Podcast
Questions and Answers
What does strategic marketing planning primarily aim to do?
What does strategic marketing planning primarily aim to do?
- Develop and maintain a strategic fit between the organization's objectives and evolving market opportunities. (correct)
- Maximize short-term sales and revenue.
- Reduce marketing expenses regardless of market impact.
- Focus solely on product development and innovation.
A well-rounded mission statement should only focus on the company's internal goals and not consider external factors such as customers or the market.
A well-rounded mission statement should only focus on the company's internal goals and not consider external factors such as customers or the market.
False (B)
What are the three primary questions that a comprehensive mission statement should address?
What are the three primary questions that a comprehensive mission statement should address?
Who are our customers, what is our business, and where are we going?
Companywide objectives should be realistic, measurable, __________, and consistent with the organizational mission.
Companywide objectives should be realistic, measurable, __________, and consistent with the organizational mission.
What is a Strategic Business Unit (SBU)?
What is a Strategic Business Unit (SBU)?
An SBU shares the same strategic planning and profit accountability with the parent company.
An SBU shares the same strategic planning and profit accountability with the parent company.
Name at least two characteristics that define a Strategic Business Unit (SBU).
Name at least two characteristics that define a Strategic Business Unit (SBU).
The BCG Growth-Share Matrix and the Strategic Opportunity Matrix are tools used in __________ a business portfolio.
The BCG Growth-Share Matrix and the Strategic Opportunity Matrix are tools used in __________ a business portfolio.
According to the BCG Growth-Share Matrix, which type of product typically requires a high level of investment to maintain its market position and support further growth?
According to the BCG Growth-Share Matrix, which type of product typically requires a high level of investment to maintain its market position and support further growth?
Cash Cow products typically exist in high-growth markets and require significant investment to maintain market share.
Cash Cow products typically exist in high-growth markets and require significant investment to maintain market share.
In the BCG Matrix, what category describes products with low market share in a low growth market?
In the BCG Matrix, what category describes products with low market share in a low growth market?
According to the BCG Matrix, products in high-growth markets with a low market share are classified as __________.
According to the BCG Matrix, products in high-growth markets with a low market share are classified as __________.
What is the primary challenge for product portfolio managers concerning 'Star' products?
What is the primary challenge for product portfolio managers concerning 'Star' products?
Cash Cows are considered liabilities because they require high maintenance costs and yield small returns.
Cash Cows are considered liabilities because they require high maintenance costs and yield small returns.
What is the main purpose of 'milking' Cash Cow products within a business portfolio?
What is the main purpose of 'milking' Cash Cow products within a business portfolio?
Products categorized as 'Dogs' in the BCG Matrix frequently result in a net ______ for companies.
Products categorized as 'Dogs' in the BCG Matrix frequently result in a net ______ for companies.
What is a common strategy for dealing with 'Dog' products in the BCG Matrix?
What is a common strategy for dealing with 'Dog' products in the BCG Matrix?
High investment always guarantees that Question Mark products will become Stars.
High investment always guarantees that Question Mark products will become Stars.
Why do 'Question Mark' products need more investment?
Why do 'Question Mark' products need more investment?
In the context of SBU’s strategies, to '__________' means to increase investment.
In the context of SBU’s strategies, to '__________' means to increase investment.
Ansoff's Product/Market Expansion Matrix suggests four strategies for growth. Which strategy involves selling existing products in new markets?
Ansoff's Product/Market Expansion Matrix suggests four strategies for growth. Which strategy involves selling existing products in new markets?
Specific, Measurable, Achievable, Relevant, and Time-bound (SMART) objectives are not applicable in strategic marketing planning at business and product levels.
Specific, Measurable, Achievable, Relevant, and Time-bound (SMART) objectives are not applicable in strategic marketing planning at business and product levels.
Objectives in the strategic marketing planning must be what set of objectives?
Objectives in the strategic marketing planning must be what set of objectives?
Developing market-oriented strategies includes market segmentation, market targeting, and market __________.
Developing market-oriented strategies includes market segmentation, market targeting, and market __________.
What are the 4Ps of the marketing mix?
What are the 4Ps of the marketing mix?
Situation analysis is not an important component of effective managing of marketing activities.
Situation analysis is not an important component of effective managing of marketing activities.
What does SWOT analysis stand for?
What does SWOT analysis stand for?
Components of SWOT analysis pertaining to external factors are _________ and __________.
Components of SWOT analysis pertaining to external factors are _________ and __________.
What does the acronym PESTLE stand for?
What does the acronym PESTLE stand for?
Environmental scanning encompasses only technological and economic factors, thus ignoring other environmental influences
Environmental scanning encompasses only technological and economic factors, thus ignoring other environmental influences
Name at least three elements encompassed by environmental scanning in marketing.
Name at least three elements encompassed by environmental scanning in marketing.
_________ and table of contents are the first components in Marketing Planning.
_________ and table of contents are the first components in Marketing Planning.
Match each business strategy element with its definition:
Match each business strategy element with its definition:
What does the 'Controls' area focus on Marketing Planning?
What does the 'Controls' area focus on Marketing Planning?
The marketing strategy is formulated before evaluating opportunities and threats
The marketing strategy is formulated before evaluating opportunities and threats
Flashcards
Strategic Planning
Strategic Planning
Developing and maintaining a strategic fit between the organization's objectives, available resources, and evolving market opportunities.
Mission Statement
Mission Statement
A statement that reflects the organization's purpose.
Key questions answered by a Mission Statement
Key questions answered by a Mission Statement
Who are our customers? What is our business? Where are we going?
Strategic Business Unit (SBU)
Strategic Business Unit (SBU)
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BCG Growth-Share Matrix
BCG Growth-Share Matrix
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Stars (BCG Matrix)
Stars (BCG Matrix)
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Cash Cows (BCG Matrix)
Cash Cows (BCG Matrix)
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Dogs (BCG Matrix)
Dogs (BCG Matrix)
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Question Marks (BCG Matrix)
Question Marks (BCG Matrix)
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SBU Strategies
SBU Strategies
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Ansoff's Growth Matrix Strategies
Ansoff's Growth Matrix Strategies
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SMART Objectives
SMART Objectives
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Market-Oriented Strategies
Market-Oriented Strategies
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Marketing Mix (4Ps)
Marketing Mix (4Ps)
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Situation Analysis
Situation Analysis
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SWOT Analysis
SWOT Analysis
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Environmental Scanning (PESTLE)
Environmental Scanning (PESTLE)
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Study Notes
Strategic Marketing Planning
- It aims to develop and maintain a strategic fit between an organization's objectives, resources, and market opportunities, according to Kotler and Armstrong.
- It is a process for charting the company's marketing course to achieve target profits and growth.
Strategic Marketing Planning Process
- Mission Specification
- Develop Measurable Objectives
- Business Portfolio Establishment
- Strategy Development
Specifying Market-Oriented Business Mission
- A mission statement reflects the organization's purpose.
- A good mission statement answers the questions: "Who are our customers?", "What is our business?", and "Where are we going?"
- Good mission statements are focused, scoped, motivating, vision-guided, and policy-oriented.
Developing Measurable Companywide Objectives
- It Trickles down the mission statement companywide.
- Objectives must be realistic, measurable, time-specific, and consistent with the organizational mission.
Establishing Business Portfolio
- A strategic business unit (SBU) operates under a larger company with its own distinct mission, objectives, and plans.
- An SBU can exist at a company's division level for a product line, a specific product, or a brand.
- Characteristics of an SBU: a single or related group of businesses, its own competitors, and has a manager accountable for strategic planning and profit performance.
- Steps for establishing a business portfolio: analyze the current one and develop a future one.
- Tools for establishing a business portfolio: BCG Growth Share Matrix and strategic opportunity matrix.
BCG Growth Share Matrix
- Stars: high growth and dominant market leadership, needing more investment to maintain position, but generating a lot of income.
- Stars: they can turn into Cash Cows when market growth slows if they keep their high market share.
- Cash Cows: Less competitive pressures with a low growth market, holding a dominant position generated from economies of scale.
- Cash Cows: Generates significant income without needing much maintenance, and can fund star products.
- Dogs: low growth and weak market share, making a loss or a very low profit, draining management time and resources.
- Question Marks: high growth market but without a high share, might be new, and more investment may turn them into Stars.
- SBU strategies: BUILD, HOLD, HARVEST, DIVEST
Ansoff's product/market expansion matrix
- Market Penetration
- Market Development
- Product Development
- Diversification
Strategic Marketing Planning
- Companywide objectives must be: Specific, Measurable, Achievable, Realistic and Time specific
4 P's of Marketing
- Product
- Price
- Place
- Promotion
Managing Marketing Activities
- The series of actions is situation analysis, planning, implementation, organization, and control.
SWOT Analysis
- S = Strengths
- W = Weaknesses
- O = Opportunities
- T = Threats
- Strengths and Weaknesses are Internal
- Opportunities and Threats are External
Environmental Scanning using PESTLE
- Political
- Economic
- Social
- Technological
- Legal
- Environment
Stages in a Marketing Plan
- Executive Summary
- Current situation analysis
- Opportunities and threats analysis
- Objectives and issues
- Marketing strategy
- Action programmes
- Budgets
- Finally, Controls
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