Topic 02-Marketing Plans and Strategies

Question 1

Purpose of planning (5)

Answer 1

Plans help

1) Focus on the goal
2) Estimate job/project completion
3) Establish milestones and track progress
4) Identify problems along the way
5) Reach the goals efficently/effectively

Question 2

Types of plans

Answer 2

1) Strategic vs. Tactical Objectives
2) Long Term vs. Short Term (time)
3) Business plan vs. Departmental plans

Question 3

Elements of a basic plan

Answer 3

1) Situation analysis
- (SWOT, PEST)
2) Where does the compony want to go?
- Mission/Objectives
3) How does the company get there?
- Strategy and tactics (how will the business reach said mission/objectives?)

Question 4

Marketing planning process (a depiction)

Answer 4

1. Mission
2. Situation Analysis
3. Marketing strategy (target audience, measurable goals, budget)
4. Marketing mix
5. Implementation and control

Question 5

influences/ factors of marketing (environmental scanning)

Answer 5

1. Internal and External
2. Controllable and Uncontrollable
   (table)

Question 6

internal environmental scanning factors (6)

Answer 6

1) Top-Management
2) Finance
3) R&D
4) Purchasing
5) Manufacturing
6) Accounting

–> Marketing

Question 7

external environmental scanning factors (7)

Answer 7

1) Demographic factors
2) Socio-cultural
3) Economic/Financial
4) Legal/Political
5) Competitive
6) Global
7) Technological

Question 8

Boston Consulting Group Matrix components

Answer 8

• MS: marketshare
• MG: market growth
  1) Question mark (Low MS, High MG)
  2) Star (High MS, High GR)
  3) Cash cow (High MS, Low GR)
  4) Dog (Low MS, Low GR)

Question 9

SWOT-analysis

Answer 9

Stregth
Weaknesses
Opportunities
Threats

Question 10

Characteristics of a mission statement (6)

Answer 10

1) Market Oriented
2) Realistic
3) Specific
4) Fit market environment
5) Distinctive competencies
6) Motivating
(Bsp.:Ben and Jerrys)

Question 11

Criteria for a good objective (concerning mission) (6)

Answer 11

1) Clear
2) Distinctive
3) Quantitative in nature
4) Bound by a time-frame
5) Divisible
6) Flexible
(SMART objectives)

Question 12

Marketing grid components (4)

Answer 12

• EP: Exisiting Products; NP: New Products
• EM: Existing Markets; NM: New Markets
  1) Market Penetration (EP & EM)
• ex.: Coca Cola, tries to grow customer bases in existing markets
  2) Market Development (EP & NM)
• IKEA entering market in CHina and middle-east
  3) Product Development (NP & EM)
• ex.: Apple Iphone, Beyer drugs (same market)
  4) Diversification (NP & NM)
• ex.: “insourcing”, Coca Cola selling milk

Question 13

Reasons for downsizing the business portfolio (4)

Answer 13

1) Rapid growth of the company
2) Lack of experience in a market
3) Change in a market environment
4) Decline of a particular product.
(Always consider BCG Matrix)

Question 14

Definition Marketing Strategy

Answer 14

Marketing logic by which the company hopes to create customer value and achieve profitable customer relationships

Question 15

Activities for best strategy and mix involve

Answer 15

• Marketing analysis

- Planning, implementation and control

Question 16

Steps in a divide and conquer strategy

Answer 16

1) Segmenting
2) Targeting
3) Differentiation and Positioning
(STP)

Question 17

Definition: Joint Venture

Answer 17

The situation where two businesses work together on a product/service/project, effectively gaining varying levels of synergy.
(ex.: SBH-Siemens, Bosch Hausgeräte)

Question 18

Definition: Value-chain-partnership

Answer 18

For example when FedEx and UPS team up to take advantage of each others’ strengths.

Question 19

Explain: dog (BCG Matrix)

Answer 19

• Low market share and market growth
• weak in market, difficult to make profit
• Ex.: Samsung printer (sold to HP)

Question 20

Explain: question mark (BCG matrix)

Answer 20

• low market share and high market growth
• don´t know what to do with opportunities
• decide whether to increase or stop the investments,
• Ex.: Samsung Smartwatches

Question 21

Explain: star (BCG matrix)

Answer 21

• high market share and market growth
• doing well, great opportunities
• Ex.: Samsung Smartphones

Question 22

Explain: cash cows (BCG matrix)

Answer 22

-high market shows and low market growth
-doing well in a limited market with limited opportunities
-skimming off strategy, no big invests
Ex.: Samsung household appliances

Question 23

Definition Mission

Answer 23

The mission leads to setting a hierarchy of objectives. The mission should be converted to support objectives at each level of management
Ex.: Ben and Jerrys, economic, product, social

Question 24

What is a mission statement?

Answer 24

a statement of the organizations´s purpose

Question 25

Definition Downsizing

Answer 25

Reduces the business portfolio by eliminating products or business units that are not profitable or that no longer fit the company´s overall strategy