Chap 4: IM planning

“Strategy is the _______ and ______ of an organisation over the ______, which achieves ______ in a changing environment through its configuration of resources and competences with the aim of fulfilling stakeholder expectations.”

• direction/scope/long term/ disadvantagte

• trend/ term/ long term/ advantage

• direction/scope/ short term/ advantage

• direction/scope/ long term/ advantage

Mintzberg & Waters (1985) defined Strategy as “_________” to contrast with a view of strategy as a _______ (i.e., some sort of consciously intended course of action, a guideline to deal with a situation).

• a pattern in a stream of actions/ direction

• a pattern in a stream of actions/ plan

• plan/ a pattern in a stream of actions

A marketing strategy specifies a target market and a related marketing mix. It is a big picture of what a firm will do in some market. Two interrelated parts are needed:

• 1. A target market and A marketing plan

• 1. A target market and a marketing mix

• A target customer and a marketing mix

• A target customer and a target market

What is a target market?

• A group of customers with widely varying preferences to whom a company wishes to appeal

• A group of customers from different age groups to whom a company wishes to appeal

• A fairly homogeneous (similar) group of customers to whom a company wishes to appeal

• A group of customers from various geographic locations to whom a company wishes to appeal

What is a marketing mix?

• The uncontrollable factors that impact a company's performance

• The pricing strategy used by a company

• The controllable variables the company puts together to satisfy its target group

• The process of identifying potential customers

True or false

• True

• False

what is "The process of anticipating future events and determining strategies to achieve organizational objectives in the future"?

• Planning

• Marketing planning

• Marketing plan

what is "The process of assessing opportunities and resources, determining objectives, defining strategies, and establishing guidelines for implementation and control of the marketing program."?

• Planning

• Marketing planning

• Marketing plan

what is "A written document that acts as a guidebook of marketing activities for the marketing manager"?

• Planning

• Marketing planning

• Marketing plan

Contents of a Traditional marketing plan

1. Executive Summary

2. Market Situation Analysis

3. SWOT Analysis

4. ___________________

5. Formulation of Marketing Strategies

6. Preparation of Action Programs and Budgets

7. Development of Control Procedures

• Specification of Marketing Aims

• Specification of Marketing Objectives

• Specification of Marketing Target