MARKETING ESSAY BEST EXAM PRACTICE LATEST
UPDATE 2022 GRADED A+
Question 1
1- List and Describe Strategic Planning Process 4 Phases.
Explain the four Historical phases of Strategic Planning Process and list four benefits of Strategic
Management.
A firm generally evolves through the following four phases of strategic management:
Phase 1: Basic financial planning:
- Managers are requested to propose the following year’s budget (one year).
- Very little analysis basis.
- Most information coming from within the firm (usually the sales/marketing forces)
- It is time consuming, strictly speaking, operational planning.
Phase 2: Forecast-based planning:
- Managers are requested to propose three to five-year plans.
- They consider projects that may take more than one year.
- Beside internal information, managers gather any available environmental data—usually
on an ad hoc basis—and extrapolate current trends five years into the future.
- Also time consuming, often a full month to make sure all proposed budgets fit together.
- Very political process, as managers compete for larger shares of funds.
Phase 3: Externally oriented (strategic) planning:
- To increase company responsiveness to changing markets and competition
proactively (by thinking strategically).
- Planning staff (or competitive intelligence units) formed of top management to develop
five-year plans (or evaluate and update current plans) with help from consultants but
minimal input from lower levels.
- Consultants often provide the sophisticated and innovative techniques used to gather
information and forecast future trends. Ex-military
- The implementation issues left to lower management levels.
Phase 4: Strategic management:
- Even the best strategic plans are worthless without the input and commitment of
lower- level managers.
,MARKETING ESSAY BEST EXAM PRACTICE LATEST
UPDATE 2022 GRADED A+
- Strategic thinking at all levels of the organization, so that top management
forms planning groups of managers and key employees at many levels, from
various departments.
- Planning is interactive across all levels and is no longer top down.
- Although top management may initiate the strategic planning process, the resulting
strategies may come from anywhere in the organization.
- Strategic information, that previously available only centrally to top management, is
available via local area networks and intranets to people throughout the organization.
- Internal and external planning consultants are available to guide group strategy
discussions.
- Groups develop a series of strategic plans (to detail the implementation, evaluation, and
control issues) and aimed at achieving the company’s primary objectives.
The plans for probable scenarios and contingency strategies for emerging change
2- What is resource based approach to organizational analysis.
Organizational analysis (internal scanning):
Identifying and developing and taking advantage of an organization’s resources and
competencies.
Resources: are an organization’s assets and the basic building blocks of the organization.
They include tangible assets, such as its plant, equipment, finances, and location, human
assets, in terms of the number of employees, their skills, and motivation, and intangible assets,
such as its technology (patents and copyrights), culture, and reputation.
3- Describe in some detail four business models and give an example of one company employing each
of these four models (for a total of 4 companies)
, MARKETING ESSAY BEST EXAM PRACTICE LATEST
UPDATE 2022 GRADED A+
Business model: company’s method for making money in the current business environment
(how it earns revenue and makes a profit.).
1) Customer solutions (consulting) model:
Ex. IBM uses this model to make money not by selling IBM products, but by selling its
expertise to improve customers’ operations.
2) Advertising model:
To offer the basic product free, then make money through advertising (that pays the bills).
Ex. Commercial radio & television, search engines, YouTube, etc.)
3) Switchboard model:
A firm acts as an intermediary to connect multiple sellers to multiple buyers.
Ex. used by eBay and Amazon.com.
4) Time model (Speedy design or Speedy R&D):
To be the first in market with a new innovation, to earn high margins for a limited time.
Once others enter the market, it’s time to move on. Ex. Sony
4- Explain the benefits and problems with horizontal integration
Horizontal Integration:
UPDATE 2022 GRADED A+
Question 1
1- List and Describe Strategic Planning Process 4 Phases.
Explain the four Historical phases of Strategic Planning Process and list four benefits of Strategic
Management.
A firm generally evolves through the following four phases of strategic management:
Phase 1: Basic financial planning:
- Managers are requested to propose the following year’s budget (one year).
- Very little analysis basis.
- Most information coming from within the firm (usually the sales/marketing forces)
- It is time consuming, strictly speaking, operational planning.
Phase 2: Forecast-based planning:
- Managers are requested to propose three to five-year plans.
- They consider projects that may take more than one year.
- Beside internal information, managers gather any available environmental data—usually
on an ad hoc basis—and extrapolate current trends five years into the future.
- Also time consuming, often a full month to make sure all proposed budgets fit together.
- Very political process, as managers compete for larger shares of funds.
Phase 3: Externally oriented (strategic) planning:
- To increase company responsiveness to changing markets and competition
proactively (by thinking strategically).
- Planning staff (or competitive intelligence units) formed of top management to develop
five-year plans (or evaluate and update current plans) with help from consultants but
minimal input from lower levels.
- Consultants often provide the sophisticated and innovative techniques used to gather
information and forecast future trends. Ex-military
- The implementation issues left to lower management levels.
Phase 4: Strategic management:
- Even the best strategic plans are worthless without the input and commitment of
lower- level managers.
,MARKETING ESSAY BEST EXAM PRACTICE LATEST
UPDATE 2022 GRADED A+
- Strategic thinking at all levels of the organization, so that top management
forms planning groups of managers and key employees at many levels, from
various departments.
- Planning is interactive across all levels and is no longer top down.
- Although top management may initiate the strategic planning process, the resulting
strategies may come from anywhere in the organization.
- Strategic information, that previously available only centrally to top management, is
available via local area networks and intranets to people throughout the organization.
- Internal and external planning consultants are available to guide group strategy
discussions.
- Groups develop a series of strategic plans (to detail the implementation, evaluation, and
control issues) and aimed at achieving the company’s primary objectives.
The plans for probable scenarios and contingency strategies for emerging change
2- What is resource based approach to organizational analysis.
Organizational analysis (internal scanning):
Identifying and developing and taking advantage of an organization’s resources and
competencies.
Resources: are an organization’s assets and the basic building blocks of the organization.
They include tangible assets, such as its plant, equipment, finances, and location, human
assets, in terms of the number of employees, their skills, and motivation, and intangible assets,
such as its technology (patents and copyrights), culture, and reputation.
3- Describe in some detail four business models and give an example of one company employing each
of these four models (for a total of 4 companies)
, MARKETING ESSAY BEST EXAM PRACTICE LATEST
UPDATE 2022 GRADED A+
Business model: company’s method for making money in the current business environment
(how it earns revenue and makes a profit.).
1) Customer solutions (consulting) model:
Ex. IBM uses this model to make money not by selling IBM products, but by selling its
expertise to improve customers’ operations.
2) Advertising model:
To offer the basic product free, then make money through advertising (that pays the bills).
Ex. Commercial radio & television, search engines, YouTube, etc.)
3) Switchboard model:
A firm acts as an intermediary to connect multiple sellers to multiple buyers.
Ex. used by eBay and Amazon.com.
4) Time model (Speedy design or Speedy R&D):
To be the first in market with a new innovation, to earn high margins for a limited time.
Once others enter the market, it’s time to move on. Ex. Sony
4- Explain the benefits and problems with horizontal integration
Horizontal Integration:
