Strategic Marketing Planning - W2L2

Question 1

Strategic Planning

Answer 1

The process of developing and maintaining a strategic fit between the organisation’s goals and changing market opportunities.

Question 2

A mission statement

Answer 2

The organisations purpose, what it wants to accomplish in the larger environment.

Question 3

Setting Company Objectives & Goals

Answer 3

Converting the mission into detailed objectives for each level of management.

Question 4

SMART Marketing Objectives

Answer 4

Specific, Measurable, Actionable, Relevant, Time-bound.

Question 5

Business Portfolio

Answer 5

A collection of businesses and products that make up a compnay.

Question 6

Portfolio Analysis

Answer 6

Management evalutes the products and businesses that make up the company.

Question 7

SBUs

Answer 7

Strategic Business Units are key businesses that make up the company.

Question 8

BCG

Answer 8

Boston Consulting Group Matrix - evaluates the companies SBUs based on market growth and relative market share.

Question 9

Stars

Answer 9

High relative market share, high market growth rate.

Question 10

Cash Cows

Answer 10

High relative market share, high market growth rate.

Question 11

Question Marks

Answer 11

Low relative market share, high market growth rate (potentially).

Question 12

Dogs

Answer 12

Low relative market share, low market growth rate.

Question 13

ANSOFF Matrix

Answer 13

The product/market expansion grid used as a portfolio planning tool for identifying company growth opportunities.

Question 14

Four C’s

Answer 14

Customer Solution, Costs, Convenience, Communication.

Question 15

Managing the Marketing Effort

Answer 15

Analysis, Planning, Implementation & Organisation, Control.

Question 16

Market Analysis

Answer 16

SWOT Analysis (Strengths, Weaknesses, Opportunities, Threats).

Question 17

Marketing Planning

Answer 17

Deciding on market strategies that will help the company attain strategic objectives.

Question 18

Marketing Strategy

Answer 18

Outlines how the company intends to create value for target customers in order to capture value in return.

Question 19

Market Implementation

Answer 19

Turns market plans into marketing action, to accomplish strategic marketing objectives.

Question 20

Marketing ROI

Answer 20

Net return from a marketing investment divided by the costs of the marketing investment.

Question 21

Marketing Investment

Answer 21

Aims to improve customer value and satisfaction in order to increase customer attraction and retention.

Question 22

Marketing Environment

Answer 22

Consists of the actors and forces outside of marketing that affect a companies ability to build and maintain successful relationships with customers.

Question 23

Microenviroment

Answer 23

Are elements that the company interacts with regularly and has some level of influence over.

Question 24

Macroenviroment

Answer 24

Forces that shape opportunities and pose threats to the company.

Question 25

Economic Enviroment

Answer 25

Factors that affect customer purchasing power and spending patterns.

Question 26

Natural Enviroment

Answer 26

The natural resources needed as inputs by marketers, or that are affected by marketing activities.

Question 27

Technological Enviroment

Answer 27

The forces that create new technology, create new products and market opportunities.l

Question 28

Political & Social Enviroment

Answer 28

Laws, government agencies and pressure groups that influence/limit organisations within a society.

Question 29

Legislation Regulating Business

Answer 29

Protects companies from each other, consumers from unfair business practices and society against unrestrained business behaviour.

Question 30

Cultural Environment

Answer 30

Institutions and other forces that affect a societies basic values, perceptions, preferences and behaviours.