Developing Marketing Strategies and Plans - Business unit strategic planning
13 important questions on Developing Marketing Strategies and Plans - Business unit strategic planning
Steps of a business unit strategic planning process?
- Define the business mission
- SWOT-analysis (threats&opportunities, strengths&weaknesses)
- Goal formulation
- Strategy formulation
- Program formulation
- Implementation
- Feedback and control
What is a marketing opportunity and what are its main sources?
- To offer something that is in short supply.
- To supply and existing product or service in a new or superior way.
What are 7 situations with good opportunities for marketers?
- A company may benefit from converging industry trends and introduce hybrid products or services that are new to the market.
- A company may make a buying process more convenient or efficient.
- A company can meet the need for more information and advice.
- A company can customize a product or service.
- A company can introduce a new capability.
- A company may be able to deliver a product or service faster.
- A company may be able to offer a product at a much lower price.
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What questions can be asked with the market opportunity analysis (MOA)?
- Can we formulate the benefits convincingly to a defined target market?
- Can we locate the target market and reach them within cost-effective media and trade channels?
- Does our company possess or have access to the critical capabilities and resources we need to deliver the customer benefits?
- Can we deliver the benefits better than any actual or potential competitor?
- Will the financial rate of return meet or exceed our required threshold for investment?
A strategic formulation in the business unit strategic planning process, consists of three underlying strategies:
- Marketing strategy
- Technology strategy
- Sourcing strategy
What is an environmental threat?
What is overall cost leadership? &what is a pro and a con?
Less skills in marketing needed but other firms might also compete with still-lower costs. And hurt the firm that rested its whole future on costs.
What criteria should the objectives of a BU meet for a managed by objectives (MBO) system to work?
- They must be arranged hierarchically from most to least important.
- Objectives should be quantitative whenever possible.
- Goals should be realistic.
- Objectives must be consistent.
What is a strategy? What different types of strategies are there?
Different strategy types are:
- Marketing strategy
- Technology strategy
- Sourcing strategy
What are Porter's generic strategies?
- Overall cost leadership
- Differentiation
- Focus
What 4 categories of marketing alliances are there?
- Product or service alliance: licensing another company to produce your product.
- Promotional alliance: carrying a promotion for another company.
- Logistics alliance: one company offering logistical service for another company's product.
- Pricing collaborations: one or more companies join in a pricing collaboration e.g. hotels and rental cars often offer mutual price discounts.
What are the four major categories in strategic alliances?
- Product or service alliances
- Promotional alliances
- Logistics alliances
- Pricing collabarations
What are the 7 s's of successful business practice according to Mckinsey & Company?
- Strategy
- Structure
- Systems
- Style: sharing a common way of thinking and behaving
- Skills
- Staff
- Shared values: employees sharing the same guiding values
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