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 (A)</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 (A)</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 (A), Acquisition (D)</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 (A), Market Follower (B), Market Leader (C), Market Challenger (D)</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 (A)</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 (B)</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 (A), Executive summary (C)</p> Signup and view all the answers

Marketing planning involves choosing strategies to attain overall strategic objectives.

<p>True (A)</p> Signup and view all the answers

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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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