Strategic Marketing Problems: Study Guide
MKT 412
Midterm Exam Study Guide, Spring, 2014
Chapter 1: Foundations of Strategic Marketing Management
Role of marketing in the strategic planning function
Primary purpose of marketing is to create long-term mutually beneficial exchange relationships between an entity and the publics with which it interacts
Product-Market Strategy Selection
A recurrent issue in strategic marketing management is determining the consistency of product-markets strategies with the organization’s definition, mission and capabilities, market capacity and behavior, environmental forces, and competitive activities
Strategic marketing process steps:
1. Business, mission, goals
a. What kind of business are we in?
b. Compliments the definition. Written statement hat underscored ths scope of an org’s operations in its definition and reflects managements vision of what the org seeks to do
i. Crystallizes managements vision of the org’s long term direction and character ii. Provides guidance in identifying, purusing, and evaluationg market and prduct opps iii. Inspire and challenge employees to do things that are valued by the org
c. Goals convert the orgs mission into tangible actions and results to be achieved within a certain time frame
2. Organizational growth opportunities
a. What might we do- environment opp. Unmet or changing consumer needs, unsatisfied buyer groups, and new means of tech for delivering value to prospective buyers
b. What we do best- org capability and competency. Distinctive competency is what they UNIQUELY do best
c. What must we do- success requirements in certain industries to be able to even slightly compete
3. Product-market strategies, including both growth strategies and marketing tactics
4. Budgets
a. Formal statement of plan in financial terms
i. Operating- pro forma income statement because it is made up of future revenues and expenses ii. Financial- how to operating income statement will affect thte company’s cash position
Midterm Exam Study Guide, Spring, 2014
Chapter 1: Foundations of Strategic Marketing Management
Role of marketing in the strategic planning function
Primary purpose of marketing is to create long-term mutually beneficial exchange relationships between an entity and the publics with which it interacts
Product-Market Strategy Selection
A recurrent issue in strategic marketing management is determining the consistency of product-markets strategies with the organization’s definition, mission and capabilities, market capacity and behavior, environmental forces, and competitive activities
Strategic marketing process steps:
1. Business, mission, goals
a. What kind of business are we in?
b. Compliments the definition. Written statement hat underscored ths scope of an org’s operations in its definition and reflects managements vision of what the org seeks to do
i. Crystallizes managements vision of the org’s long term direction and character ii. Provides guidance in identifying, purusing, and evaluationg market and prduct opps iii. Inspire and challenge employees to do things that are valued by the org
c. Goals convert the orgs mission into tangible actions and results to be achieved within a certain time frame
2. Organizational growth opportunities
a. What might we do- environment opp. Unmet or changing consumer needs, unsatisfied buyer groups, and new means of tech for delivering value to prospective buyers
b. What we do best- org capability and competency. Distinctive competency is what they UNIQUELY do best
c. What must we do- success requirements in certain industries to be able to even slightly compete
3. Product-market strategies, including both growth strategies and marketing tactics
4. Budgets
a. Formal statement of plan in financial terms
i. Operating- pro forma income statement because it is made up of future revenues and expenses ii. Financial- how to operating income statement will affect thte company’s cash position