Chapter 3 - Strategic Marketing Flashcards
What are the 3 levels of business planning?
Strategic planning, functional (market) planning and operational planning.
What are the 5 steps of strategic planning?
- Define the mission.
- Evaluate the internal and external environments.
- Set organisational / SBU objectives.
- Establish the business portfolio.
- Develop growth strategies.
What are the 4 levels of functional (market) planning?
- Perform a situation analysis
- Set marketing objectives
- Develop marketing strategies
- Implement and control the marketing plan
Who does the strategic planning?
Top level corporate management.
Who does the functional planning?
Top functional level management such as CMO.
Who does the operational planning?
First line/supervisory managers.
Define strategic planning.
A managerial decision process that matches an organisation’s resources and capabilities to its market opportunities for long term growth.
Define functional planning.
A decision process that develops plans for strategies to support the strategic plan.
Define operational planning.
Developing detailed plans that carry out day to day execution of functional plans.
What is a star, question mark, cash cow and dog?
Star - dominant market share in high growth markets.
Question mark - low market share in high growth markets.
Cash cow - dominant market share in low growth potential market.
Dog - nobody wants.
