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MKTG 3832 Ch 02
Midterm Study Guide for ECU MKTG 3832 Lang
| Question | Answer |
|---|---|
| Business Plan | An ongoing process of making decisions that guides the firm both in the short term and for the long term |
| Marketing Plan | A document that describes the marketing environment, outlines the marketing objectives and strategy, and identifies who will be responsible for carrying out each part of the marketing strategy. |
| Business Planning (3 Levels) | An ongoing process of making decisions that guides the firm both in the short term and for the long term. The three levels are: Strategic, Functional, and Operational |
| Strategic Planning | A managerial decision process that matches an organization’s resources and capabilities to its market opportunities for long-term growth and survival. Top management defines firm’s purpose & objectives and uses SBUs. Ex: Increase revenues by 20% over 5yrs |
| Functional Planning | A decision process that concentrates on developing detailed plans for strategies & tactics for the short term, supports an org’s LT strategic goals. Usu by CEO & includes 3-5yr plan to support strategic plan & detailed annual plan. Ex: Gain 40% of market |
| Operational Planning | A decision process that focuses on developing detailed plans for day-to-day activities that carry out an organization’s functional plans. First-line managers execute and include detailed annual, semiannual or quarterly plans. Ex: Sales Quotas |
| Steps in Strategic Planning | (1) Define the mission (2) Evaluate the internal & external environment (3) Set organizational or SBU objectives (4) Est the business portfolio (5) Develop growth strategies |
| Strategic Business Units (SBUs) | Individual units within the firm that operate like separate businesses, with each having its own mission, business objectives, resources, managers, and competitors. Ex: Disney includes theme parks, movie studios, networks, cruise line. |
| Mission Statement | A formal statement in an organization’s strategic plan that describes the overall purpose of the organization and what it intends to achieve in terms of its customers, products, and resources. |
| SWOT analysis (internal & external environment) | An analysis of an organization’s (S)trengths and (W)eaknesses and the (O)pportunities and (T)hreats in its internal or external environment. Enables the firm to develop strategies to maximize strengths and capitalize upon opportunities. |
| Business Portfolio | The group of different products or brands owned by an organization and characterized by different income-generating and growth capabilities. |
| Portfolio Analysis | A management tool for evaluating a firm’s business mix and assessing the potential of an organization’s strategic business units (SBUs). |
| BCG (Boston Consulting Group) Growth-Market Share Matrix | A portfolio analysis model developed by the Boston Consulting Group that assesses the potential of successful products to generate cash that a firm can then use to invest in new products. (stars, cash cows, question marks, dogs) |
| Stars | SBUs with products that have a dominant market share in high-growth markets |
| Cash Cows | SBUs with a dominant market share in a low-growth market |
| Question Marks | SBUs with low market shares in fast-growth markets |
| Dogs | SBUs with a small share of a low-growth market. They are businesses that offer specialized products in limited markets that are not really likely to grow quickly. |
| Growth Strategies | Market Penetration, Market Development, Product Development, Diversification |
| Market Penetration Growth Strategies | Designed to increase sales of existing products to current customers, nonusers, and users of competitive brands in served markets |
| Market Development Growth Strategies | Introduce existing products to new markets |
| Product Development Growth Strategies | Focus on selling new products in existing markets |
| Diversification Growth Strategies | Emphasize both new products and new markets |
| Steps in Marketing Planning | (1) Perform a situation analysis (2) Setting marketing objectives (3) Developing marketing strategies to achieve marketing objectives |
| Performing a Situation Analysis Step | Marketing planning step 1. Builds on SWOT and identifies how environmental trends affect marketing plan |
| Setting Marketing Objectives Step | Marketing planning step 2. Specific to the firm’s brands and other marketing mix-related elements. States what the marketing function must accomplish if firm is to achieve its overall business objectives |
| Developing Marketing Strategies to Achieve Marketing Objectives Step | Select target market(s) where the firm’s offerings are best suited. Develop marketing mix strategies |
| Marketing Mix Strategies | How marketing will accomplish its objectives in the firm’s target market by using product, price, promotion and place (distribution). |
| Product Strategies | Marketing mix strategy that includes product design, packaging, branding, support services, and product variations and features. |
| Pricing Strategies | Marketing mix strategy that includes setting prices for final consumers, wholesalers, and retailers based on costs, demand or competitors’ prices. |
| Promotion Strategies | Marketing mix strategy that includes advertising, sales promotion, public relations, direct marketing, personal selling |
| Distribution (Place) Strategies | Marketing mix strategy that includes how, when, and where the product is available to targeted customers. |
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