MKTG 301 (A+ Guaranteed)

Strategic Planning correct answers Strategy = a matching process between external and internal factors internal = organizations goals and capabilities (focuses on publics, competitive advantage) external = Marketing Opportunities (focuses on consumer trends, economy, nature) Steps in Strategic Planning correct answers 1. Define the company mission statement (corporate) 2. Setting company objectives and goals (corporate) 3. Designing the business portfolio (corporate) 4. Planning marketing and other functional strategies (Business unit, product and market level) Mission Statement correct answers A statement of the organization's purpose - good ones are: market-oriented, realistic, specific, motivating and illustrative of distinctive competencies Business portfolio correct answers a combination of business that has the potential of reaching objectives "Businesses" = Strategic Business Units (SBUs), divisions, markets, product lines, etc. Cash Cow (BCG Growth-Share Matrix) correct answers have a high market share but a low market growth rate. You want to take as much money as possible Question Mark (BCG Growth-Share Matrix) correct answers have a low market share but a high market growth rate Products that have been invested in and have a high growth star potential ---- invest money from cash cows here. Stars (BCG Growth-Share Matrix) correct answers have a high market share and a high growth rate. Over time they can become cash cows ---- most desirable Dogs (BCG Growth-Share Matrix) correct answers have a low market share and a low growth rate Unless they can change or affect other factors, these units are typically discarded