TOP 10 Learning Questions for

Chapter 2Developing MarketingStrategies and Plans

Maria Charriza M. MordenoDecember 17, 2010

http://mariacharrizamordeno.blogspot.com/

1. Which of the following statements is NOT a criteria for a business unit to meet in the process of goal formulation?

A. Objectives should be quantitative whenever possible.

B. Objectives must be consistent.C. Goals should be realistic.D. Goals should be planned

simultaneously with the company’s mission-vision.

E. All of the statements are correct.

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GOALS are objectives that are specific with respect to magnitude and time. They must meet these 4 criteria:

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Objectives must be arranged hierarchically, from the most to the least important.

Objectives should be quantitative whenever possible.

Goals should be realistic. Objectives must be consistent.

Goal formulation refers to the development of specific goals for the planning period.

One of the essentials in establishing a company is to formulate mission-vision concept statements. Goal formulation, however, comes in AFTER the SWOT analysis is conducted.

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1. Which of the following statements is NOT a criteria for a business unit to meet in the process of goal formulation?

A. Objectives should be quantitative whenever possible.

B. Objectives must be consistent.C. Goals should be realistic.D. Goals should be aligned with the

company’s mission-vision.E. All of the statements are correct.

2. Mossimo, in partnership with Sony Music Philippines, currently launched Mossimo Band Entourage, featuring some of the finest college bands playing at selected stores. With a minimum purchase, customers can buy a copy of the CD. Which of these dimensions of business innovation does Sony Music represent?

A. OfferingsB. CustomersC. PresenceD. Supply ChainE. Value Capture

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The 12 Dimensions of Business Innovation

Offerings Develop innovative new products or services.Platform Use common components or building blocks to create derivative offerings.

SolutionsCreate integrated and customized offerings that solve end-to-end customer

problems.Customers Discover unmet customer needs or identify underserved customer segments.

Customer ExperienceRedesign customer interactions across all touch points and all moments of

contact.

Value Capture Redefine how company gets paid or create innovative new revenue streams.Processes Redesign core operating processes to improve efficiency and effectiveness.

Organization Change form, function, or activity scope of the firm.

Supply Chain Think differently about sourcing and fulfillment.

PresenceCreate new distribution channels or inovative points of presence, including the

places where offerings can be bought or used by customers.Networking Creat network-centric intellignet and integrated offerings.

Brand Leverage a brand into new domains.

Sony Music demonstrated the Presence dimension.

Just like the Starbucks music CD sales, Sony Music distributed its music not only in conventional music stores, but also ventured into selling them in a clothing retail store, Mossimo.

2. Mossimo, in partnership with Sony Music Philippines, currently launched Mossimo Band Entourage, featuring some of the finest college bands playing at selected stores. With a minimum purchase, customers can buy a copy of the CD. Which of these dimensions of business innovation does Sony Music represent?

A. OfferingsB. CustomersC. PresenceD. Supply ChainE. Value Capture

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3. Which of the following is a key strategy for managing change in an organization?

A. Use the buddy system.B. Start with big initiatives first to have a

major effect.C. Managers should formulate strategies

and hand them down to the frontliners.D. Gather ideas from employees who are

stationed in the headquarters.E. Use a general metric system for the

company.10

5 Key Strategies by Jump Associates

Avoid the innovation title. Use the buddy system. Set the metrics in advance. Aim for quick hits first. Get data to back up your gut.

Find a like-minded collaborator within the organization. Establishing a buddy system ensures

that an employee would be working with somebody who views change and innovation the same way he does. This way, the employees would think that their views aren’t unorthodox or that nobody shares the same ideas they have.

3. Which of the following is a key strategy for managing change in an organization?

A. Use the buddy system.B. Start with big initiatives first to have a

major effect.C. Managers should formulate strategies

and hand them down to the frontliners.D. Gather ideas from employees who are

stationed in the headquarters.E. Use a general metric system for the

company.13

4. This planning process consists of the SWOT analysis, goal formulation, strategy formulation, program formulation, implementation, feedback and control.

A. Corporate planningB. Business planningC. Division planningD. Product planningE. Market planning

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The business unit strategic planning process

Business units define their specific missions with the broader company mission. Business planning is crucial because it

will be the framework from which the smaller units/departments will follow. This includes identifying strengths, weaknesses and goals, to name a few.

4. This planning process consists of the SWOT analysis, goal formulation, strategy formulation, program formulation, implementation, feedback and control.

A. Corporate planningB. Business planningC. Division planningD. Product planningE. Market planning

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5. It is a part of the marketing plan where the product manager defines the mission, marketing and financial objectives, and groups and needs that the market offerings are intended to satisfy.

A. Executive summaryB. Situation analysisC. Marketing strategyD. Financial projectionsE. Implementation controls

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Contents of a marketing plan

Executive summary – brief summary of main goals and recommendations

Situation analysis – presents relevant background data of forces in the macroenvironment

Marketing strategy – defines the mission, marketing and financial objectives

Financial projections – include a sales and expense forecast, and break-even analysis

Implementation controls – outlines the controls for monitoring and adjusting implementation of the plan

Marketing strategy has the “game plan”

This part in the marketing plan requires inputs from other areas as well, such as purchasing, manufacturing, sales, finance, and human resources. This will define the product/company’s competitive positioning to accomplish the plan’s objectives.

5. It is a part of the marketing plan where the product manager defines the mission, marketing and financial objectives, and groups and needs that the market offerings are intended to satisfy.

A. Executive summaryB. Situation analysisC. Marketing strategyD. Financial projectionsE. Implementation controls

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6. Which of the following is not a question in evaluating a marketing plan?

A. Is the plan simple?B. Is the plan specific?C. Is the plan realistic?D. Is the plan complete?E. All questions are used in evaluating a

marketing plan.

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6. Which of the following is not a question in evaluating a marketing plan?

A. Is the plan simple?B. Is the plan specific?C. Is the plan realistic?D. Is the plan complete?E. All questions are used in evaluating a

marketing plan.

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7.

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8.

30

8.

33

9.

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9.

37

10.

38

10.

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TOP 10 Learning Questions for

Chapter 2Developing MarketingStrategies and Plans

Maria Charriza M. MordenoDecember 17, 2010

http://mariacharrizamordeno.blogspot.com/