MKTG 301 EXAM 2 ROTH STUDY GUIDY
Marketing strategy - Answers -Internal - goals and capabilities of the organization
External - marketing opportunities
Trying to match these two
Chipotle - mission isn't to sell burritos"
Steps of marketing strategy - Answers -Define
set objectives and goals
design business portfolio
Define - Answers -first step of marketing strategy - mission statement
Mission Statement - Answers -what is the business, who is the customer, what does
the customer value, what are our competencies, what should our business be
must be - market oriented, realistic, specific, motivating, distinct competencies
Setting objectives and goals - Answers -second step of marketing strategy
mission statement leads to detailed supporting objectives for each level of
management, must be measurable
Design business portfolio - Answers -third step in marketing strategy
combination of business that has potential to reach objectives
which businesses to enter
which to exit
how much to invest
BCG Matrix - Answers -a means of evaluating strategic business units on the basis of
(1) their business growth rates and (2) their share of the market
Star - Answers -lots of opportunity for growth, have a large part of market share
cash cow - Answers -not a lot of growth, but enough market share to have continual
revenue
question mark - Answers -lots of growth opportunity, but uncertainty regarding entering
the market
dog - Answers -no growth, cant enter the market
, criticism of BCG matrix - Answers -limited variable
ignores interrelationship between business and customer
placement depends on definition of market
Product market expansion grid - Answers -a portfolio-planning tool for identifying
company growth opportunities through market penetration, market development,
product development, or diversification
market penetration - Answers -increase sales to current customers without changing
products - using price place and promotion
existing products and existing market
market development - Answers -identify new markets in demographics or geographic
for current product
new market, existing products
product development - Answers -offering modified or new products to current markets
new product, existing market
diversification - Answers -start up or buy businesses outside of current
products/markets
new product, new market
strategy - Answers -what do we know
what do we want to accomplish
how will we do it
marketing management - Answers -analyze - planning, implement, control
planning - Answers -develop strategy, plans
mktg info, micro, macroenvironemnt, consumer behavior
implement - Answers -carry out plans, who what where how
hardest part of marketing management
success depends on structure, culture, employee values, reward system
control - Answers -measure results, evaluate, make corrections
marketing audit
set goals
executive summary - Answers -summarize entire marketing plan
management is going to read it
Marketing strategy - Answers -Internal - goals and capabilities of the organization
External - marketing opportunities
Trying to match these two
Chipotle - mission isn't to sell burritos"
Steps of marketing strategy - Answers -Define
set objectives and goals
design business portfolio
Define - Answers -first step of marketing strategy - mission statement
Mission Statement - Answers -what is the business, who is the customer, what does
the customer value, what are our competencies, what should our business be
must be - market oriented, realistic, specific, motivating, distinct competencies
Setting objectives and goals - Answers -second step of marketing strategy
mission statement leads to detailed supporting objectives for each level of
management, must be measurable
Design business portfolio - Answers -third step in marketing strategy
combination of business that has potential to reach objectives
which businesses to enter
which to exit
how much to invest
BCG Matrix - Answers -a means of evaluating strategic business units on the basis of
(1) their business growth rates and (2) their share of the market
Star - Answers -lots of opportunity for growth, have a large part of market share
cash cow - Answers -not a lot of growth, but enough market share to have continual
revenue
question mark - Answers -lots of growth opportunity, but uncertainty regarding entering
the market
dog - Answers -no growth, cant enter the market
, criticism of BCG matrix - Answers -limited variable
ignores interrelationship between business and customer
placement depends on definition of market
Product market expansion grid - Answers -a portfolio-planning tool for identifying
company growth opportunities through market penetration, market development,
product development, or diversification
market penetration - Answers -increase sales to current customers without changing
products - using price place and promotion
existing products and existing market
market development - Answers -identify new markets in demographics or geographic
for current product
new market, existing products
product development - Answers -offering modified or new products to current markets
new product, existing market
diversification - Answers -start up or buy businesses outside of current
products/markets
new product, new market
strategy - Answers -what do we know
what do we want to accomplish
how will we do it
marketing management - Answers -analyze - planning, implement, control
planning - Answers -develop strategy, plans
mktg info, micro, macroenvironemnt, consumer behavior
implement - Answers -carry out plans, who what where how
hardest part of marketing management
success depends on structure, culture, employee values, reward system
control - Answers -measure results, evaluate, make corrections
marketing audit
set goals
executive summary - Answers -summarize entire marketing plan
management is going to read it
