module 2

Question 1

utility

Answer 1

The want-satisfying power of a good/service

Question 2

Identify the four types of Utility?

Answer 2

Place, time, form, ownership

Question 3

customer loyalty

Answer 3

a customer’s commitment to a company and its products/brand for the long run

Question 4

customer retention

Answer 4

low propensity among a firms customer base to consider switching to other providers

Question 5

Customer switching

Answer 5

customer abandoning a product

Question 6

value chain

Answer 6

Set of activities that an organization carries out to create value for its customers.

Question 7

Identify all the nine relevant strategic activities an organization engages in to create value for the customer?

Answer 7

Firm infrastructure
Human resource management
Tech development
Procurement
Inbound logistics
Operations
Outbound logistics
Marketing and sales 
service

Question 8

market planning

Answer 8

The ongoing process of developing and implementing market-driven strategies for an organization.

Question 9

market plan

Answer 9

The resulting doc that records the marketing planning process in a useful framework

Question 10

Identify all the elements of Marketing planning?

Answer 10

Mission statement
Situational analysis
Objectives
Strategy development
Monitoring and controlling

Question 11

According to the Course material, what is the SMART format and what does it represent?

Answer 11

Designed to articulate what is to be achieved. Specific, measurable, attainable, relevant, time-bound

Question 12

market driven strategic planning

Answer 12

SBU(strategic business unit) level of a firm that acts to marshal the various resource and functional areas towards central purpose around the customer.

Question 13

strategic business unit

Answer 13

Autonomous division of a large company that operates independently but within the corporate umbrella, exercising control over most of the factors affecting its long-term performance.

Question 14

two approaches used in portfolio analysis

Answer 14

BCG and GE business screen

Question 15

what are the two dimensions used in the BCG matrix?

Answer 15

market growth rate and competitive positioning

Question 16

what are the four strategy recommendations in the BCG matrix

Answer 16

star, ?, cash cow, dog

Question 17

mission

Answer 17

orgs purpose, reason for existance

Question 18

vision

Answer 18

where the company sees itself in the future

Question 19

goals

Answer 19

what the company wishes to accomplish in support of the mission and vision

Question 20

3 types of org strategies

Answer 20

functional, business, corporate

Question 21

five forces driving industry competition

Answer 21

Potential entrants
Buyers
Supplier
Industry competitors
Substitutes

Question 22

Macro-environmental factors

Answer 22

political, 
legal ethical, 
sociocultural/demographic
techological
economic
natural

Question 23

internal environmental factors

Answer 23

Threat of new entrants
Rivalry among existing firms
Threat of substitute products
Bargaining power of buyers

Question 24

what value does the SWOT analysis bring to the situation analysis of the marketing planning process step?

Answer 24

helps companies know what could hinder their success.