Marketing Strategy and Planning

Flashcards covering Lecture 3 on marketing strategy, planning definitions, the marketing audit, portfolio matrices (BCG, GE, Shell), PESTLE, Porter's Five Forces, and Ansoff's Matrix.

Brassington and Pettitt (2013) define __________ as a systematic process of forecasting the future business environment, and then deciding on the most appropriate goals, objectives and positions for best exploiting that environment.

Planning

__________ concerns the allocation of resources within the organisation to achieve the business direction and scope specified within corporate objectives, such as market expansion, product development priorities, acquisition, divestment, and diversification.

Corporate strategy

__________ determines how an organisation chooses to compete within a market, with particular regard to the relative positioning of competitors.

Competitive strategy

The __________ defines target markets, what direction needs to be taken, and what needs to be done in broad terms to create a defensible competitive position compatible with overall corporate strategy within those markets.

marketing strategy

A __________ is a detailed, written statement specifying target markets, marketing programmes, responsibilities, time scales and resources to be used, within defined budgets.

marketing plan

In the structural relationship shown, corporate strategy guides, directs, controls, and coordinates marketing strategy, whereas marketing strategy informs, achieves, and __________ corporate strategy.

operationalises

In the eight-stage marketing planning process diagram shown, the step situated directly between the marketing audit and marketing objectives is the __________.

SWOT analysis

Corporate objectives are described as the heart of the planning process and must be realistic, achievable within a specific time scale, and cited in order of __________.

priority

McDonald's stated mission is: 'Our mission is to make delicious feel-good moments easy for everyone. This is how we uniquely feed and foster __________.'

communities

The marketing audit systematically takes stock of an organisation's marketing __________ to develop a shared, agreed and objective understanding.

health

Within the marketing audit framework, the task environment encompasses competition, channels, and __________.

customers

In the BCG Matrix, a __________ is a market leader in a growth market that requires high cash support to sustain its lead but generates high cash and can become a future cash cow.

star

In the BCG Matrix, a question mark with low relative share in a high-growth market is also sometimes called a problem child or a __________.

wild cat

In the BCG Matrix, a __________ enjoys a dominant position generated from economies of scale in a low-growth market and no longer requires heavy support.

cash cow

In the BCG Matrix, a product with low relative market share in a low-growth market is called a __________, which often drains management time and resources.

dog

In the BCG Matrix diagram shown, the horizontal axis evaluates relative market share, while the vertical axis measures __________.

Market growth (%)

In the GE Matrix shown, the total circle size represents market size, while the shaded part within a circle denotes the __________ held by the SBU.

share of the market

In the Shell directional policy matrix shown, the vertical axis plots competitive capabilities, while the horizontal axis plots __________.

Prospects for sector profitability

In the macro-environmental framework shown, an aging population in the West and China boosting healthcare markets represents the __________ macro-environment.

Demographic

As an external audit example of cultural and social responsibility, furniture company __________ invests in wind-farms to offset its environmental impact.

IKEA

In external audit analysis, Unilever's commitment to its sustainable living strategy in all markets illustrates an organisational response to the __________ environment.

natural

Porter (1979) identified five competitive forces: bargaining power of suppliers, bargaining power of customers, threat of new entrants, rivalry among current competitors, and the threat of __________.

substitute products and services

Marketing objectives are essential because they provide a __________ against which to measure the extent of marketing strategy success.

benchmark

In Ansoff's Growth Matrix, seeking to increase sales volume of existing products within current markets via more aggressive marketing is termed __________.

Market penetration

In Ansoff's Growth Matrix, selling existing products to new customers, new segments, or new geographic countries is designated as __________.

Market development

In Ansoff's Growth Matrix, introducing new or improved products into existing markets is defined as __________.

Product development

In Ansoff's Growth Matrix, __________ occurs when an organisation decides to move beyond its current boundaries by offering new products into new markets.

Diversification

In Ansoff's growth vector components matrix shown, moving from existing to new products horizontally, or from existing to new markets vertically, progressively increases __________.

Risk

A marketing programme is a detailed operational statement that precisely specifies actions, responsibilities, and __________.

time scales

In the control and evaluation stage, __________ control concerns the longer-term direction of marketing strategy, whereas operational control assesses day-to-day success.

Strategic