48 Questions
What is the goal of strategic planning at the strategic business unit (SBU) level?
To gain a competitive advantage
What is the primary focus of marketing planning?
Identification of target markets and marketing mix activities
What is the purpose of conducting business portfolio analysis?
To determine resource allocation and business opportunities
What is the key reason for implementing, evaluating, and controlling the marketing plan?
To ensure the effectiveness of the marketing plan
What is the leadership and managerial process of strategic planning focused on?
Establishing organizational objectives and determining how to achieve them
What distinguishes strategic decisions from tactical decisions?
Wider scope and longer orientation
At which level does the goal of gaining a competitive advantage through target market and marketing mix activities apply?
Strategic business unit (SBU) level
What is the primary focus of business planning for competitive advantage?
Sets the direction and scope, including mission statement and resource allocation
What is the definition of competitive advantage mentioned in the text?
The set of unique features of a company and its products perceived as significant and superior
What is an example of a niche competitive advantage?
Geographic niche
What is the primary focus of marketing leaders to sustain a competitive advantage?
Continually focusing on the skills and assets of the organization
Which element is considered the heart of the marketing mix?
Product strategies
What is the quickest element to change in the marketing mix?
Pricing strategies
What is the process that turns the marketing plan into action?
Implementation
What is the primary purpose of evaluation in the marketing plan?
To gauge achievement of objectives
What is a useful tool for marketing managers to evaluate the effectiveness of the marketing plan?
Marketing audit
What is required for effective strategic planning according to the text?
Management commitment, creativity, and continual attention
What is the first step in the target market strategy according to the text?
Estimation of size and sales potential of segments
What is considered the value in the mind of the consumer in the context of pricing strategies?
What a buyer must give up in the exchange
What is the primary purpose of promotion strategies?
To introduce and facilitate conversation between company and customer
What does a good business mission statement define?
The organization's products/services, target market, how products/services are delivered, and their ultimate value/outcome
Which of the following are considered as strengths for a business?
Attracting new customers and high-quality products
What are the external factors to a company according to SWOT analysis?
Opportunities and threats
Which of the following is a strategic growth strategy linked to SWOT analysis?
Market penetration
What is an example of a threat for a business according to the text?
Being slow to adapt to change
What are examples of weaknesses for a business according to the text?
Limited product range and low-quality products
What is the primary focus of SWOT analysis?
Analyzing internal and external factors
What does SWOT stand for in SWOT analysis?
Strengths, weaknesses, opportunities, threats
What is the purpose of SWOT analysis?
To devise a successful future strategy
What are examples of opportunities for a business according to the text?
Improving the overall customer experience and developing breakthrough products
What are strategic alternatives linked to SWOT analysis?
Market penetration and market development
What is the role of the business mission statement in corporate planning?
It creates boundaries for all decisions and defines the organization's products/services
What is the primary focus of marketing analytics?
Utilizing data to optimize marketing decisions
What is the most crucial aspect to consider in the marketing research process?
Integrity of the input data
What is the first step in the marketing research process?
Identify and formulate the problem or opportunity
What is the definition of marketing research?
Planning, collecting, and analyzing data relevant to marketing decisions
What is a source of secondary data mentioned in the text?
Statistics Canada
Which method is NOT mentioned as a qualitative data collection method?
Online surveys
What is a characteristic of survey data mentioned in the text?
Questionnaire design with open-ended, close-ended, and scaled-response questions
Which is NOT mentioned as a primary data collection method in the text?
Secondary data analysis
What is NOT mentioned as an impact of technology on marketing research?
Use of telepathy
What is a free tool for research mentioned in the text?
Google Analytics
In which step of the marketing research process is the collection of primary data through surveys, interviews, focus groups, and customer observation mentioned?
Step 4
Which market segment is the target market according to the text?
Middle-class families inclined towards eco-friendly products
Which organization is NOT listed as a source of secondary data in the text?
Coca-Cola
Which step of the marketing research process involves analyzing the data and drawing conclusions?
Step 5
What is NOT mentioned as an impact of technology on marketing research?
Virtual reality research
Which data collection method is NOT mentioned in the text?
Telepathic communication
Study Notes
Strategic Business Planning Essentials
- Corporate planning involves defining the business mission statement, which should focus on the value provided for customers, benefits sought, and environmental conditions, creating boundaries for all decisions.
- A good business mission statement defines the organization's products/services, target market, how products/services are delivered, and their ultimate value/outcome.
- SWOT analysis is a tool used to analyze a company's strengths, weaknesses, opportunities, and threats, helping to devise a successful future strategy.
- Strengths and weaknesses are internal factors, while opportunities and threats are external factors to the company.
- Strength examples for a business may include attracting new customers, high-quality products, successful marketing strategies, and strong relationships with online influencers.
- Weakness examples for a business may include limited product range, low-quality products, under-performing sales teams, and poor market knowledge.
- Opportunities for a business may include improving the overall customer experience, recruiting high-quality staff, developing breakthrough products, and building strategic alliances.
- Threats for a business may include being slow to adapt to change, inexperienced staff, weakening customer relationships, and disruptive new competitors.
- Strategic alternatives include market penetration, market development, product development, and diversification as potential growth strategies linked to SWOT analysis.
- SWOT analysis can lead to business opportunities in market penetration, market development, product development, and diversification.
- The text provides examples from Davids Tea and Tesla to illustrate the concepts discussed.
- The sources for the information provided include marketingstudyguide.com, ctb.ku.edu, and investopedia.com.
Marketing Research Process and Technology Impact
- Target market: middle-class families inclined towards eco-friendly products
- Step 2: Plan research design, gather secondary data (exploratory or conclusive research design)
- Free tools for research: Google Analytics
- Sources of secondary data: company's internal data, external sources like Statistics Canada, CRTC, Vanier Institute for the Family, Environics Research Group, MRIA, and CIM
- Step 3: Specify sampling procedure, acknowledge potential errors
- Step 4: Collect primary data through surveys, interviews, focus groups, and customer observation
- Qualitative data collection methods: depth interviews, focus groups, one-to-one discussions
- Characteristics of survey data: questionnaire design with open-ended, close-ended, and scaled-response questions
- Primary data collection methods: observational research, ethnographic research, experiments
- Step 5: Analyze the data and draw conclusions
- Step 6: Prepare and present a clear, concise report with major findings, conclusions, and recommendations
- Step 7: Provide follow-up support to internal and external research clients
- Impact of technology on marketing research: uses of the internet, social media marketing research, big data, data visualization, marketing analytics and strategy, data collection ethics
Test your knowledge of strategic business planning essentials with this quiz. Explore key concepts such as defining a business mission statement, conducting SWOT analysis, identifying strengths, weaknesses, opportunities, and threats, and understanding strategic alternatives for business growth. Gain insights from real-world examples and authoritative sources as you advance your strategic planning skills.
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