What is the first step in market planning quizlet?

Term

Strategic Planning

The process of developing and maintaining a strategic fit between the organization’s goals and capabilities and its changing marketing opportunities.

Mission Statement

A statement of the organization’s purpose-what it wants to accomplish in the larger environment.

Business Portfolio

The collection of businesses and products that make up the company.

Portfolio Analysis

The process by which management evaluates the products and businesses that make up the company.

Growth-Share Matrix

A portfolio-planning method that evaluates a company’s strategic business units in terms of its market growth rate and relative market share. SBUs are classified as stars, cash cows, question marks, or dogs.

Stars

high-growth, high-share businesses or products. They often need heavy investments to finance their rapid growth. Eventually their growth will slow down, and they will turn into cash cows.

Cash Cows

low-growth, high-share businesses or products. These established and successful SBUs need less investment to hold their market share. Thus, they produce a lot of cash that the company uses to pay its bills and to support other SBUs that need investment.

Question Marks

low-share business units in high-growth markets. They require a lot of cash to hold their share, let alone increase it. Management has to think hard about which question marks it should try to build into stars and which should be phased out.

Dogs

Dogs are low-growth, low-share businesses and products. They may generate enough cash to maintain themselves but do not promise to be large sources of cash.

Product/market expansion grid

A portfolio-planning tool for identifying company growth opportunities through market penetration, market development, product development, or diversification.

Market Penetration

A strategy for company growth by increasing sales of current products to current market segments without changing the product.

Market Development

A strategy for company growth by identifying and developing new market segments for current company products.

Product Development

A strategy for company growth by offering modified or new products to current market segments.

Diversification

A strategy for company growth through starting up or acquiring businesses outside the company’s current products and markets.

Downsizing

Reducing the business portfolio by eliminating products of business units that are not profitable or that no longer fit the company’s overall strategy.

Value Chain

The series of departments that carry out value-creating activities to design, produce, market, deliver, and support a firm’s products.

Value Delivery Network

The network made up of the company, suppliers, distributors, and ultimately customers who partner with each other to improve the performance of the entire system.

Marketing Strategy

The marketing logic by which the business unit hopes to create customer value and achieve profitable customer relationships.

Market Segmentation

Dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate products or marketing programs.

Market Segment

A group of consumers who respond in a similar way to a given set of marketing efforts.

Marketing Targeting

The process of evaluating each market segment’s attractiveness and selecting one or more segments to enter.

Positioning

Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers.

Differentiation

Actually differentiating the market offering to create superior customer value.

Marketing Mix

The set of controllable tactical marketing tools- product, price, place, and promotion-that the firm blends to produce the response it wants in the target market.

Product

means the goods-and-services combination the company offers to the target market.

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Variety, quality, design, features, brand name, packaging, services.

Price

the amount of money customers must pay to obtain the product.

List price, discounts, allowances, payment period, credit terms

Place

includes company activities that make the product available to target consumers.

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channels, coverage, assortments, locations, inventory, transportation, logistics

Promotion

means activities that communicate the merits of the product and persuade target customers to buy it.

Advertising, personal selling, sales promotion, public relations.

The Four C's of Marketing Mix

Customer Solution

Customer Cost

Convenience

Communication

SWOT Analysis

An overall evaluation of the company’s strengths (S), weaknesses (W), opportunities (O), and threats (T).

Stregths

Internal capabilities that may help a company reach its objectives.

Weaknesses

Internal limitations that may interfere with a company's ability to achieve its objectives.

Opportunites

External factors that the company may be able to exploit to its advantage.

Threats

Current and emerging external factors that may challenge the company's performance.

Marketing Implementation

The process that turns marketing strategies and plans into marketing actions in order to accomplish strategic marketing objectives.

Marketing Control

The process of measuring and evaluating the results of marketing strategies and plans and taking corrective action to ensure that objectives are achieved.

Return on Marketing Investment (Marketing ROI)

The net return from a marketing investment divided by the costs of marketing investment.

Which of the following involves adapting a firm to take advantage of opportunities in its constantly changing environment?

strategic planning

When a firm develops and maintains a strategic fit between its goals and capabilities, it is performing ________.

strategic planning

Which of the following is the first step in strategic planning?

define the company mission

Which of the following is NOT a step in the strategic planning process?

evaluating all members of the value chain

Which of the following provides an answer to these questions: What is our business? Who are our customers? What do our customers value? What should our business be?

a mission statement

________ should be market oriented and defined in terms of ________.

Mission statements; customers' needs

All of the following are accurate guidelines for a company's mission statement EXCEPT which one?

A mission statement should be narrow.

A company's mission statement serves as a statement of ________.

purpose

Which of the following is NOT a market-oriented business definition?

"to sell tools and home repair and improvement items"

All of the following are examples of product-oriented mission statements, EXCEPT which one?

"We sell lifestyle and self-expression; success and status; memories, hopes, and dreams."

Which of the following is the principle objective of a market-oriented mission statement?

to satisfy basic customer needs

Revlon has clearly defined its "mission" of selling lifestyle and self-expression. In order for the firm to launch its strategic plan, the mission needs to next be turned into detailed ________ that guide each level of the company.

supporting objectives

The collection of businesses and products that make up a company is called its ________.

business portfolio

Which of the following can be a company division, a product line within a division, or sometimes a single product or brand?

an SBU

After management has identified the key businesses making up its company, what is the next step in portfolio analysis?

assessing the attractiveness of its SBUs

The best known product portfolio planning method was developed by ________.

the Boston Consulting Group

Most portfolio analysis methods evaluate SBUs on two dimensions, namely ________ and ________.

market or industry attractiveness; strength of the SBU's position

In the Boston Consulting Group approach, ________ provides a measure of market attractiveness.

market growth rate

In the Boston Consulting Group approach, ________ serves as a measure of company strength in the market.

) relative market share

The BCG growth-share matrix classifies four types off SBUs. They are ________ , ________ , ________ , and ________.

stars; cash cows; question marks; dogs

In the BCG approach, ________ are high-share, high-growth businesses or products. They need heavy investment to finance rapid growth. When their growth slows down, they turn into ________.

stars; cash cows

________ are low-growth, high share businesses or products. They generate a lot of cash that the firm uses to pay its bills and support other SBUs that need investment.

Cash cows

In the BCG matrix, income from ________ can be used to help finance the company's question marks and stars.

cash cows

The four possible strategies that can be pursued for each SBU are building, holding, ________, and ________.

harvesting; divesting

Which of the following does NOT accurately reflect a problem with the BCG matrix approach?

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It focuses on planning for the future.

Unlike strategic-planning efforts of the past, which were conducted primarily by senior managers, today's strategic planning is ________.

decentralized

To increase its U.S. market share, Starbucks has stepped up efforts in the areas of product availability and promotion. These are examples of broad ________.

strategies for growth

Which department in a company carries the primary responsibility for achieving profitable growth?

marketing

Which of the following is a useful tool for identifying growth opportunities?

the product/market expansion grid

Making more sales to current customers without changing a firm's products is ________.

market penetration

Starbucks has introduced a debit card that lets customers prepay for coffee and snacks. This effort by Starbucks management is an example of ________.

) market penetration

While a valuable planning tool, a problem with using the BCG matrix centers is that it focuses on ________

the present instead of the future

A common practice among marketers is to identify and develop new markets for their existing products. This practice is called ________.

market development

Starbucks Coffee has recently begun selling and playing compilation CDs and is supporting its own XM satellite radio station. This represents which strategy for growth?

diversification

Which of the following entails reducing the business portfolio by eliminating products that no longer fit the company's overall strategy?

downsizing

Which of the following is NOT a reason that a firm might want to abandon products or markets?

The economic environment is showing signs of recovery.

Each department in a company that carries out value-creating activities can be thought of as a link in the company's ________.

value chain

Jack Welch, CEO at General Electric, said that "Companies can't give job security, only ________ can."

customers

Multinationals like Honda Motor Co. and Wal-Mart stores have designed programs to work closely with their suppliers to help them reduce their costs and improve quality. This illustrates the importance of an efficient ________.

value delivery network

Which of the following is the marketing logic by which a company hopes to achieve profitable customer relationships?

marketing strategy

Lucy Ortiz is preparing a PowerPoint presentation of the marketing process to show at a sales meeting. ________ should appear in the center of her diagram depicting marketing strategies and the marketing mix.

Customer value and relationships

A sound marketing strategy begins with which of the following?

customer analysis

Your firm is attempting to divide up the total market to determine the best segments it can serve. Which is the correct order of doing so?

market segmentation, target marketing, market positioning

The process of customer-driven marketing involves which of the following?

market segmentation; target marketing; differentiation; positioning

Which of the following is the process of dividing a market into distinct groups of buyers with different needs, characteristics, or behaviors?

market segmentation

Your new employer has asked you, as a new marketing graduate, to develop a group of potential customers who might respond in a similar way to a given set of marketing efforts. You have been asked to develop a(n) ________.

market segment

Which of the following involves evaluating each market segment's attractiveness and selecting one or more segments to enter?

market targeting

Which of the following is the place a product occupies in the consumer's mind relative to competition?

position

Effective positioning begins with ________ the company's marketing offer in order to give consumers more perceived value.

differentiating

Which of the four Ps describes the goods-and-services combination the company offers to the target market?

product

In the four Ps of the marketing mix, design, packaging, services, and variety all fall under the category of ________.

product

Today the four Ps are compared to the four Cs. Product and place are called ________ and ________, respectively.

customer solution; convenience

) In the marketing management functions, an SWOT analysis should ________ a marketing plan.

precede

In a basic SWOT analysis the "T" stands for ________.

threats

In a basic SWOT analysis, the "S" stands for ________.

strengths

In SWOT analysis, which of the following would be considered a strength?

internal resources

In SWOT analysis, which of the following refers to factors in the external environment?

opportunities

The main section of the marketing plan presents a detailed ________ analysis of the current marketing situation.

SWOT

A marketing plan begins with an executive summary, which quickly overviews goals and ________.

recommendations

According to the textbook, your boss is most likely referring to ________ when she mentions "doing things right."

implementation

IBM has its sales and marketing people assigned to markets in specific countries, regions, and districts. This is an example of which type of marketing organization?

geographic

Which of the following is the most common approach to marketing organization?

functional

Berman Electric, a chain of 18 appliance stores, has a marketing organization in which specialists head different marketing activities. What is this type of organization called?

functional

Modern marketing departments are arranged in the following ways, EXCEPT which one?

strategic management organization

The ________ organizational format was first used by Procter and Gamble in 1929.

product management

The ________ organizational system's main advantage is that the company is organized around the needs of specific market segments.

market management

An increasingly large number of firms are changing their organizational focus from ________ to ________.

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brand management; customer management

Evaluating the results of marketing strategies and plans and taking corrective action to ensure that objectives are attained is called ________.

marketing control

The marketing control process entails the following steps in order: setting goals, ________, evaluating performance, and ________.

measuring performance; taking corrective action

Which of the following is NOT a step in the marketing control process?

defining the mission

Ensuring that the company achieves the sales, profits, and other goals set out in its annual marketing plan is the purpose of ________.

operating control

Which of the following involves looking at whether a company's basic strategies are well matched to its opportunities?

strategic control

Which of the following is a comprehensive and systematic analysis of a company's environment, objectives, strategies, and activities that is conducted by an outside and objective party?

) a marketing audit

Which of the following measures the profits generated by investments in marketing activities?

marketing ROI

Which of the following would NOT be useful in determining marketing ROI?

SWOT analysis

Mission statements should be realistic and general in nature.
t/f

false

ABC Fortunes has just developed a formal statement of its purpose. This firm has put together a mission statement.
t/f

true

Mission statements should both emphasize the company's strengths in the marketplace and be motivating.
t/f

true

At America Online, "we create customer connectivity, anytime, anywhere," is a product-oriented business definition.
t/f

false

"At Nike, we sell shoes" is a market-oriented business definition.
t/f

false

A firm's mission statement should be the basis for both its business and marketing objectives.
t/f

false

The major activity in strategic planning is strategic business unit planning, whereby management evaluates the products and businesses making up the company.
t/f

false

When designing business portfolios, most companies are well advised to add a broad range of products and businesses to their organization.
t/f

false

The purpose of strategic planning is to find ways in which your company can best use its strengths to take advantage of attractive opportunities in the environment.
t/f

true

In the BCG matrix, "dogs" are low-growth businesses and products that do not generate enough cash to maintain themselves.
t/f

false

The growth strategy of diversification involves offering modified or new products to current markets.
t/f

false

When an organization identifies and develops new markets for its current products and services, it is engaged in market development.
t/f

true

When a firm finds products or businesses that no longer fit its overall strategy, it must carefully milk, harvest, or better develop them.
t/f

false

In today's marketplace, competition increasingly takes place between entire value delivery networks rather than between individual competitors.
t/f

true

To improve its value delivery network, a company needs to examine the value chains of its suppliers and distributors.
t/f

true

Mandros International Foods evaluates each market segment's attractiveness and selects one or more segments to enter when considering adding new lines of imported foods. Mandros is engaged in selective marketing.
t/f

false

The image of a product in the minds of consumers is called market segmentation.
t/f

false

A market segment consists of consumers who respond in different ways to a given set of marketing efforts.
t/f

false

Holiday Inn has divided the total customer market into smaller segments and selected the most promising segments. Deciding what position it wants to occupy in these segments is called targeting.
t/f

false

When a company positions its product, it should first identify possible customer value differences within a market segment that could be the basis of a competitive advantage for the product.
t/f

true

The marketing mix consists of product, price, place, positioning, and promotion.
t/f

false

Guided by marketing strategy, the company designs a marketing mix made up of factors under its control: product, price, place, and promotion.
t/f

true

One valid criticism of the four Ps concept is that services are not considered.
t/f

false

The four Ps concept takes the seller's view of the market.
t/f

false

The four marketing management functions are analysis, planning, implementation, and control.
t/f

false

Define strategic planning. Discuss the steps involved.

The process of developing and maintaining a strategic fit between the organization's goals and capabilities and its marketing opportunities is called strategic planning. At the outset, beginning at the corporate level, each company must define its overall purpose and mission. What is our business? Who is the customer? What do our customers value? Answers to these questions are crucial in writing a clear mission statement. Mission statements need to be carefully defined in terms of customer needs. Missions should be realistic, motivating, and fit the market environment. Missions then lead to setting business and marketing objectives/goals in the planning process. This is followed by decisions regarding what portfolio of businesses and products is best for the company and how much support to give each one. Next, each business and product develops detailed marketing and other functional strategies. In this step, plans are drawn at the business unit, product, and market levels in support of company wide plans.

What is business portfolio planning? Discuss how a company might use the Boston Consulting Group's product portfolio analysis method.

A business portfolio is the collection of businesses and products that make up a company. Business portfolio planning entails two steps. First, there is an analysis of the company's current business portfolio, followed by decisions about what businesses should receive more, less, or no investment. Second, planners must shape the future portfolio by developing strategies for growth and/or downsizing. The Boston Consulting Group matrix evaluates SBUs on two important dimensions: the attractiveness of the SBU's market or industry growth rate and the strength of the SBU's position or relative market share in that market or industry. The growth-share matrix defines four types of SBUs: stars, cash cows, question marks, and dogs. Once each SBU has been defined, a company can determine what role each will play in the firm's future, using strategies of building, holding, harvesting, or divesting each SBU.

Describe some of the problems with matrix approaches.

: The BCG and other portfolio planning approaches can be difficult to execute, time consuming, and also costly to implement. Defining SBUs and the measurement of relative market share and growth can be a difficult task as well. A serious flaw with these approaches is that, while they are helpful for classifying current businesses, they offer little or no advice for future planning.

The BCG is a useful approach to evaluate current businesses. Describe a device that a firm could use to identify future growth opportunities.

The product/market expansion grid is a useful device for identifying growth opportunities in the future. There are four strategies available to companies: market penetration, market development, product development, and diversification. Market penetration entails making more sales to current customers without changing products. Market development involves identifying and developing new markets for a company's products. New markets include demographic groups and geographic regions, among others. Companies can also consider product development, offering modified or new products to current markets. Diversifying companies might consider acquiring or starting new businesses unrelated to their core competencies. However, diversifying too broadly can be detrimental in the long run.

What does the term "value-delivery network" mean? Explain.

For decades, marketers have traditionally created value to satisfy customer needs and wants. Today, the manufacturer or retailer needs to look beyond its own value chain and into the value chains of suppliers and distributors to create value throughout the entire supply chain. More companies are partnering with other members of the supply chain to improve the performance of the customer value-delivery network. In fact, today competition takes place between entire value delivery networks instead of between individual competitors.

Define marketing strategy. Discuss the steps in formulating marketing strategy.

The marketing logic by which a company hopes to achieve profitable relationships is called its marketing strategy. Marketing strategy formulation entails four specific steps: market segmentation, market targeting, differentiation, and positioning. The process of dividing a market into distinct groups of buyers with different needs, characteristics, or behavior is called market segmentation. Market targeting involves evaluating each market segment's attractiveness and selecting one or more segments to enter. A company should target segments in which it can profitably generate the greatest customer value and sustain that value over time. Effective positioning begins with actually differentiating the company's marketing offer so that it gives consumers greater value. Positioning is defined as creating a distinct image of a product in the eyes of target consumers. A product's positioning should take advantage of a competitive advantage within the market target.

Explain why, according to the authors of your text, the four Ps concept of the marketing mix takes a seller's view of the market, not the buyer's view. How should marketers consider the buyer's view?

In today's day and age of customer relationship marketing, the four Ps can be described as the four Cs from the customer's point of view. In lieu of product, there is customer solution; that is, customers buy solutions to their problems or look for value in products. Customers are more interested in the total costs of obtaining, using, and disposing of a product. That is, customer cost replaces price in customer relationships. The place element of the marketing mix focuses on convenience. Convenience in availability is the central focus of customers. Finally, customers and marketers want two-way communication. Marketers should use the four Cs as a base for the four Ps of their marketing mix.

Define marketing planning. Briefly outline the major steps in a marketing plan.

Marketing planning involves deciding on marketing strategies that will help the company achieve its overall strategic objectives. A detailed marketing plan is needed at the business, product, or brand level. An executive summary is the first step in the plan. It contains a brief summary of the main goals and recommendations of the plan for management review. The main section of the plan presents a detailed SWOT analysis of the current marketing situation, along with potential threats and opportunities. The plan then states major objectives for the brand and outlines the specifics of a marketing strategy for achieving them. In addition, action programs for implementing the marketing strategy along with the details of a supporting marketing budget are presented. The final section outlines the controls used to monitor progress and corrective action.

Marketing departments are organized in several ways. Discuss the most common forms of marketing organizations.

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Some common forms of marketing department organization include functional organization, geographical organization, product management organization and market management organization. Under a functional department organization, a functional specialist, such as a sales manager, advertising manager, or market research manager, is responsible for all marketing activities. Under a geographic organization, sales and marketing people are assigned to specific countries, regions, and districts. Product management organization first appeared at P&G in 1929. Under this approach, a product manager develops and implements a complete strategy and marketing program for a specific product or brand. Under a market or customer management organization, the company is organized around the needs of specific customer segments. In firms that use this organization, one product line is sold to many different types of markets and customers that have different needs and preferences. Finally, large companies that produce many products sold in many geographic areas typically use some combination of these organizational forms.

Briefly discuss how marketers measure return on marketing investment, explaining why this figure can be difficult to assess.

Marketing ROI (return on investment) is the net return from a marketing investment divided by the costs of the marketing investment. In other words, ROI is a measure of the profits generated by investments in a marketing activity. Marketing ROI can be difficult to assess because the benefits of marketing are not always easily translated in dollar amounts. However, marketing ROI can be assessed in terms of brand awareness, sales, or market share. Some companies are now using marketing dashboards, which are single displays showing several sets of marketing performance measures. And beyond standard performance measures, many marketers are using customer-centered measures such as customer acquisition, retention, and lifetime value.

Starbucks has an annual plan in place to deal with the company's current SBUs and their operations. However, as a growth-oriented firm, Starbucks is interested in both domestic and international markets. This requires Starbucks to constantly monitor the environment and adapt to the opportunities with which it is presented. To best take advantage of its constantly changing environment, Starbucks should do which of the following?

conduct strategic planning

Monsanto operates in many businesses, including pharmaceuticals and food products. The company defines its ________ as creating "abundant food and a healthy environment."

mission

The current mission statement of the Girl Scouts of America reads "where girls grow strong." The organization's former mission statement had read "to prepare young girls for motherhood and wifely duties." This change reflects the guideline that mission statements should be ________.

market-oriented

A vendor for Ford Motor Company received the following message from one of Ford's marketing managers: "As we move forward during the 21st century, Ford is committed to building profitable customer relationships by creating environmentally better cars and getting them to market faster at lower costs." The marketing manager is referring to Ford's ________.

mission statement

When the makers of a ballpoint pen state they are in the communication equipment business, they are defining their mission too ________.

broadly

Kimball Gardens is a company that operates as two distinct businesses: one that sells lawn and garden products and one that markets booklets. Each business is called a ________.

strategic business unit (SBU)

The pharmaceuticals division of Omni Healthcare holds low market share in a high-growth market. In order to increase market share, managers would be most likely to decide which of the following?

use money from a cash cow to promote the pharmaceuticals division

Wal-Mart, the world's largest retailer, has successfully launched its stores in Mexico, Canada, the U.K., and Germany, and other nations. This is an example of how Wal-Mart is pursuing ________ as a growth strategy.

geographic market development

Fence Patrol has developed an entirely new mounting system for chain link fences. Although they are a local company, through the acquisition of a distributor they now have the ability to market their products nationwide. Fence Patrol is most likely to be following a ________ strategy.

diversification

The Bank of New York bought Pershing, an off-shore investment firm with operations in India, from Credit Suisse First Boston. The Bank of New York is pursuing a ________.

diversification strategy

Acme, Inc., has slightly modified the production processes of its widgets and gadgets in order to tap into the Eastern European market. Acme is likely following a ________ strategy.

market development

Disney is identifying and developing new markets for its theme parks. Disney is exploring possibilities for ________.

market development

For Hyundai Corporation, customers who care about the price of a car and its operating economy make up one ________.

market segment

Favorite Memories specializes in serving gift shoppers that major competitors overlook and ignore. Which of the following best describes Favorite Memories?

market nicher

Saturn is "a different kind of company, different kind of a car"; the Hummer is "like nothing else." These statements reflect a firm's ________.

market positioning

Harris, the marketing manager at a small sports retail chain, has conducted a marketing analysis. He has investigated the company's internal resources and situational factors, as well as factors and trends in the competitive sports retail chain market. Which of the following has Harris completed?

a SWOT analysis

Which of the following most accurately identifies a difference between a weakness and a threat in SWOT analysis?

A company is more able to change a weakness than a threat.

Emerson Studios, a chain of 25 portrait stores in five states, has organized its marketing organization into groups headed by a sales manager, an advertsing manager, and a customer-service manager. What type of organization is this?

functional

Juanita Castro is looking at whether her company's strategies are well matched to its opportunities. Juanita is utilizing ________.

strategic control

As Starbucks continues to grow, it is faced with myriad challenges and surprises during the implementation of marketing plans. Hence, the marketing department must practice constant ________.

marketing control

Refer to the scenario below to answer the following questions.

Fun-Spot Fun Park began as a small amusement park in 1985. With nothing more than a merry-go-round, a slide, pony rides, and an ice cream stand, Fun-Spot grew into a popular family attraction with 20 rides, a restaurant, and an outdoor performing arts theater."My wife, Gail, and I didn't know what we were getting into," commented Ron Hart, the owner. "We just knew that weekenders coming to the lakes in our rural area represented an untapped market."Today, thousands of visitors flock to Fun-Spot: families, children of all ages, and even senior citizens who enjoy strolling through the gardens and arbor."There's something here for everyone," Gail Hart said with a smile. "Dozens of companies hold annual company picnics here. We have welcomed class field trips. And we even had one wedding here at the park!""Here's the funny thing," Ron chimed in. "We really don't know why we've been so successful! There is nothing else like Fun-Spot Fun Park in the area. We were just lucky.""I think it's the ambience of the park that has brought so many visitors," Gail added. We provide a ‘total package' of entertainment. Plus, we try to change our rides and various attractions from time to time."

Ron and Gail Hart admitted that making every visitor happy is a priority. "That has always been our philosophy," they said. "Like it says on the entrance to the park, 'We're here to make you happy!' And we've always been able to deliver on that because we've never allowed ourselves to grow too big too quickly."