Marketing planning

Question 1

Strategy

Answer 1

strategy is about where we want to be; decisions on tactics are about how we are going to get there
strategy is influences by organisational objectives and resources, competitor activities, the structure of the market itself and the firms willingness to make changes and take risks

Question 2

Marketing planning process (3 steps)

Answer 2

Objective setting
Marketing audit
tactical planning

Question 3

Marketing audit

Answer 3

a review of the firm’s current objectives, strategies, organisation, performance and activities
primary purpose is to pick out the firms strengths and weaknesses
evaluates effectiveness with 7Ps
snapshot of what is happening in the firm now

Question 4

Corporate objectives

Answer 4

strategic statements of where the company wants to be eg.

Financial, philosophical qualitative

Question 5

Strategic alternatives - backward/forward/horizontal integration

Answer 5

backward- taking control of suppliers, either by purchase or by merger
forward- taking control of customers (industrial/ commercial)
horizontal- taking control of competitors

Question 6

strategic alternatives- concentric/ conglomerate, horizontal diversification

Answer 6

concentric-developing new products that fit well with existing marketing
conglomerate- developing new products that are unrelated to the firms existing tech (high risk)
horizontal- introducing new products (unrelated to current market) to existing market

Question 7

Advantages of growth

Answer 7

protection against competition
improved economies of scale
better control of distribution networks
more opportunities for career advancement