Unit 2 strategic planning

Question 0

where does the marketing plan take place in?

Answer 0

functional planning

Question 1

what are the three levels of business planning?

Answer 1

strategic planning
functional planning
operational planning

Question 2

what’s the first step of strategic planning

Answer 2

environment analysis internal &external

Question 3

what’s the situational analysis?

Answer 3

SWOT (strengths weaknesses) (Internal)

opportunities, threats (external)

Question 4

what is PEST?

Answer 4

Politicial, Economic, Social, Technology

Question 5

what does the mission/vision explain?

Answer 5

explain organizations purpose, what hopes to achieve in terms of customers, products, and resources

Question 6

How do you define and translate the mission into objectives?

Answer 6

using S.M.A.R.T goals

Question 7

what does SMART stand for?

Answer 7

Specific
Measurable
Attainable/Achievable
Relevant/Realistic
Time bond/Timely

Question 8

what is market penetration?

Answer 8

selling existing products to an existing market

Question 9

what is market development?

Answer 9

selling existing products to a new market (geographically, new segment not targeted before)

Question 10

what is product development?

Answer 10

create new product and sell to existing market

Question 11

what is diversification?

Answer 11

selling new product into new market

Question 12

what is the BCG Growth-Market Matrix?

Answer 12

two axis.

1) market growth
2) market share

Question 13

what is STARS? (bcg)

Answer 13

product with high market share and high market growth

Question 14

what is cash cows (bcg)

Answer 14

product with high market share and low market growth

Question 15

what is question marks? (bcg)

Answer 15

product with low market share and high market growth

Question 16

what is dogs (bcg)

Answer 16

product with low market share and low market growth

Question 17

what is step 1 of marketing planning?

Answer 17

perform a situation analysis

(SWOT &PEST

Question 18

What is step 2 of marketing planning?

Answer 18

create SMART goals & support corporate goals

Question 19

What is step 3 of marketing planning

Answer 19

develop marketing strategies to achieve marketing objectives

Question 20

what is step 4 of marketing planning?

Answer 20

implement & control

(ROMI)– Return On Marketing Investment

Question 21

what is in the internal environment?

Answer 21

All controllable elements inside a firm that influence how well the firm operates
STRENGTHS AND WEAKNESSES

Question 22

what is in the external environment?

Answer 22

elements outside the firm that may affect it either + or -

OPPORTUNITIES AND THREATS

Question 23

What is the C in (PEST+C)

Answer 23

Direct Competitors or Indirect Competitors

Question 24

what is marketing mix strategies (4ps)

Answer 24

how marketing will accomplish its objectives in the firms target market by using product, price, promotion, and place

Question 25

What are the components of the strategic planning

Answer 25

Environment analysis (internal/external)
Vision/mission
Objectives
Strategy formulation

Question 26

what is value propostition

Answer 26

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

Question 27

what is strategic planning

Answer 27

process that helps an organization allocate its resources to capitalize on opportunities in the marketplace

Question 28

what does firms export mean

Answer 28

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

Question 29

what is license

Answer 29

sell the right to use some aspect of their production processes, trademarks, or patents to individuals or firms in foreign markets

Question 30

Is franchising longer or shorter

Answer 30

longer term and riskier form of licensing

Question 31

what is contact manufacturing

Answer 31

allows companies to hire manufactures to produce their products in another country

Question 32

what are joint ventures

Answer 32

combine the expertise and investments of two companies and help companies enter foreign markets

Question 33

what is direct investment

Answer 33

owning a company or facility overseas, provides the most control but also has the most risk

Question 34

what is SBU

Answer 34

Strategic business unit
is a business or product line within an organization that has its own competitors, customers, and profit center for accounting purposes