D077 Module 2 Questions and Answers Rated A

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Marketing plan ✔✔blueprint that outlines marketing efforts for an identified period - lay out marketing objectives marketing objective ✔✔specific, measurable achievements that an organizatio... n 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 solvesituational 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 effortsimplementation ✔✔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 linesexternal 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 returnPorter'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) ACTIONSMarketing 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 solvesituational 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 effortsimplementation ✔✔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 linesexternal 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 returnPorter'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 [Show More]

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