Marketing Planning Flashcards
What are the key features of management?
Planning
Organising
Leading
Controlling
What is Marketing Planning?
A document that describes the:
Marketing environment
Outlines the marketing objectives and strategy
Identifies who will be responsible for each role
What is a Mission Statement?
A document that describes the organisations overall purpose and what it hopes to achieve in terms of customers, resources and products
What are the key questions in determining a Mission Statement?
What business are we?
What customers should we serve?
How should we develop the firm’s capabilities and focus its efforts?
What are the benefits of setting a budget?
Increases accountability for all parties involved with implementing the marketing plan.
Accuracy in estimating individual action plans expenditure helps overall marketing budget forecasting.
What are the main steps of the SMP process?
Step 1: Perform a SWAT analysis
Step 2: Set Marketing Objectives
Step 3: Develop Marketing Strategies
Step 4: Implement and control the Marketing Plan
What are the steps you have to follow to ensure that a strength is a strength in a SWOT analysis?
VRIO
Valuable
Rare
Inimitable
Organisationally aligned
What are the steps you have to follow to ensure that a weakness is a weakness in a SWOT analysis?
MUDU
Meaningful
Uncommon
Difficult
Uncompensated
What are the steps you have to follow to ensure that a opportunity is an opportunity in a SWOT analysis?
CLAL
Complementary
Large
Accesible
Lasting
What are the steps you have to follow to ensure that a threat is a threat in a SWOT analysis?
USUL
Unmitigated
Significant
Undefended
Lastin
What is the Internal Environment and what are some examples?
The internal environment consists of controllable elements within the firm.
Key technologies
Patents
Financial
Supplier relationships
Reputation
Human capital
What is the External Environment and what is the terms used to group them?
Uncontrollable factors outside the firm which could positively/negatively impact operations
PESTLE
Political
Economic
Social
Technological
Legal
Environmental
What is the benefits of Segmentation, Targeting and Positioning
Assess the potential demand - the number of consumers willing to pay
The firm will have the distinctive competencies to create competitive advantage amongst target consumers
What are Organisations or SBU objectives and what are the rules to making them?
Organisational goals and objectives - direct the outgrowth of the mission statement - taking into account internal and external environmental factors
Objectives should be SMART
Objectives translate what the organisation is trying to achieve
What is the action Plan?
Assigning who’ll be responsible for carrying out each part of the marketing plan
