Podcast
Questions and Answers
Which marketing concept involves dividing a larger market into smaller groups of consumers with similar needs or characteristics?
Which marketing concept involves dividing a larger market into smaller groups of consumers with similar needs or characteristics?
- Market Positioning
- Market Penetration
- Target Marketing
- Market Segmentation (correct)
What is the primary purpose of conducting a SWOT analysis?
What is the primary purpose of conducting a SWOT analysis?
- To examine internal strengths and weaknesses, and external opportunities and threats (correct)
- To develop marketing strategies and tactics
- To analyze competitors' strengths and weaknesses
- To identify market trends and opportunities
The '4 Ps' of the marketing mix refer to:
The '4 Ps' of the marketing mix refer to:
- Product, Price, Place, and Promotion (correct)
- Positioning, Packaging, Product, and Price
- Product, Packaging, Positioning, and Price
- Place, Promotion, Price, and Product
What is the primary purpose of environmental scanning in marketing?
What is the primary purpose of environmental scanning in marketing?
What is the last stage of the marketing planning process?
What is the last stage of the marketing planning process?
What is the primary output of the marketing planning process?
What is the primary output of the marketing planning process?
What is the primary objective of Strategic Marketing Planning at the corporate level?
What is the primary objective of Strategic Marketing Planning at the corporate level?
What is the primary purpose of marketing control?
What is the primary purpose of marketing control?
What should a market-oriented mission statement reflect?
What should a market-oriented mission statement reflect?
What characteristics should a good mission statement have?
What characteristics should a good mission statement have?
Which type of marketing department organization is structured around specific products or brands?
Which type of marketing department organization is structured around specific products or brands?
What is the process of translating broad strategy statements into specific actions?
What is the process of translating broad strategy statements into specific actions?
What is the purpose of developing measurable companywide objectives?
What is the purpose of developing measurable companywide objectives?
What is the first step in the Strategic Marketing Planning Process?
What is the first step in the Strategic Marketing Planning Process?
Which type of marketing department organization is structured around specific geographic locations?
Which type of marketing department organization is structured around specific geographic locations?
What is the purpose of a market-oriented mission statement?
What is the purpose of a market-oriented mission statement?
What is the purpose of a marketing audit?
What is the purpose of a marketing audit?
What is the primary focus of market or customer management organization?
What is the primary focus of market or customer management organization?
What should a Strategic Marketing Planning Process involve?
What should a Strategic Marketing Planning Process involve?
What is an example of a company's mission statement?
What is an example of a company's mission statement?
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Study Notes
Strategic Marketing Planning
- A process that charts out the company's course in relation to marketing, done at the corporate level
- Objective: to develop and maintain a strategic fit between the organization's objectives, available resources, and evolving market opportunities
Strategic Marketing Planning Process
- Involves specifying the market-oriented mission, developing measurable company-wide objectives, establishing a business portfolio, and developing strategies at the business unit, market, and product level
Specifying the Market-Oriented Mission
- A mission statement reflects the organization's purpose and should be clear, realistic, and provide motivation
- It should answer: Who are our customers? What is our business? Where are we going?
- A market-oriented mission statement is defined in terms of satisfying customer needs
- Characteristics of a good mission statement: focus, scope, motivates, guided by vision, and policies
- Example: Sony's mission statement emphasizes inspiring and fulfilling customers' curiosity, driving innovation, and delivering ground-breaking excitement and entertainment
Developing Measurable Company-Wide Objectives
- Objectives should be realistic, measurable, time-specific, and consistent with the organizational mission
- Market segmentation, market targeting, market positioning, and marketing mix strategies are involved
Developing Strategies at Business Unit, Market, and Product Level
- Involves the 4 Ps: product, price, place, and promotion
- Product: physical unit, packaging, branding, and labeling
- Price: amount of money customers have to pay
- Place: distribution of finished product, intermediaries/middlemen
- Promotion: to inform, educate, persuade, and remind target market, including personal selling, advertising, sales promotion, and public relations
Managing Marketing Activities
- Involves situation analysis, planning, implementation, organization, and control
- Situation analysis: identifying internal strengths and weaknesses, and examining external opportunities and threats using SWOT analysis and PESTLE model
Marketing Planning
- Produces a market plan at the business unit level
- Involves 8 stages: executive summary & table of content, current situation analysis, opportunities and threats analysis, objectives & issues, marketing strategy, action programs, budgets, and controls
Market Implementation
- Process of translating broad strategy statements into specific actions to achieve objectives
Marketing Department Organization
- Can be arranged according to functional, product or brand management, market or customer management, or geographic organization
Marketing Control
- Involves measuring results, diagnosing results of marketing strategies and plans, and taking corrective actions to meet objectives
- Monitoring results of investment on marketing activities, assessing whether companies' strategies match with opportunities, and ensuring marketing strategies fit with company culture
- Marketing audit is also involved
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