Comm 223 - Chapter 2 - 3

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Comm 223 - Chapter 2 - 3
2014-02-24 21:44:15
Comm 223 chapter

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  1. What is Strategic Planning?
    is the managerial process of developing and maintaining a strategic fit between the organization and its changing marketing opportunities.
  2. What are the 4 steps in Strategic Planning?
    • 1. Company mission 
    • 2. Company objectives and goals 
    • 3. Company Growth strategy
    • 4. Company portfolio plan
  3. What is Company Mission?
    an organization exists to accomplish something in the larger environment, and its specific purpose is usually stated clearly at the beginning but over time factors change. In order to keep all employees working towards one-goal companies form mission statements, which provide the employees with opportunity, direction, significance and achievement.
  4. What is Company objectives and goals ?
    Each manager should know their responsibilities and objectives for accomplishment. You must develop strategies to support these objectives, and by doing so can broaden the marketing strategies. The objectives and goals must also be quantitative and specific.
  5. What is Company Growth strategy?
    The want to grow in sales and profits give companies an opportunity to establish a growth rate to which they will pursue. Three different growth strategies are a) intensive b)integrative c) diversification
  6. What is Company Portfolio Plan?
    The business must evaluate so that it can decide to build, maintain, phase out or down. The portfolios withdraw from poor companies and add to the promising.
  7. What's Executive summary?
    Permits higher management to quickly grasp the major thrust of the plan and then read further in search of the information that is critical in evaluating the plan.
  8. What's Situational Analysis?
    The manager describes the major features affecting his or her operation. They comprise of strengths and weaknesses and opportunities and threats.
  9. What's Objectives and Goals?
    The goal is to set relatively specific goals and objectives and present them to higher management. They must be seen as attainable and attractive to the higher management.
  10. What's Marketing Strategy?
    Outline a marketing strategy for attaining its objectives. This is seen as the “game plan” for the business to follow. It has three major aspects: target markets, marketing mix and marketing expenditure level.
  11. What's Action Program?
    the strategy must be turned into specific set actions for accomplishing the marketing goal
  12. What's Budgets?
    the goals, strategies, and planned actions allow the manager to formulate a supporting budget statement for the operation.
  13. What's Controls?
    this is applied to monitor the plans progress after the fact.
  14. What's Marketing Strategy?
    the fundamental marketing logic by which then business unit intends to achieve its marketing objectives.
  15. What do the Marketing Strategies consist of?
    Marketing expenditure level

    Marketing mix

    Target markets
  16. What are Target Markets?
    calls for giving different degrees of emphasis to various market segments. These segments differ in preferences, responses to market effort and profitability.
  17. What's the Marketing Mix?
    the company should attempt to develop a cost effective marketing mix for each target it pursues. The mix consists of the four p’s: price, product, place and promotion.
  18. What's the Marketing Expenditure level?
    this calls for deciding on the dollar value of marketing expenditures. Even if the mix is optimal, it may be spending too much or too little on marketing.
  19. What's the Marketing Mix?
    is the particular blend of controllable marketing variables that firms use to achieve objectives in the target market.
  20. What does the marketing mix consist of?



  21. What is Macroenvironment?
    the company and its marketing channel members, customers, competitors and publics all operate in a larger environment called the macro environment.
  22. What factors are in Macroenvironment?
    • Demographic forces 
    • Economic forces 
    • Ecological forces 
    • Technological forces 
    • Political forces 
    • Cultural forces
  23. What's Demographic Forces?
    main trends and developments in size and character of population, age, marriage etc.
  24. What's Economic Forces?
    main trends in income and disposable income, cost of living etc.
  25. What's Technological Forces?
    main trends in development of technology, materials and products that will be impacting
  26. What's Political Forces?
    main trends in legislation, government enforcement and public interest groups
  27. What's Cultural Forces?
    major developments in values and lifestyles such as physical activity and outdoor exercise.