Unit 2 strategic planning Flashcards

0
Q

where does the marketing plan take place in?

A

functional planning

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1
Q

what are the three levels of business planning?

A

strategic planning
functional planning
operational planning

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2
Q

what’s the first step of strategic planning

A

environment analysis internal &external

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3
Q

what’s the situational analysis?

A

SWOT (strengths weaknesses) (Internal)

opportunities, threats (external)

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4
Q

what is PEST?

A

Politicial, Economic, Social, Technology

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5
Q

what does the mission/vision explain?

A

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

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6
Q

How do you define and translate the mission into objectives?

A

using S.M.A.R.T goals

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7
Q

what does SMART stand for?

A
Specific
Measurable
Attainable/Achievable
Relevant/Realistic
Time bond/Timely
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8
Q

what is market penetration?

A

selling existing products to an existing market

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9
Q

what is market development?

A

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

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10
Q

what is product development?

A

create new product and sell to existing market

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11
Q

what is diversification?

A

selling new product into new market

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12
Q

what is the BCG Growth-Market Matrix?

A

two axis.

1) market growth
2) market share

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13
Q

what is STARS? (bcg)

A

product with high market share and high market growth

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14
Q

what is cash cows (bcg)

A

product with high market share and low market growth

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15
Q

what is question marks? (bcg)

A

product with low market share and high market growth

16
Q

what is dogs (bcg)

A

product with low market share and low market growth

17
Q

what is step 1 of marketing planning?

A

perform a situation analysis

(SWOT &PEST

18
Q

What is step 2 of marketing planning?

A

create SMART goals & support corporate goals

19
Q

What is step 3 of marketing planning

A

develop marketing strategies to achieve marketing objectives

20
Q

what is step 4 of marketing planning?

A

implement & control

(ROMI)– Return On Marketing Investment

21
Q

what is in the internal environment?

A

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

22
Q

what is in the external environment?

A

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

OPPORTUNITIES AND THREATS

23
Q

What is the C in (PEST+C)

A

Direct Competitors or Indirect Competitors

24
what is marketing mix strategies (4ps)
how marketing will accomplish its objectives in the firms target market by using product, price, promotion, and place
25
What are the components of the strategic planning
Environment analysis (internal/external) Vision/mission Objectives Strategy formulation
26
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
27
what is strategic planning
process that helps an organization allocate its resources to capitalize on opportunities in the marketplace
28
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
29
what is license
sell the right to use some aspect of their production processes, trademarks, or patents to individuals or firms in foreign markets
30
Is franchising longer or shorter
longer term and riskier form of licensing
31
what is contact manufacturing
allows companies to hire manufactures to produce their products in another country
32
what are joint ventures
combine the expertise and investments of two companies and help companies enter foreign markets
33
what is direct investment
owning a company or facility overseas, provides the most control but also has the most risk
34
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