Chapter 2

Question 1

Marketing Plan

Answer 1

How the organization achieves goals and objectives

*Not the same as a business plan

Instructs employees of their roles and functions

Allocation of resources, marketing tasks, responsibility and timing

1. Marketing Goals and Objectives
2. Marketing Strategy
3. Implementation
4. Evaluation and Control

Question 2

Mission Statement

Answer 2

What business are we in?

Question 3

Vision Statement

Answer 3

What do we want to become?

Question 4

Five Elements of Mission Statement

Answer 4

1. Who are we?
2. Who are our customers?
3. What is our operating philosophy?
4. What are our core competencies?
5. What are our responsibilities?

Question 5

Marketing Plan Structure

Answer 5

I. Executive Summary
II. Situation Analysis
III. SWOT Analysis
IV. Marketing Goals and Objectives
V. Marketing Strategy
VI. Marketing Implementation
VII. Evaluation and Control

Question 6

Situation Analysis

Answer 6

Summarizes all pertinent information obtained about 3 key environments:

1. Internal Customer Environment
2. Customer Environment
3. External Environment

Question 7

Marketing Plan Goals

Answer 7

Statements of Desired and Expected Outcomes

Broad statements of what is to be accomplished

Question 8

Marketing Strategy

Answer 8

Identify the primary and secondary target market

*Branding and positioning strategy

How the firm manages relationships with customers to give it an advantage over the competition

Question 9

Marketing Implementation

Answer 9

How, What, Why, When, Who

Question 10

Strategic Planning Changes (Last 2 Decades)

Answer 10

*Renewed Emphasis on the Customer

Advent of Balanced Strategic Planning

Question 11

Customer Focused Strategy

Answer 11

• 1. Customer Needs and Wants First
• 2. Long-Term, Value-Added Relationships
     
     3. Understanding Customers
• 4. Customer at Top of Hierarchy
     
     5. New Ways to Cooperate with Suppliers and Competitors to Serve Customers More Efficiently and Effectively

Question 12

Balanced Strategic Planning

Answer 12

Financial Indicators
Customers
Internal Processes
Learning and Growth

Question 13

SWOT Analysis

Answer 13

Focuses on Internal Factors (Strengths and Weaknesses) and External Factors (Opportunities and Threats)

Derived from the situation analysis

Question 14

Key to Strategic Focus

Answer 14

Match firm’s strengths with its opportunities to deliver value to customers

Question 15

Marketing Plan Objectives

Answer 15

Statements of Desired and Expected Outcomes

Specific performance targets. Quantitative to permit reasonably precise measurement.