marketing quiz - Chapter 3 Highlights 1-Strategic Business...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Chapter 3 Highlights 1- Strategic Business Plan - overall direction an organization will pursue within its chosen environment and guides the allocation of resources and effort. It also provides the logic that integrates the perspectives of the functional departments and operating units and points them all in the same direction. Has: 1. An external orientation 2. Process for formulating strategies 3. Methods for analyzing strategic situations and alternatives 4. Commitment to action 2- Strategic Marketing Plan - outlines the marketing actions to undertake, why they are needed, who is responsible for carrying them out. When/where they will be completed, and how they will be coordinated. It is carried out within the context of a firm’s broader strategic plan. 3- Strategic Planning Process Achieves : - gives a firm direction and better enables it to understand the dimensions of marketing research, consumer analysis and marketing mix. It is a hierarchical process moving from company guidelines to specific marketing decisions -makes sure each divisions goals are integrated with firm wide goals -encourages different functional areas to coordinate efforts -requires a firm to asses its strength and weakness to consider environmental opportunity and threats -outlines the alternatives actions or combinations of actions a firm can take -presents a basis for allocating resources -shows the value of assessing performance 4- Total Quality is a process and output related philosophy, whereby a firm strives to fully satisfy customers in an effective and efficient manner Needs: a customer focus, top management, commitment, an emphasis on continuous improvement, and support from employees, suppliers and distributions intermediaries 5- Organizational Mission - refers to a long-term commitment to a type of business and a place in the market (a firm sets its direction) 6- Strategic business unit - is a self contained division, product line, or product department in an organization with a specific market focus, and a manager with complete responsibility for integrating all functions into strategy. 7- Situation Analysis - SWOT Analysis- investigates a firm’s Strengths, Weaknesses, Opportunities, and Threats. 8- Marketing Strategy - outlines the way in which the marketing mix is used to attract and satisfy the target market(s) and achieve an organizations goals. A good marketing strategy provides a framework for marketing activities.
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
9- Star - A leading SBU (high market share) in an expanding industry (high growth). The main goal is to sustain differential advantages despite rising competition. It can generate substantial profits but needs financing to grow. Market share can be kept or increased by intensive advertising, product introductions, greater distribution and/or price reductions. As industry growth slows, a star becomes a cash cow.
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 10

marketing quiz - Chapter 3 Highlights 1-Strategic Business...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online