Unit 2 strategic planning Flashcards
where does the marketing plan take place in?
functional planning
what are the three levels of business planning?
strategic planning
functional planning
operational planning
what’s the first step of strategic planning
environment analysis internal &external
what’s the situational analysis?
SWOT (strengths weaknesses) (Internal)
opportunities, threats (external)
what is PEST?
Politicial, Economic, Social, Technology
what does the mission/vision explain?
explain organizations purpose, what hopes to achieve in terms of customers, products, and resources
How do you define and translate the mission into objectives?
using S.M.A.R.T goals
what does SMART stand for?
Specific Measurable Attainable/Achievable Relevant/Realistic Time bond/Timely
what is market penetration?
selling existing products to an existing market
what is market development?
selling existing products to a new market (geographically, new segment not targeted before)
what is product development?
create new product and sell to existing market
what is diversification?
selling new product into new market
what is the BCG Growth-Market Matrix?
two axis.
1) market growth
2) market share
what is STARS? (bcg)
product with high market share and high market growth
what is cash cows (bcg)
product with high market share and low market growth
what is question marks? (bcg)
product with low market share and high market growth
what is dogs (bcg)
product with low market share and low market growth
what is step 1 of marketing planning?
perform a situation analysis
(SWOT &PEST
What is step 2 of marketing planning?
create SMART goals & support corporate goals
What is step 3 of marketing planning
develop marketing strategies to achieve marketing objectives
what is step 4 of marketing planning?
implement & control
(ROMI)– Return On Marketing Investment
what is in the internal environment?
All controllable elements inside a firm that influence how well the firm operates
STRENGTHS AND WEAKNESSES
what is in the external environment?
elements outside the firm that may affect it either + or -
OPPORTUNITIES AND THREATS
What is the C in (PEST+C)
Direct Competitors or Indirect Competitors
what is marketing mix strategies (4ps)
how marketing will accomplish its objectives in the firms target market by using product, price, promotion, and place
What are the components of the strategic planning
Environment analysis (internal/external)
Vision/mission
Objectives
Strategy formulation
what is value propostition
a thirty second “elevator speech” stating the specific benefits a product or service offering provides a buyer
-shows why the product or service is superior to competing offers and why should you buy it
what is strategic planning
process that helps an organization allocate its resources to capitalize on opportunities in the marketplace
what does firms export mean
export or sell their products to buyers abroad, which is the least risky and least expensive method but also offers the least amount of control
what is license
sell the right to use some aspect of their production processes, trademarks, or patents to individuals or firms in foreign markets
Is franchising longer or shorter
longer term and riskier form of licensing
what is contact manufacturing
allows companies to hire manufactures to produce their products in another country
what are joint ventures
combine the expertise and investments of two companies and help companies enter foreign markets
what is direct investment
owning a company or facility overseas, provides the most control but also has the most risk
what is SBU
Strategic business unit
is a business or product line within an organization that has its own competitors, customers, and profit center for accounting purposes
