02 - Strategic Marketing Flashcards Preview

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Flashcards in 02 - Strategic Marketing Deck (14)
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1
Q

Purpose of Planning (4)

A

1) Help focus on the goal
2) Estimate job/project completion
3) Establish milestones and track progress
4) Identify problems along the way

2
Q

Types of Plans (3)

A

1) Strategic vs. Tactical Objectives
2) Long Term vs. Short Term (time)
3) Business plan vs. Departmental plans

3
Q

Elements of a Basic Plan (3)

A

1) Situation analysis (SWOT)
2) Mission/Objectives
3) Strategy and tactics (how will the business reach said mission/objectives?).

4
Q

Boston Consulting Group Matrix components

A

1) Question mark (Low MS, High MG)
2) Star (High MS, High GR)
3) Cash cow (High MS, Low GR)
4) Dog (Low MS, Low GR)

5
Q

Characteristics of a mission statement (6)

A

1) Market Oriented
2) Realistic
3) Specific
4) Fit market environment
5) Distinctive competences
6) Motivating

6
Q

Criteria for a good objective (6)

A

1) Clear
2) Distinctive
3) Quantitative in nature
4) Bound by a time-frame
5) Divisible
6) Flexible
(SMART objectives)

7
Q

Factors (Environmental scanning) (2)

A

1) Internal and external

2) Controllable and uncontrollable

8
Q

Internal Environmental Scanning Factors (6)

A

1) Top Management
2) Finance
3) R&D
4) Purchasing
5) Manufacturing
6) Accounting

9
Q

External Environmental Scanning Factors (6)

A

1) Socio-cultural
2) Economic/Financial
3) Legal/Political
4) Competitive
5) Global
6) Technological

10
Q

Marketing grid components (4)

A

1) Market Penetration (EP & EM)
2) Market Development (EP & NM)
3) Product Development (NP & EM)
4) Diversification (NP & NM)

11
Q

Reasons for Downsizing

A

1) Rapid growth of the company
2) Lack of experience in a market
3) Change in a market environment
4) Decline of a particular product.
(Always consider BCG Matrix)

12
Q

Cooperative Strategies (2)

A

1) Joint Venture

2) Value-chain partnership

13
Q

Definition: Joint Venture

A

The situation where two businesses work together on a product/service/project, effectively gaining varying levels of synergy.

14
Q

Definition: Value-chain-partnership

A

For example when FedEx and USPS team up to take advantage of each others’ strengths.