Question 1

Describe the process of strategic planning. How does this process help marketing managers?

Accepted Answer

Through the process of strategic planning, a company establishes an organizational mission and formulates goals, a corporate strategy, marketing objectives, and a marketing strategy. A market orientation should guide the process of strategic planning to ensure that a concern for customer satisfaction is an integral part of the entire company, leading to the development of successful marketing strategies and planning processes. The strategic planning process begins with the establishment or revision of an organization's mission and goals. The corporation and individual business units then develop strategies to achieve these goals. The company performs a detailed analysis of its strengths and weaknesses and identifies opportunities and threats within the external marketing environment. Next, each functional area of the organization (marketing, production, finance, human resources, etc.) establishes its own objectives and develops strategies to achieve them, which must support the organization's overall goals and mission and should be focused on market orientation.

Question 2

Discuss the different ways of organizing the marketing unit.

Accepted Answer

The structure and relationships of a marketing unit, including establishing lines of authority and communication that connect and coordinate individuals, strongly affect marketing activities. To organize a marketing unit, firms must first decide whether operations should be centralized or decentralized, a choice that directly affects marketing decision making and strategy.
In a centralized organization, top-level managers delegate little authority to lower levels. In centralized organizations, marketing decisions are made at the top levels. However, centralized decision making may prove ineffective in firms that must respond quickly to fluctuations in customer demand. In these organizations, decentralized authority allows the company to adapt more rapidly to customer needs.
In a decentralized organization, decision making authority is delegated as far down the chain of command as possible.
How effectively a company's marketing management can implement marketing strategies also depends on how the marketing unit is organized. Organizing marketing activities to align with the overall strategic marketing approach enhances organizational efficiency and performance. A marketing department should clearly outline the hierarchical relationships between personnel and who is responsible for performing certain activities and making decisions.

Question 3

Europa Inc., a software company, has been successful in predicting what consumers anticipate in new technological advances. The company specializes in developing special graphic design software that other companies find hard to reproduce, thereby giving Europa Inc. a competitive advantage over its rivals. This factor of Europa Inc. exemplifies a .

Accepted Answer

Europa Inc.'s ability to develop unique graphic design software that is difficult for competitors to replicate is an example of a core competency, which is a defining strength or advantage that distinguishes a company from its competitors.

Question 4

Give a brief account of a strategic business unit (SBU).

Accepted Answer

The answer of Give a brief account of a strategic...

Question 5

In response to the increase in demand for organic foods, Raego Inc., a regional supermarket, recently created organic food departments within their large stores. The creation of these departments was a result of:

Accepted Answer

Raego Inc. created organic food departments to capitalize on a market opportunity, which is the increased demand for organic foods. This strategic move allows them to meet consumer needs and potentially increase their market share.

Question 6

After observing an increase in both the number of consumers who are environmentally-conscious and the number of consumers who are seeking vehicles that use less gasoline, several car manufacturers have developed hybrid automobiles. This is an example of identifying and capitalizing on a while the strategic window is open.

Accepted Answer

This scenario illustrates a market opportunity, where car manufacturers identify a trend in consumer preferences and develop products to meet this demand while the opportunity is available.

Question 7

After engaging in the process of identifying and analyzing a target market, Sirius Foods Corporation develops a marketing mix to satisfy the individuals in that market to gain long-term competitive advantages. In this example, Sirius Foods Corporation is creating a .

Accepted Answer

Sirius Foods Corporation is creating a marketing strategy, which involves developing a marketing mix to satisfy the target market and achieve competitive advantages.

Question 8

Give a brief account of the four product categories used in the Boston Consulting Group (BCG) product-portfolio analysis.

Accepted Answer

The answer of Give a brief account of the four...

Question 9

Discuss the creation of a marketing plan. What are the major components of a marketing plan?

Accepted Answer

The answer of Discuss the creation of a marketing plan....

Question 10

Define strategic planning.

Accepted Answer

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Question 11

When the managers at Logistics Pro are developing their strategic plan, they use a market orientation as a guide to ensure that is an integral part of the process.

Accepted Answer

Market orientation focuses on understanding and meeting customer needs, making customer satisfaction a central element of strategic planning.

Question 12

When the right combination of circumstances occurs at the right time to allow an organization to take action toward a target market, the firm is faced with a .

Accepted Answer

A market opportunity is when circumstances align for a company to take action toward a target market. This may include changes in consumer needs or behaviors, new technologies or innovations, or shifts in the competitive landscape. To capitalize on this opportunity, the firm must develop a strategic plan and set market objectives aligned with their overall corporate objectives.

Question 13

To formulate a marketing strategy, one must .

Accepted Answer

Formulating a marketing strategy involves identifying and analyzing a target market and developing a marketing mix to satisfy individuals in that market. This is the core of creating a strategy that effectively reaches and serves the intended audience.

Question 14

How does having a mission statement help an organization achieve its goals?

Accepted Answer

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Question 15

After discovering that consumers had concerns about fat and carbohydrates, Avolado's Pizza began offering a low- fat, low-carb pizza product. The creation of this new product was the result of:

Accepted Answer

A market opportunity refers to a situation where a company can meet the needs or desires of consumers that are not currently being satisfied. Avolado's Pizza identified a market opportunity by recognizing consumer concerns about fat and carbohydrates and responded by creating a low-fat, low-carb pizza product.

Question 16

Differentiate between corporate strategy and marketing strategy.

Accepted Answer

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Question 17

Give a brief account of a marketing strategy and the selection of an appropriate target market.

Accepted Answer

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Question 18

In addition to revising their organization's mission and goals, the managers at Orion Co. have to develop a corporate strategy, marketing objectives, and a marketing strategy for their firm. These managers are engaged in the process of _.

Accepted Answer

The managers are engaged in strategic planning, which involves revising the organization's mission and goals and developing strategies and objectives for different areas, including corporate and marketing strategies.

Question 19

The strategic planning process begins with:

Accepted Answer

The strategic planning process begins with an analysis of the marketing environment to understand external and internal factors that could impact the organization.

Question 20

How does a firm use a market opportunity to reach a particular target market?

Accepted Answer

The answer of How does a firm use a market...

Quiz 2: Planning, Implementing, and Evaluating Marketing Strategies