D077 Module 2 Questions and Answers Rated A

D077 Module 2 Questions and Answers Rated A Marketing plan blueprint that outlines marketing efforts for an identified period - lay out marketing objectives marketing objective specific, measurable achievements that an organization wants from its marketing activities and actions must take to achieve Marketing support an organization in achieving strategic goals Marketing planning process identify mission statement -> conduct situational analysis -> objectives -> strategy development -> monitoring and control Role of marketing identify, satisfy and retain customers Marketing Mission statement explanation of why the marketing plan exists and what problems it hopes to solve situational analysis (SWOT) A process planners use to gather, interpret, and summarize all information relevant to the planning issue under consideration. (what and how to do) organizational capabilities combination of skills, processes, human abilities and competencies unique to an organization SWOT advantages helps focus marketing and sales resources more efficiently Objectives used to align expectations and plans, coordinate efforts, measure progress and hold teams accountable for achieving results Market share ac company's % of total shares in the particular market marketing strategy defines how the marketing mix can best be used to achieve objectives Target market A specific group of customers on whom an organization focuses its marketing efforts implementation the tactics used to execute the strategy tactical planning how marketing will do/how they will do it to achieve the desired business results and achieve marketing objective organizational control systems sales forecast, sales force management systems, customer relationship management tools Marketing control decisions which function to monitor, establishment of performance standards, how to collect info for making comparisons between actual performance and standards clarifying tools SWOT analysis, BCG Matrix, Porter's model SWOT analysis Internal: Strengths, Weaknesses External: Opportunities, Threats internal factors financial resources, technical resources and capabilities, human resources, product lines external factors competitions, economic trends, legal judgments, social trends Benefits SWOT encourages realistic planning, improves organizations ability to forecast future events BCG Matrix (growth share) help companies with many businesses or products determine their investment priorities (what is current market share? what is the markets growth potential) Dog a product or business with low market share in a mature industry (no room for growth) Cash cow product or business that has high market share and in a slow growing industry (large return - little investment) question mark a product or business that has low market share currently but is in a growing industry star high market share in a fast growing economy - bring strong return Porter's Five Forces Model tool for analyzing the competitiveness of a market (identify opportunities or evaluate decisions) 5 forces threat of new entrants, threat of substitute products, competition, power of buyers (pay less, get more), power of suppliers (paid more, deliver less) Strategies what an organization is going to do to achieve its objectives (how achieve objectives) GAME PLAN Tactical plans specific activities and allocations of resources needed to implement strategy (specific activities to reach goal) ACTIONS