Podcast
Questions and Answers
A company is deciding how to allocate its total marketing budget across its various strategic business units (SBUs). Which level of strategic planning does this decision primarily reflect?
A company is deciding how to allocate its total marketing budget across its various strategic business units (SBUs). Which level of strategic planning does this decision primarily reflect?
- Functional level, focusing on individual marketing tactics for each SBU.
- Corporate level, involving resource allocation across the entire organization. (correct)
- Operational level, dealing with day-to-day marketing activities.
- Strategic business unit level, optimizing resource use within each SBU.
Which of the following best describes the role of a corporate mission statement?
Which of the following best describes the role of a corporate mission statement?
- A flexible document that is updated every quarter to reflect marketplace changes.
- A clear, enduring statement of the organization's purpose and long-term goals. (correct)
- A short-term, adaptable plan outlining specific operational activities.
- A detailed financial projection showing anticipated revenues and expenses.
A large technology company has various divisions, including a smartphone division, a laptop division, and a software division. Which of the following would be most appropriately designated as a Strategic Business Unit (SBU)?
A large technology company has various divisions, including a smartphone division, a laptop division, and a software division. Which of the following would be most appropriately designated as a Strategic Business Unit (SBU)?
- A combined unit consisting of both the laptop and smartphone divisions to leverage shared technologies.
- The entire company, encompassing all divisions and product lines.
- The smartphone division, managed independently with its own strategic planning and profit responsibility. (correct)
- Each individual department within the software division (e.g., marketing, engineering).
How does a company's culture primarily influence its strategic direction and operational activities?
How does a company's culture primarily influence its strategic direction and operational activities?
A marketing manager is deciding on the specific advertising channels to use for a new product launch. Is this decision best described as strategic or tactical?
A marketing manager is deciding on the specific advertising channels to use for a new product launch. Is this decision best described as strategic or tactical?
Which of the following questions is LEAST relevant when defining a corporate mission?
Which of the following questions is LEAST relevant when defining a corporate mission?
A company is trying to decide if they should focus on increasing their market share, or focus on nurturing customer relationships. How would we classify this decision?
A company is trying to decide if they should focus on increasing their market share, or focus on nurturing customer relationships. How would we classify this decision?
What does assigning resources to each SBU accomplish in corporate strategy?
What does assigning resources to each SBU accomplish in corporate strategy?
When developing a market offering, what should a company primarily consider according to the 3-V Market Value Principle?
When developing a market offering, what should a company primarily consider according to the 3-V Market Value Principle?
A university's College of Business (CCB) aims to increase Masters students by 30% by 2026. Which of the following represents a tactic to achieve the strategy of improving program communication?
A university's College of Business (CCB) aims to increase Masters students by 30% by 2026. Which of the following represents a tactic to achieve the strategy of improving program communication?
Which of the following best describes the primary purpose of allocating resources to each Strategic Business Unit (SBU) in corporate planning?
Which of the following best describes the primary purpose of allocating resources to each Strategic Business Unit (SBU) in corporate planning?
Considering the three levels of strategy, which of the following scenarios best represents a 'Business Unit' level decision, similar to a college within a university?
Considering the three levels of strategy, which of the following scenarios best represents a 'Business Unit' level decision, similar to a college within a university?
A marketing department is tasked with improving student enrollment. Which of the following represents a strategy, rather than a goal or objective?
A marketing department is tasked with improving student enrollment. Which of the following represents a strategy, rather than a goal or objective?
What is the relationship between marketing strategy and marketing tactics?
What is the relationship between marketing strategy and marketing tactics?
Which question is most critical for a firm to answer when defining its unique value proposition?
Which question is most critical for a firm to answer when defining its unique value proposition?
Within the 5-C Framework, which element encompasses the broader societal influences affecting a business?
Within the 5-C Framework, which element encompasses the broader societal influences affecting a business?
A company is deciding whether to invest further in a declining product line or to divest it. Which aspect of corporate planning is this company primarily addressing?
A company is deciding whether to invest further in a declining product line or to divest it. Which aspect of corporate planning is this company primarily addressing?
In the context of marketing tactics, what is the primary purpose of a market offering?
In the context of marketing tactics, what is the primary purpose of a market offering?
The 'Seven Tactics' framework focuses on designing, defining, communicating and delivering customer value. Which of the following actions exemplifies the 'communicating' aspect of these tactics?
The 'Seven Tactics' framework focuses on designing, defining, communicating and delivering customer value. Which of the following actions exemplifies the 'communicating' aspect of these tactics?
How does a company typically define its target market?
How does a company typically define its target market?
What is the role of offering planning in the development of market offerings?
What is the role of offering planning in the development of market offerings?
Which of the following is the most accurate description of a value proposition?
Which of the following is the most accurate description of a value proposition?
In the context of the 5-C Framework in marketing, which of these examples best represents a 'collaborator'?
In the context of the 5-C Framework in marketing, which of these examples best represents a 'collaborator'?
A car company focuses its marketing on families who value safety and reliability. Which element of developing a marketing strategy does this best represent?
A car company focuses its marketing on families who value safety and reliability. Which element of developing a marketing strategy does this best represent?
Flashcards
Planning Tasks
Planning Tasks
Key tasks for company and business unit planning.
Levels of Strategy
Levels of Strategy
Corporate, strategic business unit, and functional.
Strategic Business Unit (SBU)
Strategic Business Unit (SBU)
An independently managed entity responsible for a particular range of products/activities.
Offering Planning
Offering Planning
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Corporate Mission
Corporate Mission
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Corporate Culture
Corporate Culture
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Identifying SBUs
Identifying SBUs
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SBU Definition
SBU Definition
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SBU (Strategic Business Unit)
SBU (Strategic Business Unit)
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Marketing Strategy
Marketing Strategy
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Marketing Tactics
Marketing Tactics
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Target Market
Target Market
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The 5-C Framework
The 5-C Framework
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The Traditional Marketing 4Ps
The Traditional Marketing 4Ps
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Value Proposition
Value Proposition
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Unique Value Proposition
Unique Value Proposition
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3-V Market Value Principle
3-V Market Value Principle
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Market Offering
Market Offering
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Three Levels of Strategy
Three Levels of Strategy
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Organizational Level Strategy
Organizational Level Strategy
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Business Unit Level Strategy
Business Unit Level Strategy
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Functional Level Strategy
Functional Level Strategy
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Study Notes
- Marketing planning and management focuses on how to create customer value.
Key Tasks for Company and Business Unit Planning
- Identify required tasks for company and business unit planning.
- Describe the three levels of strategy: corporate, SBU, and functional.
- SBU stands for strategic business unit.
- Describe process for developing a market offering.
- Differentiate between strategy and tactic.
- Explain value proposition.
- Explain the process of marketing planning.
- Describe the key components of an actionable marketing plan.
Corporate and Business Unit Planning and Management
- Business units are the same as strategic business units (SBU).
- Offering planning entails developing market offerings at the functional level, such as marketing.
- A strategic business unit is an independently managed entity or unit within a large company and is responsible for a particular range of products or activities.
Corporate and Strategic Business Planning - 1
- Defining the corporate mission
- Building the corporate culture
- Establishing strategic business units
- Assigning resources to each strategic business unit
- A mission is a clear, concise, and enduring statement of the reasons for an organization's existence; it also the company's core purpose.
- A company’s mission is a long-term goal that provides company employees and management with a shared sense of purpose, direction, and opportunity.
- Classic questions relating to corporate mission are:
- What is our business?
- Who is the customer?
- What is of value to the customer?
- What will our business be?
- What should our business be?
- Corporate culture is defined as the shared experiences, stories, beliefs, and norms that characterize an organization.
- Zappos' corporate culture is "unique and employee-centric" and a "fun and family-like environment creating employee satisfaction."
- Google has an "innovative and inclusive culture" and a "flexible and stimulating work environment, encouraging creativity and personal development."
Corporate and Strategic Business Planning - 2
- Strategic Business Units are single businesses or a collection of related businesses that can be planned separately from the rest of the company.
- SBUs have their own set of competitors.
- SBU managers are responsible for strategic planning and profit performance and control most factors affecting profit.
- Corporate planning is at the corporate level.
- SBUs are at the business level
- Offering planning refers to functional level strategy
- Resources are allocated to each SBU by:
- Assessing each SBU's competitive advantage and the attractiveness of the market in which it operates.
- Assessing growth opportunities such as planning/reviewing new businesses, downsizing, and terminating old businesses.
Offering Planning / Developing Market Offerings
- Marketing strategy involves choosing a well-defined market in which the company will compete, and determining the value it intends to create in that market.
- It is A comprehensive plan for achieving goals and objectives.
- Marketing tactics, aka marketing mix, are the actions taken to achieve marketing strategy in the chosen market.
- Implementing the marketing mix involves product, service, brand image, design, pricing, and communication.
Developing Marketing Strategy
- A target market is a specific group of potential customers a business aims to reach with its products or services, aiming to create and provide value for them.
- Collaborators include suppliers, manufacturers, distributors, and ad agencies.
- Context includes social, technological such as AI,regulatory, economic, and physical environments, climate change, etc.
Marketing 4 Ps
- The 4 Ps are product, price, promotion, and place.
- Product factors include product variety, quality, design, features, brand name, packaging,sizes, services, warranties, and returns.
- Price includes list price, discounts, allowances, payment period, and credit terms.
- Promotion includes sales promotion, advertising, sales force, public relations, and direct marketing.
- Place includes channels, coverage, assortments, locations, inventory, and transport.
Value Proposition
- A value proposition is a clear statement of the tangible results a customer gets from using certain products or services, or the whole cluster of benefits the firm promises to its customers.
- OVP - Optimal Value Proposition
- Three values to consider when developing market offerings includes customer, company and collaborator.
Designing Value and Marketing Tactics
- The market offering reflects the company's tactics and the actual good that the company deploys in order to fulfill a particular customer need.
- The 7 Tactics (7Ts) define the Market Offering.
Marketing Tactics
- Marketing tactics involve designing, communicating, and delivering customer value.
- These include product, service, brand, price, value, incentives, communication, and distribution.
Three Levels of Strategy - UNF example
- Overall UNF's Mission and Vision pertains to the UNF President office as corporate or organizational level.
- Business Unit: CCB Mission and Vision pertains to each college as an SBU level.
- Each department as functional Level encompasses marketing & logistics, management, finance & accounting, & economics.
- An example of CCB, the goal or objective is increase MSM and MBA students 30% by the fall of 2026.
- One marketing strategy to improve communication about the MBA and MSM programs in the Jacksonville communities; examples: companies
- Some tactics to achieve the 1st strategy include:
- Identify the communities and visit/invite each community twice a year, implemented by Dean's chairs.
- Redo and reorganize the websites for the programs by the summer of 2025.
- Create Facebook (Meta) pages for the programs by the end of 2024.
- Appoint one director, faculty or staff for each program by August 2025.
- Marketing Strategy 2 involves hiring XX number of new faculty and staff by the end of 2025 to achieve the goal and objective.
Creating a Market Value Map
Includes
- Target Market: Customers, Collaborators, Competition and Context
- Market Offering: Product, Service, Brand, Price, Incentives, Communication, and Distribution.
Organization of the Marketing Plan
- Executive summary: a streamlined and succinct overview of the company's goal and the proposed course of actions in 1-2 pages.
- Situation overview: company overview(the company's history, culture, offerings, resources..) and the market overview.
- Implementation lays out the aspects of executing an offering's strategy and tactics.
- To control you must evaluate performance with benchmarks to track progress and monitor the environment by taking corrective actions as necessary.
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Description
Learn about marketing planning and management, focusing on customer value creation. The lesson covers three levels of strategy: corporate, SBU, and functional. It also describes developing a market offering, marketing planning, and the components of an actionable marketing plan.
