer 23

Focus on overall direction and vision of the organization as a whole.

Makes strategic decisions for the ENTIRE company.

Defining company’s mission, goals, and values, setting long term objective to guide the organization.

Maintain a strong cooperate identity

Question 24

Business level of marketing

Answer 24

Focuses shifts to individual business units (SBUs - strategic business units.)

Each have their own goals, competitors, and market strategies.

Analyse competitors, market trends, and customer needs within SBU.

Develop strategic plans tailored to the specific business units goals.

Identifying which customers and markets to target.

Ex. Samsung has mutation SBUs like mobile devices, home appliances, and semiconductors, each each SBU has its own marketing strategy to address specific customer needs and competitive environments

Question 25

Functional Level of Marketing

Answer 25

Focus in day to day operations and the tactical implementation of marketing strategies.

Departments within SBUs like marketing, sales, operations, finance work together to create business level strategies.

Translating business unit strategies into actionable marketing campaigns and actives.

Managing the 4 Ps. Planning marketing campaigns, promotions, and sales efforts.

Measuring KPIS and customer engagement

Question 26

Setting strategic directions

Answer 26

Involved identifying a company’s long term goals and crafting a plan to achieve them.

Requires analyzing three key elements:
Customers
Competencies
Competitors