Exam 2: Strategic Planning in Contemporary Marketing

Describe the strategic business unit concept.

Distinguish between an organization's mission and its objectives. Provide an example of each.

Organizations within the same industry usually have the same mission.

Tactical plans typically address shorter-term actions that focus on current and near-future activities.

How do elements of a marketing environment affect marketing decision making?

Each SBU of a diversified company pursues its own distinct mission, and often develops its own plans independently.

As chief executive of Stalwart Shipfitting Company, a diversified producer of marine supplies and equipment, John needs a method for spotting promising product lines that warrant commitment of additional resources, as well as those that should be removed from the firm's product portfolio. What would be a good choice for this firm?

Strategic business units (SBUs) focus the attention of company managers so they can respond effectively to changing consumer demand within limited markets.

Good relationships with customers can equip a firm with vital strategic weapons.

Best Buy wanted to open a new store in Fredericton, New Brunswick, but instead of building a new store a decision was made to renovate a grocery superstore that had closed. What type of planning was this decision the result of?

What is a strategic window? Give an example of a strategic window that exists today.

Match each item to the statement or sentence listed below. a.planning b.marketing planning c.strategic planning d.tactical planning e.mission f.first mover strategy g.SWOT analysis h.strategic window i.marketing mix j.product strategy k.strategic business units (SBUs) l.Porter's Five Forces m.marketing strategy n.dogs o.stars p.annual growth rate -represent units with high market shares in high-growth markets.

Which of the following is a marketing planning tool?

What characteristic would a less competitive market have?

Toyota's introduction of the hybrid-powered Prius is an example of how it has turned public concerns and legal issues about the natural environment into an opportunity.

Fred's Wholesale Club sends emails and catalogues to all members. Additionally, in-store pamphlets promote the benefits of its products. All of these materials are part of the integrated marketing communications intended to send a consistent and unified promotional message.

During the final steps of the marketing planning process, marketers use operating plans to put the marketing strategy into action, and then wait until the annual planning process begins again the following year.

What marketing mix activity are newsletters, catalogues, and invitations to company-sponsored events most closely associated with?

In SWOT analysis, managers face a problem when environmental threats attack their organization's weaknesses.

A firm's mission statement specifies its overall goals and operational scope, as well as providing general guidelines for future management action.