Strategic Marketing Management Exam 1
3 approaches to organizational strategies - ANSWER--Organizational strategies based
on products and markets
-Organizational strategies based on competitive advantage
-Organizational strategies based on value
4 components of strategic planning - ANSWER--Mission
-Objectives
-Strategy
-Portfolio Analysis- Market growth rate, relative market share.
A mission statement should be - ANSWER-Achievable
Motivational
Specific
competitive advantage - ANSWER-an ability to outperform competitors in providing
something that the market values
competitive environment - ANSWER-firms in the industry that rival the organization for
both resources and sales
competitive environment- constraints - ANSWER-demand simulation activities of
competing firms and the number of consumers who cannot be lured away from
competition
competitive environment-opportunities - ANSWER-acquiring competing firms; offering
demonstrably better value to consumers and attracting them away from competitors;
driving competitors out of the industry
Completion of the strategic plan facilitates the...... - ANSWER-development of marketing
plans for each product, product line, or division of the organization
Controlling the marketing plan has 3 steps: - ANSWER-1. Results of implemented
marketing plan are measured
2. Results are compared with objectives
3. Decisions are made on whether the plan is achieving objectives
Cooperative Environment - ANSWER-all firms and inds who have vested interest in the
firm's accomplishing its objectives
Cooperative Environment- constraints - ANSWER-unresolved conflicts and shortages of
material
, Cooperative Environment- opportunities - ANSWER-methods of increasing efficiency
cost leadership strategy - ANSWER-focus on being the low cost company in its industry;
stress efficiency and offer a standard no frills product
cost leadership strategy achieved through - ANSWER-efficiencies in production, product
design, manufacturing, distribution, or technology
developing a mission statement take into account: - ANSWER--the organization's
history
-the organization's distinctive competencies- what it can do best;gives advantage
-organiation's environment- dictates the opportunities, constraints, and threats that must
be identified before a mission statement is developed
developing marketing mix - ANSWER-A set of controllable variables that must be
managed to satisfy the target market and achieve organizational objectives
Disverification - ANSWER--Can lead to entirely new and unrelated business
-New products for new customers
Economic Environment - ANSWER-the state of the macroeconomy and changes in it
economic environment- constraints - ANSWER-inflation and unemployment
Economic Environment-opportunities - ANSWER-develop different services or develop
less expensive models of products
Establishing marketing objectives - ANSWER--Derived from organizational objectives
-Must be specific and performance in meeting them must be measurable
-Stated as standards of performance or as tasks to be achieved by given dates
Golden Circle - ANSWER--why, how, what
-we communicate from what -> how->why
-inspired leaders think from why->what->how
-do not be in pursuit of the results be in pursuit of the cause
greatest advantage of cross functional teams - ANSWER-=ability of team embers to
consider a situation from a number of viewpoints
-Can help team avoid costly mistakes and poor solutions
how to choose the appropriate strategy? - ANSWER-Should be consistent with mission
and capitalize of organization's distinctive competencies that will lead to a sustainable
comp advantage
If done properly strategic planning results in a..... - ANSWER-clearly defined blueprint
for management action in all functional areas of the organization
3 approaches to organizational strategies - ANSWER--Organizational strategies based
on products and markets
-Organizational strategies based on competitive advantage
-Organizational strategies based on value
4 components of strategic planning - ANSWER--Mission
-Objectives
-Strategy
-Portfolio Analysis- Market growth rate, relative market share.
A mission statement should be - ANSWER-Achievable
Motivational
Specific
competitive advantage - ANSWER-an ability to outperform competitors in providing
something that the market values
competitive environment - ANSWER-firms in the industry that rival the organization for
both resources and sales
competitive environment- constraints - ANSWER-demand simulation activities of
competing firms and the number of consumers who cannot be lured away from
competition
competitive environment-opportunities - ANSWER-acquiring competing firms; offering
demonstrably better value to consumers and attracting them away from competitors;
driving competitors out of the industry
Completion of the strategic plan facilitates the...... - ANSWER-development of marketing
plans for each product, product line, or division of the organization
Controlling the marketing plan has 3 steps: - ANSWER-1. Results of implemented
marketing plan are measured
2. Results are compared with objectives
3. Decisions are made on whether the plan is achieving objectives
Cooperative Environment - ANSWER-all firms and inds who have vested interest in the
firm's accomplishing its objectives
Cooperative Environment- constraints - ANSWER-unresolved conflicts and shortages of
material
, Cooperative Environment- opportunities - ANSWER-methods of increasing efficiency
cost leadership strategy - ANSWER-focus on being the low cost company in its industry;
stress efficiency and offer a standard no frills product
cost leadership strategy achieved through - ANSWER-efficiencies in production, product
design, manufacturing, distribution, or technology
developing a mission statement take into account: - ANSWER--the organization's
history
-the organization's distinctive competencies- what it can do best;gives advantage
-organiation's environment- dictates the opportunities, constraints, and threats that must
be identified before a mission statement is developed
developing marketing mix - ANSWER-A set of controllable variables that must be
managed to satisfy the target market and achieve organizational objectives
Disverification - ANSWER--Can lead to entirely new and unrelated business
-New products for new customers
Economic Environment - ANSWER-the state of the macroeconomy and changes in it
economic environment- constraints - ANSWER-inflation and unemployment
Economic Environment-opportunities - ANSWER-develop different services or develop
less expensive models of products
Establishing marketing objectives - ANSWER--Derived from organizational objectives
-Must be specific and performance in meeting them must be measurable
-Stated as standards of performance or as tasks to be achieved by given dates
Golden Circle - ANSWER--why, how, what
-we communicate from what -> how->why
-inspired leaders think from why->what->how
-do not be in pursuit of the results be in pursuit of the cause
greatest advantage of cross functional teams - ANSWER-=ability of team embers to
consider a situation from a number of viewpoints
-Can help team avoid costly mistakes and poor solutions
how to choose the appropriate strategy? - ANSWER-Should be consistent with mission
and capitalize of organization's distinctive competencies that will lead to a sustainable
comp advantage
If done properly strategic planning results in a..... - ANSWER-clearly defined blueprint
for management action in all functional areas of the organization
