Strategic Planning and Market Strategies
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Questions and Answers

What is the process of developing and maintaining a fit between the organization's goals and capabilities and its changing marketing opportunities?

strategic planning

Which of the following are key steps in strategic planning? (Select all that apply)

  • Setting company objectives and goals (correct)
  • Designing the business portfolio (correct)
  • Defining the company mission (correct)
  • Planning marketing and other functional strategies (correct)

    • A _____ statement is the organization's purpose, what it wants to accomplish in the larger environment.

    mission

    A mission statement should be market-oriented.

    <p>True</p> Signup and view all the answers

    A _____ statement is a picture of where your company will be in the future.

    <p>vision</p> Signup and view all the answers

    What is a business portfolio?

    <p>The collection of businesses and products that make up the company.</p> Signup and view all the answers

    Define market penetration.

    <p>Making more sales to current customers without changing its original products.</p> Signup and view all the answers

    What does market development entail?

    <p>Identifying and developing new markets for its current products.</p> Signup and view all the answers

    What is product development?

    <p>Offering modified or new products to current markets.</p> Signup and view all the answers

    What is diversification?

    <p>New products/new market.</p> Signup and view all the answers

    What does downsizing refer to?

    <p>Eliminating products or business units that are not profitable.</p> Signup and view all the answers

    What is marketing strategy?

    <p>Marketing logic by which the company hopes to create customer value.</p> Signup and view all the answers

    What is market segmentation?

    <p>Dividing a market into distinct groups of buyers with different needs.</p> Signup and view all the answers

    What is a market segment?

    <p>A group of consumers who respond similarly to marketing efforts.</p> Signup and view all the answers

    Define market targeting.

    <p>Evaluating each market segment's attractiveness and selecting segments to enter.</p> Signup and view all the answers

    What does positioning entail?

    <p>Arranging for a product to occupy a clear, distinctive place in consumers' minds.</p> Signup and view all the answers

    What is differentiation?

    <p>Differentiating the company's market offering to give consumers more value.</p> Signup and view all the answers

    What does SWOT analysis stand for?

    <p>Strengths, Weaknesses, Opportunities, Threats.</p> Signup and view all the answers

    SWOT analysis and market opportunity analysis can create opportunity and threat matrices.

    <p>True</p> Signup and view all the answers

    What is marketing implementation?

    <p>Turning plans into actions.</p> Signup and view all the answers

    Define marketing return on investment (ROI).

    <p>Net return from a marketing investment divided by the costs of the marketing investment.</p> Signup and view all the answers

    What are core competencies?

    <p>What we do best, competitive advantage, difficult to imitate.</p> Signup and view all the answers

    What is portfolio analysis?

    <p>A major activity in strategic planning evaluating products and businesses.</p> Signup and view all the answers

    What are strategic business units?

    <p>Key businesses that make up a company.</p> Signup and view all the answers

    What are business objectives?

    <p>To build profitable customer relationships, invest in research, improve profits.</p> Signup and view all the answers

    What are marketing objectives?

    <p>Increase market share, create local partnerships, increase promotion.</p> Signup and view all the answers

    What are two ways to obtain new products? (Select all that apply)

    <p>New product development</p> Signup and view all the answers

    Define acquisition.

    <p>Buying a whole company, a patent, or a license to produce someone else's product.</p> Signup and view all the answers

    Define new product development.

    <p>Original products, product improvements, or modifications developed from research.</p> Signup and view all the answers

    A business can achieve growth through _____ integration.

    <p>backward, forward, or horizontal</p> Signup and view all the answers

    What are Porter's Generic Strategies?

    <p>Overall Cost leadership, Differentiation, Focus, Strategic Alliances.</p> Signup and view all the answers

    Who is Jack Welch?

    <p>Competitive Advantage/Core Competency, Right People in the Right Place, Seek Out Best Practices.</p> Signup and view all the answers

    What is the Hedgehog Concept by Jim Collins?

    <p>Passion/Skills/Profits.</p> Signup and view all the answers

    What are Basic Competitive Strategies?

    <p>Operational excellence, customer intimacy, product leadership.</p> Signup and view all the answers

    Define operational excellence.

    <p>Leading its industry in price and convenience by reducing costs.</p> Signup and view all the answers

    What does customer intimacy refer to?

    <p>Providing superior value by segmenting markets and tailoring products.</p> Signup and view all the answers

    What is product leadership?

    <p>Offering a continuous stream of leading-edge products.</p> Signup and view all the answers

    Which of the following are market members? (Select all that apply)

    <p>Market Nichers</p> Signup and view all the answers

    What is key to market niching?

    <p>Specialization.</p> Signup and view all the answers

    The plan is only as good as its execution.

    <p>True</p> Signup and view all the answers

    What is the central instrument for directing and coordinating the marketing effort?

    <p>Marketing plan.</p> Signup and view all the answers

    A marketing plan operates only at a tactical level.

    <p>False</p> Signup and view all the answers

    What does the strategic component of marketing planning involve?

    <p>Target markets and value proposition.</p> Signup and view all the answers

    What does the tactical component of marketing planning include?

    <p>Product features, promotion, pricing, sales channels.</p> Signup and view all the answers

    What does marketing planning include? (Select all that apply)

    <p>Major objectives</p> Signup and view all the answers

    Marketing planning involves choosing strategies to attain overall strategic objectives.

    <p>True</p> Signup and view all the answers

    Study Notes

    Strategic Planning

    • Strategic planning aligns an organization's goals and capabilities with changing marketing opportunities.
    • Key steps include defining the company mission, setting objectives and goals, designing the business portfolio, and planning functional strategies.

    Mission and Vision

    • A mission statement outlines the organization's purpose and aspirations in the larger environment.
    • Vision statement articulates the future state of the organization, inspiring and guiding its direction.

    Business Portfolio

    • The business portfolio aligns the company’s strengths and weaknesses with the opportunities in the environment.
    • Effective portfolio analysis is crucial for evaluating products and businesses within the company.

    Market Strategies

    • Market penetration focuses on increasing sales to current customers without altering existing products.
    • Market development seeks new markets for existing products.
    • Product development offers new or modified products to existing markets.
    • Diversification involves introducing new products in new markets.
    • Downsizing eliminates unprofitable products or units that don't fit the overall strategy.

    Marketing Strategy and Implementation

    • Marketing strategy outlines how the company intends to create customer value and build profitable relationships.
    • Marketing implementation turns strategic plans into actionable steps.

    Market Dynamics

    • Market segmentation divides a market into distinct groups based on needs, characteristics, or behaviors.
    • Market targeting evaluates segment attractiveness, deciding which to enter.
    • Positioning arranges a product to maintain a distinctive and desirable place in the consumer's mind.

    SWOT Analysis

    • SWOT analysis examines strengths, weaknesses, opportunities, and threats.
    • It aids in creating opportunity and threat matrices that inform strategic decisions.

    Business and Marketing Objectives

    • Business objectives include building customer relationships, investing in research, and improving profits.
    • Marketing objectives involve increasing market share, forming local partnerships, and enhancing promotion.

    Growth Strategies

    • Key strategies include market penetration, market development, product development, diversification, and downsizing.
    • New products can be obtained through acquisition or product development initiatives.

    Integration Strategies

    • Growth can stem from backward integration (suppliers), forward integration (wholesalers), or horizontal integration (competitors).

    Competitive Advantage

    • Porter's Generic Strategies encompass overall cost leadership, differentiation, focus, and forming strategic alliances.
    • Core competencies include characteristics such as competitive advantages that are challenging to replicate.

    Basic Competitive Strategies

    • Key strategies are operational excellence, customer intimacy, and product leadership.

    Market Membership

    • Types of market members include market leaders, challengers, followers, and niche competitors.
    • Specialization is critical for market niching, targeting specific segments effectively.

    Marketing Plan

    • The marketing plan is central to directing and coordinating marketing efforts, operating on both strategic and tactical levels.
    • It encompasses target markets, value propositions, product features, promotion, pricing, and sales strategies.
    • Marketing planning involves an executive summary, major objectives, and choosing strategies to meet strategic goals.

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    Description

    This quiz covers the key concepts of strategic planning including mission and vision statements, business portfolio analysis, and various market strategies. It explores how organizations align their goals with opportunities in the market and develop effective plans for growth.

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