Chapter 2 - Company and Marketing Strategies

Question 1

What does strategic planning do?

Answer 1

Guides marketing strategy and planning

Question 2

What is strategic planning?

Answer 2

the process of developing and maintaining a strategic fit between the organization’s goals and capabilities and its changing marketing opportunities.

Question 3

What is the 1st step of strategic planning?

Answer 3

Defining the overall PURPOSE and MISSION

Question 4

What are the corporate level steps?

Answer 4

1.Define the mission (customer focused)
2.Set company objectives
3.Business Portfolio

Question 5

What do business portfolio’s do?

Answer 5

They impact the amount of funding. They help decided if its best to increase, decrease, flat rate investments ($).

Question 6

Market Penetration

Answer 6

Existing Market/Existing Products

Question 7

Market Development

Answer 7

New Markets/Existing Products

Question 8

Product Development

Answer 8

Existing Markets/New Products

Question 9

Diversification

Answer 9

New Products/New Markets

Question 10

What does Marketing help provide:

Answer 10

Concept, Inputs, Strategies, Responsibility

Question 11

Why partner with other companies?

Answer 11

build external value delivery network

Question 12

Integrated Marketing Mix (4P)

Answer 12

Product, Price, Place, Promotion

Question 13

What is Marketing AND Strategic planning driven by?

Answer 13

CUSTOMERS wants/needs/satisfaction

Question 14

Define each of the 4 P’s

Answer 14

Product - goods and services the company offers to the target market.
○ Price - $ the customers must pay to obtain the product.
○ Promotion - activities that communicate the merits of the product and
persuade customers to buy it.
○ Place - company activities to make the product available to the target.

Question 15

What are the 5 steps to managing Market Function/Effort?

Answer 15

1.Analysis
2.Planning
3.Implementation
4.Organization
5.Control

Question 16

What does S.W.O.T stand for?

Answer 16

Strengths, Weaknesses, Opportunities, Threats

Question 17

Executive Summary

Answer 17

Starts the marketing plan, reviews major assessments, goals and recommendations

Question 18

Marketing Implementation

Answer 18

the process that turns marketing plans into marketing actions to accomplish the strategic marketing objectives.

Question 19

Marketing Control

Answer 19

Evaluating results and marketing taking corrective action to ensure that the objectives are obtained.

Question 20

Operational Control

Answer 20

is checking ongoing performance against the annual plan and taking corrective action when necessary.

This includes: sales, profits, profitability of products, territories, markets and channels.

Question 21

Strategic Control

Answer 21

looks at whether the company’s basic strategies are well matched to its opportunities.

Question 22

Marketing (ROI)

Answer 22

Return on Investments
-net return from a marketing investment/the cost of the marketing investment-