Strategic Marketing Planning

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Questions and Answers

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?

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:

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?

To examine external opportunities and threats Signup and view all the answers

What is the last stage of the marketing planning process?

Budgets Signup and view all the answers

What is the primary output of the marketing planning process?

Marketing plan Signup and view all the answers

What is the primary objective of Strategic Marketing Planning at the corporate level?

To achieve a strategic fit between organizational objectives, resources, and market opportunities Signup and view all the answers

What is the primary purpose of marketing control?

To measure and correct marketing actions to meet objectives Signup and view all the answers

What should a market-oriented mission statement reflect?

Satisfying customer needs Signup and view all the answers

What characteristics should a good mission statement have?

Focus, scope, motivates, guided by vision, and policies Signup and view all the answers

Which type of marketing department organization is structured around specific products or brands?

Product or brand management organization Signup and view all the answers

What is the process of translating broad strategy statements into specific actions?

Market implementation Signup and view all the answers

What is the purpose of developing measurable companywide objectives?

To ensure realistic and measurable goals Signup and view all the answers

What is the first step in the Strategic Marketing Planning Process?

Specifying the market-oriented mission Signup and view all the answers

Which type of marketing department organization is structured around specific geographic locations?

Geographic organization Signup and view all the answers

What is the purpose of a market-oriented mission statement?

To provide motivation for the company to reach its objectives Signup and view all the answers

What is the purpose of a marketing audit?

To evaluate marketing strategies Signup and view all the answers

What is the primary focus of market or customer management organization?

Customers or markets Signup and view all the answers

What should a Strategic Marketing Planning Process involve?

Specifying the market-oriented mission, developing measurable companywide objectives, establishing business portfolio, and developing strategies Signup and view all the answers

What is an example of a company's mission statement?

At Sony, our mission is to be a company that inspires and fulfills your curiosity. Signup and view all the answers

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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Description

A process that charts out the course of a company's marketing strategy, done at the corporate level. It aims to develop and maintain a strategic fit between organizational objectives, resources, and market opportunities.