MKC1 Marketing Plans (ch 2)
Terms in this set (15)
difference between a marketing plan and a business plan
marketing plan is a description of specific actions and resources that are necessary to achieve a company's marketing objectives. A business plan specifies all of a company's objectives, how the objectives will be met, and the financing required to make the company successful.
difference between strategic planning and tactical planning
Strategic planning is the process of determining an organization's primary objectives and finding and implementing steps that will achieve the objectives. Tactical planning is setting short-term actions that are needed to complete larger strategies.
purpose of a marketing plan
To predict what is necessary to achieve marketing objectives and implement activities for achieving these objectives
two elements of every marketing strategy
Overall company-wide program for selecting target market and satisfying consumers in that target market by blending the elements in the marketing mix - product, distribution, promotion, and price.
purpose of the competitive analysis
To know the environment in which the marketing plan is to be implemented.
impact of the Internet on each segment of Porter's 5-forces model
Potential new entrants - the internet reduces the barriers to entry; Bargaining power of buyers - the internet shifts greater power to the end users; Bargaining power of suppliers - the internet increases the bargaining power of suppliers; Threat of substitute products - the internet creates new substitution threats; Rivalry among competitors - the internet blurs the difference among competitors.
Which section outlines the financial needs to execute the marketing plan
The Budget, Schedule and Monitoring section.
Why would a SWOT analysis be used
A SWOT analysis stands for Strengths, Weaknesses, Opportunities and Threats. By using SWOT an organization can determine the internal and external environments and can determine what changes need to be made.
describe a strategic window of opportunity? Examples?
This would be a limited time when the key requirements of a market and the competencies of a firm come together. An example is the foreign auto makers in the U.S. Because the U.S. automakers are struggling, this is a great time for the foreign auto makers to take advantage of U.S. consumers' purchasing of autos.
difference between first-mover strategy and second-mover strategy
The first-mover strategy is an attempt to capture the market share and customer loyalty by being the first to enter a market. The second-mover strategy is when businesses observe and monitor the first movers, then improve on them to gain an advantage in the marketplace.
Product, Price, Place, and Promotion and components of what
The Marketing Mix
What kinds of decisions does Product strategy include
What goods or services to offer, customer service, package design, brand names, trademarks, patents, warranties, life cycle of a product, positioning, new product development.
What kinds of decisions does Price strategy include
Setting profitable and justifiable prices.
What kinds of decisions does Place strategy include
Modes of transportation, warehousing, inventory control, order processing, selection of marketing channels.
What kinds of decisions does Promotion strategy include
What communication links to use to communicate information about their products and services. Many companies use integrated marketing communications (IMC) to coordinate promotional activities.