CEMDs MKGT 80: Strategic Marketing Management Process Quiz and Flashcards

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Questions and Answers

What is the purpose of a corporate strategic plan in an organization?

To guide the whole enterprise and make decisions on resource allocations. (correct)

To focus on developing marketing campaigns.

To solely concentrate on business unit restructuring.

To establish the organization's market share.

What managerial process does Market-Oriented Strategic Planning involve?

Focusing solely on internal operations.

Identifying competitors' weaknesses.

Developing and maintaining a viable fit among the organization's objectives, skills, and resources. (correct)

Ignoring changing market opportunities.

What is the first step in the Strategic Planning Process as mentioned in the text?

Establishing policy.

Preparing a mission statement. (correct)

Defining strategic business units (SBUs).

Setting goals.

Why is a Mission Statement essential for an organization?

It guides in effectively establishing objectives and formulating strategies. Signup and view all the answers

What do divisions and business units prepare within the framework of a corporate strategic plan?

Business unit strategic plans. Signup and view all the answers

Which activity is NOT part of Corporate Planning based on the text?

Creating marketing campaigns. Signup and view all the answers

What defines the scope of a business according to the text?

The products and markets it chooses to engage with Signup and view all the answers

Which type of diversification strategy seeks new products that have technological or marketing synergies with existing product lines?

Concentric diversification Signup and view all the answers

What does Ansoff's Product/Market Grid help in defining?

Diversification strategies Signup and view all the answers

What does Customer Value Proposition refer to according to the text?

The product/service offerings relevant to customers Signup and view all the answers

In horizontal diversification, what is the main focus when searching for new products?

Products appealing to current customers Signup and view all the answers

What does conglomerate diversification seek according to the text?

New businesses unrelated to current technology, products, or markets Signup and view all the answers

What is the main difference between a mission statement and a vision statement?

A mission statement focuses on 'what' and 'how,' while a vision statement focuses on 'why.' Signup and view all the answers

In crafting a good mission statement, what is one of the emphasized characteristics?

Be short, memorable, and meaningful Signup and view all the answers

What is one of the roles of vision and mission statements in an organization?

Project a sense of worth and intent Signup and view all the answers

According to Michael Porter, how does he define strategy?

Deliberately choosing a different set of activities to deliver a unique mix of value Signup and view all the answers

What are some activities involved in corporate planning as per the text?

Defining the corporate vision/mission and assigning resources to SBUs Signup and view all the answers

What does a good mission statement stress, according to the text?

Major policies and values Signup and view all the answers

Study Notes

Strategic Marketing Management Process

Learning objectives:
- Understand how strategic planning is carried out by organizations
- Explain the process involved in strategic marketing management
- Understand how organizations effectively manage the marketing process

Corporate Planning Activities

Define the corporate vision/mission
Establish strategic business units (SBUs)
Assign resources to each SBU
Assess growth opportunities

Strategic Planning Process

Starts by preparing statements of:
- Mission
- Policy
- Strategy
- Goals
Framework for divisions and business units to prepare their plans

Mission Statement

Declaration of an organization’s “reason for being”
Synonymous with asking the question “What is our business?”
Essential for effectively establishing objectives and formulating strategies
Focus on a limited number of goals
Stress major policies and values
Define major competitive spheres
Take a long-term view
Short, memorable, and meaningful

What is a Mission Statement?

A statement “defining our business”
Other terms for Mission Statement:
- Creed statement
- Statement of purpose
- Statement of philosophy
- Statement of beliefs
- Statement of business principles

Difference Between Mission Statement and Vision Statement

Mission statement defines what an organization does and includes tangible goals
Vision statement clarifies the aspirations of the organization and defines the direction it’s heading in
Mission is the “what” and the “how,” and the vision is the “why”

Importance of Vision and Mission Statements

Provide unity of direction
Promote shared expectations
Consolidate values
Project a sense of worth and intent
Affirm the company’s commitment to responsible action

Product/Market Investment Strategy (Where to Compete?)

Define the scope of a business by the products it offers and chooses not to offer
Markets it seeks to serve and not serve
Competitors it chooses to compete with and to avoid
Level of vertical integration

Ansoff’s Product/Market Grid

Strategies:
- Concentric diversification - seek new products with technological or marketing synergies
- Horizontal diversification - search for new products that appeal to current customers but are technologically unrelated
- Conglomerate diversification - seek new businesses that have no relationship to the company’s current technology, products, or markets

Customer Value Proposition

Product/service offerings that are relevant and meaningful to new and existing customers

Michael Porter’s Definition of Strategy

Competitive position, “deliberately choosing a different set of activities to deliver a unique mix of value”
Dimensions of Business Strategy:
- Where to compete?
- How to compete?

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Description

Learn about the strategic marketing management process outlined by Gener T. Cueno Mngt. Department, CEMDS MKGT 80. Understand how organizations carry out strategic planning, the steps involved in strategic marketing management, and how to effectively manage the marketing process.

Strategic Marketing Management Process - Gener T. Cueno Mngt. Dept. CEMDS MKGT 80

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