Marketing Planning - Chapter 18

Question 1

business mission

Answer 1

the organisations purpose, usually setting out its competitive domain, which distinguishes thee business from others of its type

Question 2

competitive positioning

Answer 2

consist of 3 key elements: target markets, competitive targets and establishing a competitive advantage

Question 3

competitive analysis

Answer 3

an examination of the nature of actual and potential competitors, and their objectives and strategies

Question 4

competitor targets

Answer 4

The organisations against which a company chooses to compete directly

Question 5

control

Answer 5

the stage in the marketing planning process or cycle when the performance again plan is monitored so that corrective action, if necessary, can be taken

Question 6

core marketing strategy

Answer 6

the means of achieving marketing objectives, including target markets, competitor targets and competitive advantage

Question 7

customer analysis

Answer 7

a survey of who the customers are, what choice criteria they use,, how they rate competitive offerings and on what variables they can be segmented

Question 8

distribution analysis

Answer 8

an examination of movements in power bases, channel attractiveness, physical distribution and distribution behaviour

Question 9

macro environment

Answer 9

a number of broader forces that affect not only the company but the other actors in the environment e.g. social, political, technological and economic

Question 10

market analysis

Answer 10

the statistical analysis of market size, growth rates and trends

Question 11

marketing audit

Answer 11

a systematic examination of a business’s marketing environment, objectives, strategies and activities with a view to identifying key strategic issues, problem areas and opportunities

Question 12

marketing objectives

Answer 12

there are two types of marketing objective; strategic thrust, which dictates which products should be sold in which markets, and strategic objectives- that is, product level objectives such as build, hold, harvest and divest

Question 13

marketing planning

Answer 13

the process by which businesses analyse the environment and their capabilities decided upon courses of marketing action and implement those decisions

Question 14

marketing structure

Answer 14

the marketing frameworks (organisation, training and internal communications) upon which marketing activities are based

Question 15

marketing systems

Answer 15

sets of connected parts (info, planning and control) that support the marketing function

Question 16

microenvironment

Answer 16

the actors in the firm’s immediate environment that affect its capability to operate effectively in its chosen markets- namely, suppliers, distributors, customers and competitors

Question 17

product portfolio

Answer 17

the total range of products offered by the company

Question 18

strategic business unit

Answer 18

a business or company division serving a distinct group of customers and with a distinct set of competitors, usually strategically autonomous

Question 19

strategic issues analysis

Answer 19

an examination of the suitability of marketing objectives and segmentation basses in the light of changes in the marketplace

Question 20

strategic objectives

Answer 20

product-level objectives relating to the decision to build, hold, harvest or digest the products

Question 21

strategic thrust

Answer 21

the decision concerning which products to sell in which markets

Question 22

supplier analysis

Answer 22

an examination of who and where suppliers are located , their competences and shortcomings, the trends affecting them and the future outlook for them

Question 23

SWOT analysis

Answer 23

a structured approach to evaluating the strategic position of a business by identifying its strengths, weaknesses, opportunities and threats.

Question 24

target market

Answer 24

A market segment that has been selected as a focus for the company’s offering or communications