MK Chapter 2

Question 1

Components of Strategic Planning

Answer 1

• Analysis of organization’s strengths &
weaknesses
• Identification of organization’s opportunities &
threats
• Organizational mission & goals
• Corporate & business-unit strategies

Question 2

Corporate & business-unit strategies

Answer 2

• Marketing
• Production
• Finance
• Human Resources

Question 3

Marketing

Answer 3

• Objectives
• Strategy
• Marketing plan

Question 4

Production

Answer 4

• Objectives
• Strategy
• Production plan

Question 5

Finance

Answer 5

• Objectives
• Strategy
• Finance plan

Question 6

Human Resources

Answer 6

• Objectives
• Strategy
• Human Resources plan

Question 7

Marketing Strategy

Answer 7

A plan of action for identifying and analyzing a target market and developing a marketing mix to meet the needs of that market

Question 8

Marketing Plan

Answer 8

A written document that specifies the activities to be performed to implement and control an organization’s marketing activities

Question 9

The Four-Cell SWOT Matrix

Answer 9

• (S)trength–>match
• (W)eakness–>convert
• (T)hreat–>convert
• (O)pportunity–>match

Question 10

Establishing an Organizational Mission and Goals

Answer 10

Mission Statement
•A long-term view, or vision, of what the
organization wants to become
•Mission statement answers two questions:
•Who are our customers?
•What is our core competency?

Question 11

Levels of Strategic Planning

Answer 11

• Mission statement
• Corporate strategy
• Business-unit strategy
• Marketing strategy
• Marketing mix elements
  * Product
  * Distribution
  * Promotion
  * Pricing

Question 12

Corporate Strategy

Answer 12

Issues Influencing Corporate Strategy Development
•Corporate culture
•Competition
•Differentiation
•Diversification
•Interrelationships among business units
•Environment concerns and social issues

Question 13

Growth-Share Matrix Developed by the Boston Consulting Group

Answer 13

• Production-market growth
  
  • High
    
    • Star
    • Question Mark
• Relative market share
  
  • Low
    
    • Cash Cow
    • Dog

Question 14

Marketing Strategy

Answer 14

Target Market Selection

Creating the Marketing Mix

Question 15

Target Market Selection

Answer 15

Defining/understanding the target market by
• focusing on specific profitable customer
groups/market segments.
• recognizing changes occurring in the market.

Question 16

Creating the Marketing Mix

Answer 16

• Analyze customer needs, preferences, and
behavior
• Have the skills and resources required for
product
design, pricing, distribution, and promotion
• Maintain strategic consistency and flexibility in
marketing mix decisions

Question 17

Components of the Marketing Plan

Answer 17

Executive summary
Environmental Analysis
SWOT Analysis
Marketing Objectives
Marketing Strategies
Marketing Implementation
Evaluation & Control

Question 18

Executive summary

Answer 18

One-to-page synopsis of the entire marketing plan

Question 19

Environmental Analysis

Answer 19

Information about the company’s current situation with respect to the marketing environment

Question 20

SWOT Analysis

Answer 20

Assessment of the organizations strengths, weaknesses, opportunities, and threats

Question 21

Marketing Objectives

Answer 21

Specification of the firms marketing objectives

Question 22

Marketing Strategies

Answer 22

Outline of how the firm will achieve its objectives

Question 23

Marketing Implementation

Answer 23

Outline of how the firm will implement its marketing strategies

Question 24

Evaluation & Control

Answer 24

Explanation of how the firm will measure & evaluate the results of the implemented plan