Marketing Exam One: Chapter Two

Front 1

planning

Back 1

basis for sound decision making in any situation

Front 2

Key elements in planning (5)

Back 2

1)timing
2)tasks
3)responsibility
4)follow-up
5)budgeting

Front 3

timing

Back 3

*planning must occur well in advance of the activity
*if put off until last minute = negative side effects

Front 4

planning

Back 4

basis for sound decision making in any situation

Front 5

tasks

Back 5

*every activity is comprimised of a number of specific tasks
*all details must be planned out= successful activity

Front 6

Key elements in planning (5)

Back 6

1)timing
2)tasks
3)responsibility
4)follow-up
5)budgeting

Front 7

responsibilty

Back 7

*every task needs a specific coordinator
*if one person not held accountable, task may not get done

Front 8

timing

Back 8

*planning must occur well in advance of the activity
*if put off until last minute = negative side effects

Front 9

follow-up

Back 9

*even if responbility for each task has been delegated, one individual must follow up on and coordinate the progress of the overall activity (coordinator)

Front 10

tasks

Back 10

*every activity is comprimised of a number of specific tasks
*all details must be planned out= successful activity

Front 11

budgeting

Back 11

*budget needs to be developed through cost estimation
*budget need to be tracked over time

Front 12

responsibilty

Back 12

*every task needs a specific coordinator
*if one person not held accountable, task may not get done

Front 13

follow-up

Back 13

*even if responbility for each task has been delegated, one individual must follow up on and coordinate the progress of the overall activity (coordinator)

Front 14

planning

Back 14

basis for sound decision making in any situation

Front 15

budgeting

Back 15

*budget needs to be developed through cost estimation
*budget need to be tracked over time

Front 16

Key elements in planning (5)

Back 16

1)timing
2)tasks
3)responsibility
4)follow-up
5)budgeting

Front 17

timing

Back 17

*planning must occur well in advance of the activity
*if put off until last minute = negative side effects

Front 18

tasks

Back 18

*every activity is comprimised of a number of specific tasks
*all details must be planned out= successful activity

Front 19

responsibilty

Back 19

*every task needs a specific coordinator
*if one person not held accountable, task may not get done

Front 20

follow-up

Back 20

*even if responbility for each task has been delegated, one individual must follow up on and coordinate the progress of the overall activity (coordinator)

Front 21

budgeting

Back 21

*budget needs to be developed through cost estimation
*budget need to be tracked over time

Front 22

Levels of Planning (3)

Back 22

Strategic
Marketing
Tactical

Front 23

Strategic Planning

Back 23

"game plan"
3-5 year
Corporate and Business levels

Front 24

Marketing Planning

Back 24

1 year
marketing level
(product line)

Front 25

Tactical Planning

Back 25

less than one year
marketing
(nitty gritty detail)

Front 26

Fundamentals of Strategic Planning

Back 26

1. Establishing the organizational mission
2. defining SBUs
3.specifying organizational objectives
4.analyzing SBU peformance
5.Assessing organizational growth opportunities
6.developing marketing plans

Front 27

SBU stands for?

Back 27

Strategic
Business
Unit

Front 28

Fundamentals of Strategic Planning
1) establishing the organizational mission

Back 28

mission statement is a guideline for the organization's decision making for both the short and long run
(who we are, what we're trying to do, focus and direction, stay consistent)

Front 29

Fundamentals of Strategic Planning
2)Defining SBUs

Back 29

SBUs or smaller divisions to facilitate planning and general operations

Front 30

Fundamentals of Strategic Planning
3)Specifying organizational objectives

Back 30

S specific
M measurable
A achievable
R relevant
T time-bound

Front 31

Levels of Planning (3)

Back 31

Strategic
Marketing
Tactical

Front 32

Strategic Planning

Back 32

"game plan"
3-5 year
Corporate and Business levels

Front 33

Marketing Planning

Back 33

1 year
marketing level
(product line)

Front 34

Tactical Planning

Back 34

less than one year
marketing
(nitty gritty detail)

Front 35

Fundamentals of Strategic Planning

Back 35

1. Establishing the organizational mission
2. defining SBUs
3.specifying organizational objectives
4.analyzing SBU peformance
5.Assessing organizational growth opportunities
6.developing marketing plans

Front 36

SBU stands for?

Back 36

Strategic
Business
Unit

Front 37

Fundamentals of Strategic Planning
1) establishing the organizational mission

Back 37

mission statement is a guideline for the organization's decision making for both the short and long run
(who we are, what we're trying to do, focus and direction, stay consistent)

Front 38

Fundamentals of Strategic Planning
2)Defining SBUs

Back 38

SBUs or smaller divisions to facilitate planning and general operations

Front 39

Fundamentals of Strategic Planning
3)Specifying organizational objectives

Back 39

S specific
M measurable
A achievable
R relevant
T time-bound

Front 40

Fundamentals of Strategic Planning
4) Analyzing SBU performance

FIVE RESOURCE ALLOCATION STRATEGIES

Back 40

Build
Maintain
Niche
Harvest
Divest

Front 41

Build

Back 41

improve SBU position in marketplace by investing additional resources

Front 42

Maintain

Back 42

hold steady the SBU current position in marketplace

Front 43

Niche

Back 43

narrow the focus of the SBU's intended market

Front 44

Harvest

Back 44

utilize the SBU to generate resources for other SBUs

Front 45

Divest

Back 45

discontinue all investment in an SBU so that resources can be redirected to other SBUs

Front 46

BCG Matrix
stands for?

aka?

Back 46

Boston
Consulting
Group

resource allocation model

Front 47

BCG Matrix
axis labels

Back 47

left:market growth/cash usage
bottom:market share/cash generation

Front 48

BCG Matrix
Which title in which square?

Back 48

Problem child (?): top right
Cash Cow: bottom left
Star: top left
Dog: bottom right

Front 49

BCG Matrix
Cash Cow

market share and growth?
strategies?

Back 49

high market share
low market growth
generates profit and cash flows
maintains superiority

maintain, harvest

Front 50

BCG Matrix
Star

market share and growth?
strategies?

Back 50

high market share
high market growht
generates sustantial cash flow
requires large investment

build, maintain

Front 51

BCG Matrix
Dog

market share and growth?
strategies?

Back 51

low market share
low market growht
generates little profits

niche, divest, maintain

Front 52

BCG Matrix
Problem Child/?

market share and growth?
strategies?

Back 52

low market share
poor profit margins
risk of becoming a dog

Build, niche, divest

Front 53

Fundamentals of Strategic Planning
6) Developing marketing plan

Back 53

marketing plans emanate from the overall strategic planning

Front 54

Fundamentals of Marketing Planning

Marketing plans vary in:

Back 54

1) scope
2) length
3) formality

Front 55

Fundamentals of Marketing Planning

the traditional marketing plan

Back 55

1. executive summary
2. market situation analysis
3. SWOT analysis
4. specification of marketing objectives
5. formulation of marketing strategies
6.preparation of action programs and budget
7.development of control procedures

Front 56

The traditional marketing plan:

1) executive summary

Back 56

written last, one page summary of marketing plan

Front 57

The traditional marketing plan:

2) market situation analysis

Back 57

marketing mix (4ps)
environmental factors

Front 58

The traditional marketing plan:

3) SWOT Analysis

Back 58

Strengths Weaknesses Opporunities Threats

Front 59

The traditional marketing plan:

4) Specifications of marketing objectives

Back 59

S specific
M measurable
A achievable
R relevant
T time-bound

Front 60

The traditional marketing plan:

3) SWOT Analysis MATRIX
what is where?

Back 60

Top: External: Opportunities and threats

Left: Internal: Strengths and weaknesses

Front 61

The traditional marketing plan:

3) SWOT Analysis MATRIX

-SO strategies

Back 61

Strategies that use the firm's strengths to take advantage of opportunities that exist in the marketplace

Front 62

The traditional marketing plan:

3) SWOT Analysis MATRIX

-ST strategies

Back 62

Strategies that use the firm's strengths to offset threats that exist in the marketplace

Front 63

The traditional marketing plan:

3) SWOT Analysis MATRIX

-WO strategies

Back 63

Strategies that offset the firm's weaknesses and enable the firm to take advantage of opportunities that exist in the marketplace

Front 64

The traditional marketing plan:

3) SWOT Analysis MATRIX

-WT strategies

Back 64

Strategies that offset the firm's weaknesses and counter threats that exist in the marketplace

Front 65

Fundamentals of Strategic Planning:

5. Assessing Organizational Growth Opportunities

AVENUES FOR GROWTH (3)

Back 65

1)Intensive growth
2)integrative growth
3)diversification growth

Front 66

Intensive growth

Back 66

developing growth within current operations

Front 67

integrative growth

Back 67

acheiving growth by acquiring other businesses that are directly related to existing operations

Front 68

diversification growth

Back 68

developing growth by acquiring other businesses not directly related to exisiting operations

Front 69

intensive growth strategies

matrix axis labels?
strategies?

Back 69

Left: Products
Top: Markets

1)Market penetration
2)market development
3)product development
4)product diversification

Front 70

Market penetration
Where on matrix?

Back 70

existing product
existing market

increase promotion
decrease price

Front 71

market development
Where on matrix?

Back 71

existing product
new market

Front 72

product development
Where on matrix?

Back 72

new product
existing market

Front 73

product diversification
Where on matrix?

Back 73

new product
new market

Front 74

integrative growth strategies

Back 74

backward integration
horizonatal integration
forward integration

manufacturer--wholesaler--retailer

Front 75

Diversification Growth strategies

Back 75

1) growth through the acquisition of other businesses that are not directly related to existing operations
-concentric diversification
-horizontal diversification
-conglomerate diversification

Front 76

concentric diversification

Back 76

acquiring company tha tis indirectly related to business

Front 77

horizontal diversification

Back 77

acquiring anothe business, btu theay sell at different business format

Front 78

conglomerate diversification

Back 78

acquiring company that is totally unrelated to existing business