Week 6 - Planning

Question 1

Define strategic planning

Answer 1

The process of developing and maintaining a strategic fit between the organisation’s goals and capabilities and its changing marketing opportunities.

Question 2

Name the parts of a strategic plan

Answer 2

Mission statement - what we’re about
Vision - where do we want to go?
Analysis - macro & micro, where are we now?
Corporate strategy - 3/5, how to get there?
Implement strategy (down to SBU level)
Control

Question 3

What are the main steps in a marketing strategy?

Answer 3

Marketing Analysis- share, growth, costs, customers, compeitors, distribution (swot)
Objectives - smart
Strategy - segment, target & position
Implement (7p's)
Control - mechanism to monitor/revise

Question 4

What are SMART goals?

Answer 4

Specific
Mearurable
Achievable
Realistic
Timely

Question 5

What are the usual contents of a formal written marketing plan.

Answer 5

Exec summary.
Analysis Marketing - share, growth, costs, micro / macro (porters / pestle)
Threats / opportunities - SWOT analysis
Goals
Strategy /objectives (7's, smart)
Action programmes 
Budgets
Control - mechanism to monitor/revise