Chapter 2- MKTG

Question 1

Strategic Planning

Answer 1

Process of developing and maintaining a profitable strategic fit between the organization’s goals and capabilities and its changing market opportunities.

it sets the stage for the rest of the planning in the firm.

Steps:
→ 1 Defining its overall mission (how the company wants to positively affect it’s market or society in operates)
Set by marketing leaders (e.g., chief marketing officer)

→ 2 Setting company objectives and goals
by each business unit and product team

→ 3 Designs portfolio of businesses and products ( and decide how much support to give each one.

Question 2

Mission statement

Answer 2

statement of the organization’s purpose - what it wants to accomplish in the higher environment.

clear mission statement : acts as ‘invisible hand’ that guides

→ Should be Market-oriented
+ defined in terms to satisfy customer and societal needs.

Question 3

1 Market oriented mission

Answer 3

An organization exist to accomplish something, and this purpose should be clearly stated.

   forging it start with asking questions like: what is our business? who is the customer? what do consumers value? what should our business be?

Many organizations develop mission statements that answer these questions

Question 4

2 Setting company objectives and goals

Answer 4

The company needs to turn its broad mission into detailed supporting objectives for each level of management.
technically, short-term objectives and strategies

Question 5

Designing the business portfolio

Answer 5

→ collections of businesses and products that make up the company.

The best business portfolio achieves the best fit between opportunities in the environment and the company’s strengths and weaknesses.

Question 6

What 2 key questions does the marketing strategy involve

Answer 6

Which customers will we serve (segmentation and targeting)
How will we create value for them (differentiation and positioning)

Question 7

How does a company find the best marketing mix (4 P’s)

Answer 7

the company engages in analysis, planning, implementation and control

Question 8

what does SWOT Analysis stand for

Answer 8

Evaluate the company’s overall
strengths - Internal capabilities
weaknesses - Internal limitations
opportunities - External factors the company can exploit
threats - Current and emerging external factors that may challenge the company’s performance

Question 9

Marketing analysis’s goal

Answer 9

Match the company’s strengths to attractive opportunities in the environment while simultaneously eliminating or overcoming the weaknesses and minimizing the threats

Question 10

What does Market Planning involve

Answer 10

→ Choosing marketing strategies that will help the company attain its overall strategic objectives.

Question 11

Contents of a Marketing Plan

Answer 11

Executive summary
Current marketing situation
SWOT Analysis
Objectives and issues
Marketing strategy
Execution plans
Budgets
Controls

Question 12

What does a marketing strategy consist of and outline

Answer 12

Consists of specific strategies related to target markets, positioning, the marketing mix, and marketing expenditure levels.

It outlines how the company intends to engage target customers and create value in order to capture value in return.

Question 13

Marketing implementation meaning

Answer 13

Process that turns marketing plans into marketing actions.
(who, where, when, how)

Question 14

Describe Marketing Department Organization when the company is very small

Answer 14

It could consist of one person

Question 15

Describe Marketing Department Organization in large companies

Answer 15

The department contains many specialists
e.g., product and market managers, sales managers and salespeople, market researchers, and advertising and digital media experts, etc…

Usually there’s a CMO = Chief Marketing Officer
→ works closely with other ‘C-level- executives

Question 16

What is the most common form of marketing organization

Answer 16

Functional organization
= different marketing activities are headed by a functional specialist (sales manager, advertising manager, …)

Question 17

What type of organization does a company that sells nationally or internationally have?

Answer 17

A geographic organization
- assigning sales and marketing people to specific countries

Question 18

What type of organization do companies with many different products or brands have?

Answer 18

A product management organization

Question 19

What type of organization do companies that sell one product line to many different types of markets and customers who have diff needs and preferences have

Answer 19

A market or customer management organization

Question 20

What is marketing control

Answer 20

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

Question 21

What are the four steps of marketing control

Answer 21

(Management)
1 First sets specific marketing goals
2 Measures its performance in the marketplace
3 Evaluates the causes of any difference between expected and actual performance
4 Takes corrective action to close the gaps between goals and performance

Question 22

What does Operating control involve

Answer 22

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

Question 23

What are the goals of operating control

Answer 23

• ensure the company achieves the sales, profits, and other goals set in its annual plan
• determining the profitability of different products, markets, channels, …

Question 24

What does strategic control involve

Answer 24

= looking at whether the company’s basic strategies are well matched to its opportunities

(because marketing strategies and programs can quickly become outdated)

Question 25

Name one important marketing performance measure

Answer 25

Marketing return on investment (or marketing ROI)

Question 26

What is Marketing ROI

Answer 26

= marketing return on investment
which is the net return from a marketing investment divided by the costs of the marketing investment

• it measures the profits generated by investments in mktg activities

Question 27

What’s the issue with measuring ROIs

Answer 27

• Returns such as customer engagement, advertising and brand building impact aren’t easily put in dollar returns.

Question 28

What are marketing dashboards

Answer 28

= meaningful sets of marketing performance measures in a single display used to monitor strategic marketing performance

Question 29

What are some standard performance measures

Answer 29

brand awareness
social media responses
sales
market share

they’re usually assembled into marketing dashboards

Question 30

What’s 2 other ways for a company to assess marketing ROI

Answer 30

• standard performance measure

Question 31

What are some customer-centered measures of marketing impact

Answer 31

customer acquisition
customer engagement
customer experience
customer retention
customer lifetime value
customer equity