wells07_webreview - Chapter 7 Strategic Planning WEB REVIEW...

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170 Chapter 7 Strategic Planning WEB REVIEW QUESTIONS 1. What information does an advertising plan derive from the business plan? From the marketing plan? A business plan may cover a specific division of the company or a strategic business unit (SBU), such as a line of products or all the offerings under a single brand name. The objectives for planning at this level tend to focus on maximizing profit and return-on-investment (ROI). The business planning process starts with a business mission statement that is unique, focused, and differentiating and also supports the broad goals and policies of the business unit. For advertising managers, the most important part of the marketing plan is the marketing mix strategy. It links the overall strategic business plan with specific marketing programs, including advertising and other IMC areas. Both the business plan and the marketing plan contribute direction to specific plans for specialist areas such as advertising. 2. What is a situation analysis? In a situation analysis, planners collect and analyze information about the company, the brand, and the competition, as well as consumers in general and the brand’s customers specifically. 3. Explain a SWOT analysis. The primary tool used to make sense of the information is a SWOT analysis, which stands for strengths, weaknesses, opportunities, and threats. The strengths and weaknesses are internally focused and the opportunities and threats lie in the external marketing environment. 4. How do you use a SWOT analysis to identify key problems and opportunities?
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Chapter 7: Strategic Planning 171 In strategic planning the idea is to leverage the strengths and opportunities and address the weaknesses and threats, which is how the key problems and opportunities are identified. 5.
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This note was uploaded on 11/19/2011 for the course ECON 101 taught by Professor Smith during the Spring '11 term at AIB College of Business.

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wells07_webreview - Chapter 7 Strategic Planning WEB REVIEW...

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