Chapter 2

Question 1

strategic planning steps

Answer 1

1) Defining company mission
2) setting company objectives and goals
3) designing business portfolio
4) planning marketing and other functional strategies

Question 2

Mission statement

Answer 2

statement of orgs purpose

• meaningful, specific, motivating
• Market-oriented( not products because things can change)
• focus on customer and customer experience seeks to create( not $)

Question 3

Company objectives and goals

Answer 3

Mission turned into detailed supporting objectives for all level of mana

Question 4

Business portfolio

Answer 4

collection of businesses and products that make company

Question 5

First step of business portfolio

Answer 5

Analyze current business portfolio
- identify strategic business units(SBU’s): company division, product line, or single product/brand
Growth share matrix

Question 6

2nd step in business portfolio

Answer 6

product market expansion grid:
- Market penetration: company’s growth by increasing sales of current products to current market segments
Market development-identify and develop new market segments with current products
Product dev- new prods to current market
diversification- starting or acquiring business outside companys current prods and markets
Downsising: focus on promising growth opportunities instead of wasting energy on fading ones

Question 7

step 4: planning marketing: partnering to build customer relationships:

Answer 7

each department must work together to provide customer satisfaction
- Value chain: the series of internal departments that carry out value-creating activities to design, produce, market, deliver, and support a firm’s products.

Question 8

Managing the marketing effort

Answer 8

1) marketing analysis
Swot

2) marketing planning(what and why)
Executive summary-current marketing situation- objectives and issues-action programs-budgets

3)Market implementation( who,when,where,how)
turns marketing strategies and plans into marketing actions to accomplish objectives
C-SUITE: CEO,CFO, COO,CTO,CMO

4)Market control
Measuring and evaluating results of marketing strategies and plans to take corrective actions to ensure objectives are achieved

Question 9

marketing strategy

Answer 9

The company decides which customers it will serve (segmentation and targeting) and decide on value position (differentiation and positioning)

• positioning:arranging for a product to occupy a clear, distinctive, and desirable place relative o competing products in the minds of consumer
• Differentiation: actually differentiating the market offering to create superior value