lecture 2

Question 1

What is the purpose of strategic planning?

Answer 1

Creating and maintaining a connection between achieving the organizations goals and the changing market conditions around it.

Question 2

What two questions are you trying to answer

Answer 2

1. what does the company do at a particular point in time

2. How will it reach it’s goals

Question 3

What are the char. of strategic buisness units?

Answer 3

1. Contain a distinct mission and target market
2. seperate competitiors
3. independent control over resources
4. Each has an individual plan

Question 4

Describe the innovation matrix?

Answer 4

How to play and win:

1. Extisting Market-expand upon selling current product
2. Adjacent markets-Sell relatable items
3. New market-Sell new products

Question 5

Describe annox’s opportunity matrix:

Answer 5

This explains the number of ways a buisness can capture new market opportnities to increase it’s revenue. Ways in which it can do this is by focusing on expanding the current market and selling the products in more efficient ways in the existing market, or developing a new product that caters to the same target audience. It can also focus on building new markets by establishing buisnesses in new places or developing products that cater to new market segments.

Question 6

Boston consulting matrix

Answer 6

This is a business model that indicates how well a product is doing. A star indicates the product is doing very well (high market growth and dominance in market), cash cow indicates product is doing okay (low market growth but high market dominance), a problem statement indicates that a product is doing poorly (high market growth but low market dominance) and a dog means that a product is doing so poor it must be removed right away (low market growth and low level of dominance).

Question 7

What are the four ways to allocate resources?

Answer 7

1. Build -
2. Hold-
3. Harvest-
4. Divest-

Question 8

Marketing plan:

Answer 8

1. Planning- process of finding out what future events can occur and implementing a stragety to help a company achieve it’s future goals
   Ex: New age drinks business plan
2. Market Planning- Developing activities based on marketing objectives that a company can use to achieve it’s goals with respect to the changing marketing environment
   ex: changing SWOT, and digital marketing plan according to COVID conditions
3. Plan-guidebook of all marketing activities that a manager can use to overlook
   -What is being done to see if individuals are on task or not

Question 9

Objectives of marketing plan

Answer 9

1. To provide activities that both the employees and manager can understand well enought to use them to work towards achieving common goals
   Ex: 1. Achieve increase in 30% awareness within 6 months
   
   2. Transition marketing resources to digital marketing
2. Examine the external marketing and use it’s info to impact how business works
3. Examine SWOT info
4. Consumer trends etc.
5. Help marketing managers start their jobs being aware of problems that need to be fixed and opportunities that need to be taken advantage of in the workplace.

Question 10

What two factors should a business consider when making a mission statement?

Answer 10

1. The benefits wanted by customer target market

2. Current and future environmental conditions that could impact the business

Question 11

When does a mission statement suffer from myotopia?

Answer 11

when it is too narrowly focused. If the statement only talks about the product or service and nothing of customer benefits.

Question 12

How to conduct a situational analysis?

Answer 12

1. Analyzing strengths and weaknesses of a company
2. Environmental scanning:
   - Search for threats
   - Search for opportunities

Question 13

Purpose and factors involved to obtain a cost competitive advantage?

Answer 13

A company that is making satisfactory profit and sells products of low cost is preferred by consumers. Factors to obtain it include:

1. Cheap labor
2. New product service technology
3. Goverment subsidies
4. New equipment or technology

Question 14

Factors involved to obtain a competitive advantage?

Answer 14

1. Cost
2. Product/service diffrentiation
3. Target market

Question 15

What is sustainable competitive advantage?

Answer 15

Advantage that cannot be copied by another firm in the industry and is something that uniquly belongs to it
ex:patent, copy right, consumer brand loyalty, type of customer service

Question 16

Effective qualities that apply to a market objective statement

Answer 16

1. Realistic
2. Measurable
3. time specific
   Ex: We are going to raise 60% awareness among digital consumers in the next month

Question 17

Effective marketing objectives

Answer 17

1. Able to communicate a marketing philosophy to employees and managers of an organization
   ex: this is my stragety of how we should do things what do you guys think?
2. Persuade lower level marketing managers to collaborate marketing efforts from different groups working on marketing and point them in the right direction
   ex: combine team efforts from digital marketing, swot analysis and social media marketing together and clear up any confusions they may have about their projects
3. Motivate employees to work hard
4. Encourage executives to clarify their
   thinking and consult with teammates
5. Form a basis of control over marketing success