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MKTG 701 > Week 2 - Strategic Planning > Flashcards

Week 2 - Strategic Planning Flashcards

1
Q

philip kotler’s three strategic planning steps:

A

planning, implementing, controlling

but actually more before planning

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2
Q

underlying goal of strategic planning is to understand current conditions…

A

identify problems, and develop potential alternative approaches

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3
Q

at the core, strategic planning is about matching opportunities with…

A

our resources

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4
Q

what’s more important than the plan?

A

the thought process that goes into planning - eisenhower: planning is everything, plans are nothing

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5
Q

what levels do plans occur at

A

corporate, division, product/marketing

they need to fit together

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6
Q

what happens when implimenting a plan?

A

start doing things, and consider possible impacting variables

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7
Q

what happens when controlling a plan?

A

collect/measure, diagnose impact, take corrective action

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8
Q

Kotler’s planning/implementing/controlling model erroniously assumes

A

continuous knowledge of internal and external variables

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9
Q

what’s kotler’s missing step?

A

defining the scope - what are we trying to tackle

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10
Q

what are some common scope focuses for strategic planning

A

target market, actual customers, competition

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11
Q

what’s the five step business planning process (vs Kotler’s three)

A 
situational analysis
opportunity and constraints analysis
planning
implementing
controlling
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12
Q

what areas must a situational analysis examine?

A

external environments
industry and competitive situation
organisational characteristics
customer behavior

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13
Q

what questions should situational analysis answer

A

where am I now

where have I been

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14
Q

what aspects of customer behavior should situational analysis examine?

A

current customers
future and prospective customers
needs, wants, desires, and perceptions

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15
Q

situational analysis should drive unbiased views of both:

A

external conditions

and intra-organisational conditions

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16
Q

what three pieces should situational analysis output

A

environmental analysis
industry analysis
and consumer analysis

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17
Q

what should environmental analysis cover (within situational analysis)

A 
demographics
natural and geographic
economic and financial
legal and political
social and cultural
(much of the outer-bullseye from earlier)
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18
Q

what should industry analysis cover (within situational analysis)

A

company analysis
state of the industry
competitive analysis

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19
Q

define core competencies

A

what makes us better than the competition

example: interpersonal, strategic, operational, courageous, resourceful, energetic

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20
Q

company analysis considerations

A

company mission
marketing concept followed
corporate culture
historic objectives, strategy, and tactics

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21
Q

how do you assess company resources (within company analysis, as part of industry analysis, within situational analysis)

A

core competencies - why better than competition
managerial composition - qualifications, training, competencies, and if possible comparison to competition
employee relations - relations with management, qualifications, competencies, and potential gaps

22
Q

how do you assess state of industry (within company analysis, as part of industry analysis, within situational analysis)

A 
industry size
differentiation
barriers to entry/exit
cost structures
industry trends
23
Q

beyond 3P state of industry reports, what should you identify?

A

technological environment, and our positioning within it
demand analysis, of our market (countries/cities/etc)
(if not included in state of industry report)

24
Q

what do we care about in technology analysis (within state of industry, company analysis, industry analysis, situational analysis)

A

current tech and gaps we or competition might fill
anticipated changes
competitor and market adoption speed/response to tech

25
Q

what should demand analysis identify (within state of industry, company analysis, industry analysis, situational analysis)

A

quantity demanded

market response to price changes

26
Q

what does demand analysis guide

A

inventory levels
purchase decisions
personnel needs

27
Q

what should competitive analysis address (within company analysis, industry analysis, situational analysis)

A

who are our competitors (substitutability determined by customers)
anticipate new competitors
examine competitors markets, marketing mix, primary marketing concept
perceptual mapping (customer perception)
competitive advantage

28
Q

what is a perceptual map?

A

a visual diagram of how companies compare along various axes (normally two) of consumer perception

29
Q

what is competitive advantage?

A

establish a differentiation that (1) customers believe and (2) they are willing to pay for

30
Q

what is a sustainable competitive advantage?

A

a competitive that is very difficult for someone to replicate (patents, people, efficiencies)

31
Q

what should consumer analysis address (within situational analysis)

A

segmentation analysis - divide the population into meaningful groups
consumer profiles - describe each segment with data
target markets - select 1 or more segments to serve

32
Q

when should situational analysis data be collected?

A

on an ongoing basis so that you can constantly have a robust, well developed situational analysis ongoing

33
Q

which step of strategic planning do most companies want to skip?

A

situational analysis

  • it’s hard with out immediate results
  • we think we already now everything
34
Q

what happens in the opportunity and constraints step?

A

apply situational analysis to the company
creative interpretation to guide your strategic planning process
- SWOT analysis is a common method

35
Q

what is SWOT?

A

strengths (positive internal)
weaknesses (negative internal)
opportunities (external)
threats (external)

internal vs external
positive vs negative

36
Q

why do people not like SWOT

A

real world doesn’t fit the quadrant - not MECE

eg, opps mirror strengths

37
Q

what happens in the planning step?

A

apply opps and constraints
to create a range of strategic alternatives
then decide which to select

38
Q

what are the steps within the planning phase?

A

objectives
strategies
tactics

39
Q

what questions are answered during objectives (within planning phase)

A

where do you want to go? what’s your end destination?

specific, measurable objectives

40
Q

what’s wrong with this objective: “increase the budget by 10%”?

A

it is a good goal, but it’s not a good final goal
this is not the end goal, it’s a step on the way
this is a tactic

41
Q

what questions do strategies answer?

A

what is the path we want to take?
what are the routing directions?

guiding principles: eg, marketing mix

42
Q

what are michael porter’s three generic strategies?

A 
cost leadership (ie, low price)
differentiation (eg, skimming = start highest price and lower as needed, luxury goods)
focus (eg, niche targeting)

stuck in the middle is the worst - not doing anything strategic

43
Q

what questions do tactics answer?

A

what method will I use to get there? what steps will I take?

the actions to implement the plan

44
Q

how detailed should strategic plans be?

A

you shouldn’t even be needed to carry it out
perhaps in a calendar
certainly in great detail - user friendly

45
Q

what are implimentation and control in the context of road tripping?

A

implementation is driving, control is keeping on the road in working condition

both are done in parallel (or really mini loops)

46
Q

what happens during the control phase?

A

tests to make sure we’re on track

  • client perceptions
  • performance vs plan
  • competitive reaction
47
Q

what strategic models are we looking at?

A

strategic business units
boston consulting matrix
general electric model
ansoff’s product model

48
Q

what is the “strategic business unit” strategic model?

A

not really a model - more of a business structure
decentralised decision making
separate “SBU” groupings (products, product line, etc) that operate independently - as if separate companies

49
Q

what is the Boston Consulting Matrix?

A

older model, but still useful - especially for valuing “strategic business units”
basic quadrant: market growth vs market share
stars - fast growing units
cash cows - large share, low growth
question marks - low share, large growth
dogs - low, low

50
Q

what is the GE / McKinsey Model?

A 
similar to BCG model - but a 3x3 matrix
Business Unit strength (low/medium/high)
Market Attractiveness (same)
51
Q

what is Ansoff’s Product Model / Ansoff Matrix?

A

different by looking at products within SBUs
2x2 matrix
market (new / existing)
product (new / existing)

EE - market penetration
EN - product expansion
NE - market expansion (new market)
NN - diversification (new / new)

MKTG 701 (6 decks)

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