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MKT > Chapter 2: Strategic Planning > Flashcards

Chapter 2: Strategic Planning Flashcards

1
Q

Strategic Planning

A

Strategic Planning is the process of setting objectives and figuring out the best course of action for meeting them.

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2
Q

Strategic Plan

A

A strategic plan is a marketing tool that highlights an organizations plans for specific areas of the firm.

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3
Q

Why should a strategic plan be implemented?

A

To help select and execute the right strategies to maximize success

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4
Q

What shapes a strategic plan?

A

An organizations mission

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5
Q

Mission Statement

A

A mission statement states a firms long-term purpose including what it provides and how it will compete.

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6
Q

When creating a mission statement what questions should be asked?

A

What is our business?
Who makes up our customer base?
How valuble are we to the customers?
What should our business be?

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7
Q

Mission Statements should be

A

Mission statements should be broad statements that are customer oriented, and emphasize a firms strengths.

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8
Q

Marketing plan

A

A marketing plan is a document that details strategy a firm plans on using in its marketing.

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9
Q

The five components of a marketing plan includes

A

Executive Summary, situation analysis, marketing strategy, financials section, and controls section.

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10
Q

Executive Summary

A

The executive summary is a quick synopsis of the marketing plans main points.

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11
Q

Situation Analysis

A

Collecting data to identify trends, conditions, and competition in markets.

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12
Q

Subsections of the Situational Analysis Include…

A

Market Summary, SWOT analysis, and Competition Analysis

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13
Q

Market Summary

A

Describes the markets current state

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14
Q

SWOT Analysis

A

Evaluates strengths, weaknesses, opportunities, and threats

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15
Q

Competition Analysis

A

Lists direct and indirect competitors

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16
Q

Strategy

A

Actions taken to reach objectives

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17
Q

Financial Projection

A

Estimates a firms profitability

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18
Q

Financial Projections include a

A

Sales Forecast, Expense Forecast, and Break-Even Analysis

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19
Q

Sales Forecast

A

Shows how many units of a product is expected to sell during a time period

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20
Q

Why should a sales forecast be accurate?

A

An inaccurate forecast could leave a firm with too much or too little product made / sold

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21
Q

Expense Forecast

A

Estimates how much money will need to create, advertise, and deliver the product to consumers

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22
Q

Break-even Analysis

A

Describes how much revenue might be needed to cover expenses

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23
Q

Controls

A

Controls are used to monitor performance and tweak plans

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24
Q

Controls include

A

Implementation, Organizational Structure, and Contingency Planning

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25
Q

Implementation Section

A

Details how plans are carried out, and who is responsible for them

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26
Q

Organizational Structure Section

A

Outlines who is responsible for specific tasks

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27
Q

Contingency Planning Section

A

Lists what actions will be taken if a strategy fails

28
Q

Market Summary

A

These summaries show important trends in the market

29
Q

BCG Matrix

A

A BCG Matrix is a tool that shows how enticing and strong a market is.

30
Q

Stars (BCG)

A

Products that have a large market share with a high growth rate

31
Q

Question Marks (BCG)

A

Products with a small market share in a high-growth industry.

32
Q

Cash Cow (BCG)

A

Products with a huge share in its industrys market with low growth rates

33
Q

Dogs (BCG)

A

Products that have a small market share and has a low growth rate. Products are usually discontinued

34
Q

Internal Considerations (SWOT)

A

A firms strengths and weaknesses (limitations).

35
Q

External Consideration (SWOT)

A

Opportunities (used to meet objectives), & Threats (challenges performance)

36
Q

Competition Analysis

A

Analyzes how a firm compares to its competition metrics

37
Q

Describe characteristics of marketing objectives

A

Marketing objectives are specific, measureable, and realistic.

38
Q

Market Segmentation

A

Dividing a large market into smaller groups

39
Q

Market Segments

A

Small groups of people with similar characteristics and product needs

40
Q

Target Market

A

A specific demographic that a firm directs marketing towards

41
Q

Positioning

A

Activities a firm that influences a consumers perspective of a product

42
Q

Market Penetration

A

Continuing to sell existing goods and services to existing customers

43
Q

Product Development

A

Creating new goods and services for existing markets

44
Q

Market Development

A

Selling existing goods and services to new customers

45
Q

Diversification

A

Offering new goods and services to attract new customers

46
Q

Competitive Advantage

A

Occurs when consumers value one product over others in its category

47
Q

Exporting

A

Selling domestic goods to foreign markets

48
Q

Licensing

A

Paying a firm to distribute another’s resources including products, trademarks, patents, intellectual property, or knowledge.

49
Q

Risks of licensing include

A

Creating a competitor, sharing exclusive information, trademark misuse

50
Q

Franchising

A

An agreement where a franchisee gains the right to use the franchisors name, marketing, and support in return for a fee and a share of the profits.

51
Q

Joint Venture

A

Occurs when a domestic firm partners with a foreign company to create a new company on foreign grounds.

52
Q

When do joint ventures work?

A

Joint ventures work when the partners goals align, competitive goals diverge, and they are able to learn from each other.

53
Q

Direct Ownership

A

Direct ownership occurs when a domestic firm manages an overseas company or facilities

54
Q

Direct Ownership works when…..

A

There is little political risk, simularities exist between cultures, and sales are showing potential.

55
Q

Marketing Analytics

A

Marketing analytics measure, manage, and analyze performance.

56
Q

Return on marketing investment (ROMI)

A

ROMI measures the effectiveness of allocated resources

57
Q

ROMI Formula

A

ROMI = (Sales x Gross Margin %) - Expenditures / Expenditures

58
Q

Sales

A

Revenue generated by business activites

59
Q

Gross Margin

A

The gross margin is the difference between price and cost.

60
Q

Gross Margin Formula

A

Selling Price - Cost of goods sold / selling price

61
Q

Marketing Expenditures

A

How much is spent on all marketing activities

62
Q

Revenue Analysis

A

Revenue analysis measures and evaluates revenue from a specific product or region.

63
Q

Market Share Analysis

A

Market share analysis is the percentage of the total market shares captured by a brand, product or firm.

64
Q

Profitability Analysis

A

Measures how much profit is made

65
Q

Customer Acquisition

A

How much is spend in order to gain new customers.

66
Q

Advertising, public relations, and sales are examples of …..

A

Customer Acquisition

67
Q

Individual Customer Profitability

A

Profit made from a customers during a specific time period

MKT (8 decks)

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