D077 Module 2 Questions and Answers
Rated A
Marketing plan ✔✔blueprint that outlines marketing efforts for an identified period - lay out
marketing objectives
marketing objective ✔✔specific, measurable achievements t
...
D077 Module 2 Questions and Answers
Rated A
Marketing plan ✔✔blueprint that outlines marketing efforts for an identified period - lay out
marketing objectives
marketing objective ✔✔specific, measurable achievements that an organization wants from its
marketing activities and actions must take to achieve
Marketing ✔✔support an organization in achieving strategic goals
Marketing planning process ✔✔identify mission statement -> conduct situational analysis ->
objectives -> strategy development -> monitoring and control
Role of marketing ✔✔identify, satisfy and retain customers
Marketing Mission statement ✔✔explanation of why the marketing plan exists and what
problems it hopes to solve
situational analysis (SWOT) ✔✔A process planners use to gather, interpret, and summarize all
information relevant to the planning issue under consideration. (what and how to do)
organizational capabilities ✔✔combination of skills, processes, human abilities and
competencies unique to an organization
SWOT advantages ✔✔helps focus marketing and sales resources more efficiently
Objectives ✔✔used to align expectations and plans, coordinate efforts, measure progress and
hold teams accountable for achieving results
Market share ✔✔ac company's % of total shares in the particular market
marketing strategy ✔✔defines how the marketing mix can best be used to achieve objectives
Target market ✔✔A specific group of customers on whom an organization focuses its marketing
efforts
implementation ✔✔the tactics used to execute the strategy
tactical planning ✔✔how marketing will do/how they will do it to achieve the desired business
results and achieve marketing objective
organizational control systems ✔✔sales forecast, sales force management systems, customer
relationship management tools
Marketing control decisions ✔✔which function to monitor, establishment of performance
standards, how to collect info for making comparisons between actual performance and
standards
clarifying tools ✔✔SWOT analysis, BCG Matrix, Porter's model
SWOT analysis ✔✔Internal: Strengths, Weaknesses
External: Opportunities, Threats
internal factors ✔✔financial resources, technical resources and capabilities, human resources,
product lines
external factors ✔✔competitions, economic trends, legal judgments, social trends
Benefits SWOT ✔✔encourages realistic planning, improves organizations ability to forecast
future events
BCG Matrix (growth share) ✔✔help companies with many businesses or products determine
their investment priorities (what is current market share? what is the markets growth potential)
Dog ✔✔a product or business with low market share in a mature industry (no room for growth)
Cash cow ✔✔product or business that has high market share and in a slow growing industry
(large return - little investment)
question mark ✔✔a product or business that has low market share currently but is in a growing
industry
star ✔✔high market share in a fast growing economy - bring strong return
Porter's Five Forces Model ✔✔tool for analyzing the competitiveness of a market (identify
opportunities or evaluate decisions)
5 forces ✔✔threat of new entrants, threat of substitute products, competition, power of buyers
(pay less, get more), power of suppliers (paid more, deliver less)
Strategies ✔✔what an organization is going to do to achieve its objectives (how achieve
objectives) GAME PLAN
Tactical plans ✔✔specific activities and allocations of resources needed to implement strategy
(specific activities to reach goal) ACTIONS
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