BBA 2406: Marketing Planning and Control

Comprehensive practice flashcards covering marketing planning, control, strategic versus operational planning, environmental analysis (SWOT/PESTLE), and portfolio management tools like the BCG matrix and Porter's Five Forces.

According to the American Marketing Association (and the lecture notes), what is the definition of Marketing?

Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.

What are the five steps involving the Marketing Process mentioned in the notes?

1. Understand market place and customer needs and wants; 2. Design a customer-driven marketing strategy; 3. Construct an integrated marketing program that delivers superior value; 4. Build profitable relationships and create customer delight; 5. Capture value from customers to create profits and customer equity.

How does the 'Production Concept' differ from the 'Product Concept'?

The Production Concept holds that consumers prefer products that are widely available and inexpensive, focusing on high production efficiency and low costs. The Product Concept proposes that consumers favor products offering the most quality, performance, or innovative features, focusing on continuous product improvement.

What is the core philosophy of the 'Marketing Concept' compared to the 'Selling Concept'?

The Marketing Concept is a customer-centered 'sense and respond' philosophy (finding the right product for your customer). The Selling Concept is a product-centered 'make and sell' philosophy (finding the right customers for your products).

Define the trend of 'Reengineering' as described in the text.

Moving from focusing on functional departments to reorganizing by key processes, each managed by multidiscipline teams.

In the comparison between Strategic and Operational Planning, what is the 'Time Horizon' for each?

Strategic Planning is Long term planning, while Operational Planning is Short term planning.

According to the course outline, what are the components of the 'Micro environment' (COSMIC analysis)?

Suppliers, Competitors, Marketing Intermediaries, Customers, and the Firm itself (General Public is also listed as an element).

What are the variables included in a 'PESTLE Analysis' for the Macro Environment?

Population & Demographic, Economic, Socio-Cultural, Technological, Legal & Political, and Environmental.

What was the global market share achieved by Cadbury according to the case study provided?

$$10.5\,\%$$

How does McDonald (2007) define Marketing Planning?

A logical sequence and a series of activities leading to the setting of marketing objectives and the formulation of plans for achieving them.

What is 'Marketing Control'?

The process of measuring and evaluating the results of marketing strategies and plans, and taking corrective action to ensure that marketing objectives are achieved.

Identify the four key tools used in Strategic Planning mentioned on Page 13.

1. SWOT Analysis; 2. Portfolio Analysis; 3. PEST Analysis; 4. Porter’s 5 forces Analysis (and the BCG Matrix).

What are the four categories in the BCG (Boston Consulting Group) Matrix?

1. Stars (High growth, high share); 2. Cash Cows (Low growth, high share); 3. Question Marks (High growth, low share); 4. Dogs (Low growth, low share).

In Porter's Five Forces, what are the five competitive forces that determine industry attractiveness?

1. Industry rivalry; 2. Threat of substitutes; 3. Bargaining power of buyers; 4. Bargaining power of suppliers; 5. Barriers to entry (threat of new entrants).

What are the 'Primary Activities' in Michael Porter's Value Chain?

Inbound logistics, Operations, Outbound logistics, Marketing and sales, and Service.

What are the four 'Support Activities' in the Value Chain?

Procurement (purchasing), Human resource management, Technological development, and Infrastructure.

Define 'SWOT Analysis' and identify which factors are internal versus external.

SWOT stands for Strengths, Weaknesses, Opportunities, and Threats. Strengths and Weaknesses are internal factors (controllable); Opportunities and Threats are external factors (uncontrollable).

What is 'Groupthink' in the context of Jury Forecasting?

A tendency that occurs with cohesive groups where members increasingly conform and comply to group norms, becoming unwilling to show dissent or explore alternatives.

What does the SMART acronym stand for in the context of setting objectives?

Specific, Measurable, Aspirational (or Achievable), Realistic, and Time scaled.

What are the four perspectives of the 'Balanced Scorecard' introduced by Kaplan and Norton?

Customer perspective, Internal perspective, Innovation and learning perspective, and Financial perspective.

What is 'Gap Analysis'?

The process of calculating the difference between a company's projected future performance (based on current trends) and the actual performance needed to achieve set objectives.

Identify the four steps of the Marketing Control Process.

1. Define Marketing Objectives; 2. Set Performance Standards; 3. Compare Results Against Standards; 4. Corrections and Alterations.

What is the difference between 'Market Analysis' and 'Industry Analysis'?

Market analysis examines market demand in relation to prices, demographics, and buying habits. Industry analysis examines the companies, manufacturing technology, and internal forces that produce and sell products to the target market.