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STRATEGIC MARKETING Q&A
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Strategy - CORRECT ANSWER A plan designed to meet the objectives of a company 5 P's of Mitzberg's view on strategy - CORRECT ANSWER Plan - set of actions. Ploy - short term strategy,few objectives,subject to change. Pattern - consistent behavior. Position - customer needs and ...

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Document information

  • September 29, 2024
  • 22
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • strategic marketing qa
  • strategic marketing
  • strategic
  • strategic
  • marketing
  • strategy correct answer a plan designed t

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  • STRATEGIC MRKTING
  • STRATEGIC MRKTING

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STRATEGIC MARKETING 2024-2025 Q&A
Strategy - CORRECT ANSWER A plan designed to meet the objectives of a company



5 P's of Mitzberg's view on strategy - CORRECT ANSWER Plan - set of actions.

Ploy - short term strategy,few objectives,subject to change.

Pattern - consistent behavior.

Position - customer needs and comp en strategic view.

Perspective - organizations way of doing things



Successful strategy key components - CORRECT ANSWER Aimed at specific long-term goals of
org.

Shows clear understanding of business environment.

Takes strengths and weaknesses into consideration.

Capability maximization to achieve goal.



Strategic marketing - CORRECT ANSWER The process of analyzing factors that affect business
units.

Forecasting future trends in business areas.

Setting objectives and forming strategies.

Selecting target market for products and establishing marketing objectives.

Develop,implement and manage market strategies.



Strategic marketing tasks - CORRECT ANSWER 1. Give strategic direction.

3. Decide on market scope.

,STRATEGIC MARKETING 2024-2025 Q&A
3. Design the market offering.

4. Evaluate and control the performance



Strategy levels - CORRECT ANSWER Corporate, business, functional



Corporate level strategy - CORRECT ANSWER The overall scope and purpose of the
organization.



Business level strategy - CORRECT ANSWER Deals with how the organization will complete
within their market.



Functional level strategy - CORRECT ANSWER Supports the business level strategy ,through
the functional business areas (marketing, HR, production,IS and finance)



Strategic business units - CORRECT ANSWER Distinct businesses set up as units within the
company to focus on specific products and markets as though they are separate from the company.



Characteristics of external environment - CORRECT ANSWER Ever changing nature.

Impact of external forces.

Overwhelming state of external variables



Subdivisions of external environment - CORRECT ANSWER Technological

Economic

, STRATEGIC MARKETING 2024-2025 Q&A
Social and cultural

Demographics

International

Legal/Government



External environment SWAT analysis - CORRECT ANSWER When analyzing the external
market, as you identify these external factors you should classify them into potential opportunities
or threats.



Environmental scanning - CORRECT ANSWER Predicting the future of the environment



Approaches to environmental scanning - CORRECT ANSWER Ad hoc/irregular

Periodical/regular

Continuous



Influential environmental forces - CORRECT ANSWER Opportunities and Threats in the market



Proactive response strategies - CORRECT ANSWER Formulated in anticipation of expected
environmental issues



Reactive response strategies - CORRECT ANSWER Do nothing.

Attack.

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