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Bus 343 – Midterm Exam Study Guide Solutions Strategic Planning - ANSWER-the process of developing and maintaining a strategic fit between the organization's goals and capabilities and its changing marketing opportunities SWOT analysis - ANSWER-strengths, weaknesses, opportunities, threats m...

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  • November 3, 2024
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  • 2024/2025
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Copyright © KAYLIN 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED FIRST PUBLISH NOVEMBER, 2024




Bus 343 – Midterm Exam Study Guide

Solutions


Strategic Planning - ANSWER✔✔-the process of developing and maintaining a strategic fit between the

organization's goals and capabilities and its changing marketing opportunities


SWOT analysis - ANSWER✔✔-strengths, weaknesses, opportunities, threats


marketing strategy - ANSWER✔✔-identifies target markets and sets marketing mix choices that focus on

those markets to build a sustainable competitive advantage (Segmentation, Targeting, Positioning)


sustainable competitive advantage - ANSWER✔✔-something the firm can persistently do better than its

competitors and is not easily copied and thus can be maintained over a long period of time


Marketing Mix - ANSWER✔✔-the set of tactical marketing tools - product, price, place, and promotion -

that the firm blends to produce the response it wants in the target market


Customer Marketing Mix - ANSWER✔✔-Customer driven managing tools to influence demand -

customer value, customer cost, convenience, communication


Marketing Plan - ANSWER✔✔-A written document composed of an analysis of the current marketing

situation, opportunities and threats for the firm, marketing objectives and strategy specified in terms of

the four Ps, action programs, and projected or pro forma income (and other financial) statements.


Planning, implementation, and control - ANSWER✔✔-The three major phases of the marketing plan.




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,Copyright © KAYLIN 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED FIRST PUBLISH NOVEMBER, 2024


planning phase - ANSWER✔✔-Where marketing executives and other top managers define the mission

and objectives of the business, and evaluate the situation by assessing how various players, both inside

and outside the organization, affect the firm's potential for success.


implementation phase - ANSWER✔✔-Where marketing managers identify and evaluate different

opportunities by engaging in a process known as segmentation, targeting, and positioning. They then

develop and implement the marketing mix by using the four Ps.


control phase - ANSWER✔✔-the part of the strategic marketing planning process when managers

evaluate the performance of the marketing strategy and take any necessary corrective actions


Mission Statement - ANSWER✔✔-A broad description of a firm's objectives and the scope of activities it

plans to undertake; attempts to answer two main questions: What type of business is it? What does it

need to do to accomplish its goals and objectives?


Culture, demographic, social, technological, economic, and political - ANSWER✔✔-CDSTEP


Market Segment - ANSWER✔✔-A group of consumers who respond similarly to a firm's marketing effort


Marketing Segmentation - ANSWER✔✔-The process of dividing the total market into groups whose

members have similar characteristics.


Target marketing - ANSWER✔✔-the process of evaluating each market segment's attractiveness and

selecting one or more segments to enter


market positioning - ANSWER✔✔-involves the process of defining the marketing mix variables so that

target customers have a clear, distinctive, desirable understanding of what the product does or

represents in comparison with competing products


1) Business Mission & Objectives

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, Copyright © KAYLIN 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED FIRST PUBLISH NOVEMBER, 2024


2) Situation Analysis


3) Identify Opportunities (STP)


4) Implement Marketing Mix (4 Ps)


5) Evaluate Performance by Using Marketing Metrics - ANSWER✔✔-What are the steps in a marketing

plan?


Internal Analysis - ANSWER✔✔-2 components of Situation Analysis


Strategic Business Unit (SBU) - ANSWER✔✔-A division of the company that can be managed somewhat

independently from other divisions since it markets a specific set of products to a clearly defined group

of customers


Product Line - ANSWER✔✔-a group of products that are closely related because they function in a

similar manner, are sold to the same customer groups, are marketed through the same types of outlets,

or fall within given price ranges


relative market share - ANSWER✔✔-a measure of the product's strength in a particular market, defined

as the sales of the focal product divided by the sales achieved by the largest firm in the industry


market growth rate - ANSWER✔✔-the annual rate of growth of the specific market in which the product

competes


market penetration strategy (current & current) - ANSWER✔✔-a growth strategy that employs the

existing marketing mix and focuses the firm's efforts on existing customers




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