Principles Of Marketing Dersi 2. Ünite Sorularla Öğrenelim

What is the definition of strategic planning?

Strategic planning is “the road map which shows how to get from the current position to the desired position.”

What is the purpose of strategic planning?

It allows corporations to create a prudential vision, a mission, long term goals and objectives and fundamental principles. It includes strategies to follow in order to reach the established goals, performance criteria, allocation of the resources and developing measurable indicators to monitor and evaluate the operations

Whose participation does strategic planning require?

Strategic planning requires participation from both upper-level management and employees who are responsible for planning.

What are the three levels of planning in marketing strategies?

• Strategic business (corporate) plan
• Strategic marketing plan
• Annual marketing plan

What stages does a strategic business plan comprise of?

A strategic business plan comprises of four stages. These are:

• Defining the values, mission and vision of the company
• Situation analysis
• Establishing organizational goals
• Selecting strategies to reach those goals

What does strategic business (corporate) plan include?

Strategic business (corporate) plan includes a the mission, vision, values, long-term goals of the company, and formulates strategies to accomplish those goals.

What do we mean by values?

Values are principles and shared beliefs that unite customers, business, managers and staff.

What does mission mean in businesses?

Mission is a statement of the organization’s purpose.

What should the mission statements be like?

The mission statements should be clear, short and less than two paragraphs.

What does vision stand for in businesses?

Vision states the standards for the future success of a business.

What do goals represent for a business?

Goals are the basis of strategy formation and also provide standards for performance evaluation.

What do objectives determine?

Objectives determine what a business needs to accomplish.

What is the S.M.A.R.T. goal setting?

S.M.A.R.T. is an acronym that is used to guide the development of measurable goals:

• Specific
• Measurable
• Attainable
• Relevant
• Time-oriented

What is business portfolio?

Business portfolio is the collection of businesses and products that make up the company.

What is portfolio analysis?

Portfolio Analysis is a process by which management evaluates the products and businesses making up the company

What is growth-share matrix?

Growth-share matrix is a portfolioplanning method that evaluates a company’s strategic business units in terms of their marketgrowth rate and relative market share.

What is product/market expansion grid?

Product/market expansion grid (Ansoff Matrix) is a portfolio planning tool for
identifying company growth opportunities through market penetration, market development, product development, or diversification.

What kind of strategy is market penetration?

Market Penetration is a strategy for company growth by increasing sales of current products to current market segments without changing the product.

What do we mean by market development?

Market development is a strategy for company growth by identifying and developing new market segments for current company products.

What does product development refer to?

Product development is a strategy for company growth by offering modified or new products to current market segments.

What does diversification represent for a company?

Diversification is a strategy for a company’s growth through starting up or acquiring businesses outside the company’s current products and markets.

What does downsizing mean?

Downsizing is reducing the business protfolio by eliminating products of
business units that are not profitable or no longer fit the company’s overall strategy.

What is SWOT analysis?

SWOT analysis is an overall evaluation of the company’s strenghts(S), weaknesses (W), opportunities (O), and threats (T).

What does differentation represent in business?

Differentation is actually differentiating the market offering to create superior customer value.

What does market segmentation mean?

Market segmentation is dividing a market into distinct groups of buyers who have different needs, characteristics, or behavior and who might require seperate products or marketing programs.

What is the purpose of marketing annual plans?

Annual marketing plans are detailed plans which are prepared for specific products or a specific organizational department.