Marketing 300 Exam 1 - Hapke - Chapter 2

What is Mission Statement? What does it ask?

-A long-term vision of what the organization wants to become. -Who are our customers? -What is our core competency?

The strategic planning process begins with

organizational mission and goals.

A marketing strategy is the selection of a(n) _______ and the creation of a(n) _____ that will satisfy the needs of target-market members.

target market; marketing mix

Describe the process of Evaluating Marketing Strategies

-Establish performance standards -Measure actual performance -Compare actual performance with established standards

Describe the process of Managing Marketing Implementation

-Marketing Implementation: Putting strategies into action -Organizing the marketing units -Motivating marketing personel -Communication within the marketing unit -Coordinating marketing activities -Establishing a timetable for implementation

What is First Mover Advantage?

-The ability of an innovative company to achieve long-term competitive advantages by being the first to offer a certain product in the marketplace. -Builds a company's reputation as a pioneer and market leader.

Describe the Growth Share Matrix

1. Stars: Dominant market share & good growth prospects 2. Cash Cow: Dominant Market Share & Low growth prospects 3. Dog: Low Market Share & Low growth prospects 4. Question Marks: Small market share of a growing market & require significant cash to build market

What is a Strategic Window

A Temporary period op optimal fit between the key requirements of a market and the particular capabilities of a firm competing in the market.

What is a Market?

A group of individuals and/or organizations that have needs for products and the ability, willingness and authority to buy.

What is corporate identity?

Unique symbols, personalities, and philosophies that support all corporate activities.

When the right combination of circumstances and timing permits an organization to take action to reach a particular target market, there exists a(n) ________________.

market opportunity.

What are the Key Aspects of a Marketing Strategy?

-Define a Target Market -Create the Marketing Mix -Have a sustainable competitive Advantage

What are Strategic Business Units (SBUs)?

A division, product line, or other profit center within a parent company.

Which of the following is NOT one of the steps in strategic performance evaluation?

establishing a timetable for implementation

Which of the following provides a uniform marketing vision for the firm and is the basis for internal communications?

marketing plan

The Marketing Plan is the systematic process of

-Assessing marketing opportunities and resources -Determining objectives -Defining Strategies -Establishing guidelines for implementation and control of the marketing program

What is Market Opportunity?

A combination of circumstances and timing that permits an organization to take action to reach a particular target market

What is a corporate strategy?

A strategy that determines the means for utilizing resources in the various functional areas to reach the organization's goal. -Functional areas include: Marketing, Production, Finance, R&D, human resources

What is the Marketing Plan?

A written document that specifies the activities to be performed to implement and control the organization's marketing strategies.

What is the SWOT Analysis?

An assessment of an organization's Strengths(S), Weaknesses(W), Opportunities(O), and Threats(T) Convert: Weakness>Strength Threat>Opportunities Match: Strength & Opportunities

What are the Key Aspects of a Marketing Objective

Should: -Be based on a study of the SWOT Analysis -Be stated in clear, simple terms -Be accurately measurable -Specify a time frame for accomplishments -Be consistent with business-unit and corporate strategy

What is Late Mover Advantage?

The ability of later market entrants to achieve long-term competitive advantages by not being the first to offer a certain product in a marketplace.

What is Market Share?

The percentage of a market that actually buys a specific product from a specific company.

Define Strategic Planning

The process of establishing an organizational mission and formulating goals, corporate strategy, marketing objectives, marketing strategy and a marketing plan.

Define Strategic Marketing Management

The process of planning, implementing, and evaluating the performance of marketing activities and strategies, both effectively and efficiently.

What is Competitive Advantage?

The result of a company's matching a core competency (superior skill/resources) to opportunities in the marketplace. EX: cheaper, more widely available, higher quality EX: Fitbit

What is a Core Competency?

Things a firm does extremely well, which give it an advantage over competition EX: Starbucks gourmet coffee drinks

What is the goal of Business Unit Strategy?

To determine future business directions and develop strategies for individual business units.

The Marketing Plan is

a written document detailing activities to be performed to implement and control marketing actions

Which of the following is the last step of establishing a marketing implementation timetable?

assigning responsibility for completing each activity to one or more employees, teams, or managers

Which of the following is NOT a component of the marketing plan?

business analysis

Procter & Gamble's superb marketing distribution skills and R&D capabilities in five core technologies (fats, oils, chemistry, surfactants, and emulsifiers) have enabled it to build a strong reputation in the market place and drive down competition. It can be said that these skills and capabilities are examples of Procter & Gamble's:

core competencies

The unique symbols, personalities, and philosophies that support all corporate activities including strategic planning and marketing are best described as ____________.

corporate identity.

Decision-making authority is delegated as far down the chain of command as possible in a(n) ________.

decentralized organization.

The ability of later market entrants to achieve long-term competitive advantages by not being the first to offer a certain product in the marketplace is called ______________.

late-mover advantage.

Which of the following competitive growth strategies strives to increase sales of current products in new markets?

market development

Which of the following is based on the philosophy that a product's market growth rate and its market share are important considerations in determining marketing strategy?

market growth/market share matrix

The process of putting marketing strategies into action is called

marketing implementation

A ______ states what is to be accomplished through marketing activities.

marketing objective

Performance standards are derived from _________________..

marketing objectives.

Groups of individuals and/or organizations that need products in a product class and have the ability, willingness, and authority to purchase those products are called ______.

markets

An organizations goals should be based on its ______, which is a long-term view or vision of what the organization wants to become

mission statement

When conducting a SWOT analysis, which of the following are barriers that could prevent an organization from reaching its objective?

threats