Mkc1 Study Plan
1. What is the difference between strategic planning and tactical planning? Strategic planning is the process of determining an organizations primary objectives and finding and implementing steps that will achieve the objectives.
Tactical planning is setting short-term actions that are needed to compete larger strategies. 2. what is the difference between a business plan and a marketing plan? Business plan is a detailed plan setting out the objectives of a business, the strategy and tactics planned to achieve them, and the expected profits, usually over a period of three to ten years.
Marketing plan is a strategic plan at the functional level that provides a firm’s marketing group with direction. The strategy for implementing the components of marketing; creating, communicating, delivering, and exchanging value. 3. what is the purpose of a marketing plan? It is a road map that improves the firm’s understanding of its competitive situation. It helps the firm allocate resources and divvy up the tasks that employees need to do for the company to meet its objectives. 4. what are the two elements of every marketing strategy? 1)product strategy-product development strategy – creating new products or services for existing markets.
2)market strategy-market penetration strategy – selling more of existing products and services to existing customers. 5. how would you describe first-mover strategy? A market innovator, not a follower – Corporate level strategy theorizing that being the first organization to offer a product in the marketplace will be the long-term market leader. 6. what are the advantages and disadvantages of being a first mover? Three advantages of being first: technology leadership, control of resources, and buyer switching costs.
The disadvantages: later entrants can overcome advantages, must heavily entice customers to try new type of product ( high education expense), some first movers may become complacent
Tactical planning is setting short-term actions that are needed to compete larger strategies. 2. what is the difference between a business plan and a marketing plan? Business plan is a detailed plan setting out the objectives of a business, the strategy and tactics planned to achieve them, and the expected profits, usually over a period of three to ten years.
Marketing plan is a strategic plan at the functional level that provides a firm’s marketing group with direction. The strategy for implementing the components of marketing; creating, communicating, delivering, and exchanging value. 3. what is the purpose of a marketing plan? It is a road map that improves the firm’s understanding of its competitive situation. It helps the firm allocate resources and divvy up the tasks that employees need to do for the company to meet its objectives. 4. what are the two elements of every marketing strategy? 1)product strategy-product development strategy – creating new products or services for existing markets.
2)market strategy-market penetration strategy – selling more of existing products and services to existing customers. 5. how would you describe first-mover strategy? A market innovator, not a follower – Corporate level strategy theorizing that being the first organization to offer a product in the marketplace will be the long-term market leader. 6. what are the advantages and disadvantages of being a first mover? Three advantages of being first: technology leadership, control of resources, and buyer switching costs.
The disadvantages: later entrants can overcome advantages, must heavily entice customers to try new type of product ( high education expense), some first movers may become complacent