Ch2 developing marketing strategies and plan mordeno

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Ch2 developing marketing strategies and plan mordeno

  1. 1. TOP 10 Learning Questions for Chapter 2 Developing Marketing Strategies and Plans Maria Charriza M. Mordeno December 17, 2010 http://mariacharrizamordeno.blogspot.com/
  2. 2. 1. Which of the following statements is NOT a criteria for a business unit to meet in the process of goal formulation? <ul><li>Objectives should be quantitative whenever possible. </li></ul><ul><li>Objectives must be consistent. </li></ul><ul><li>Goals should be realistic. </li></ul><ul><li>Goals should be planned simultaneously with the company’s mission-vision. </li></ul><ul><li>All of the statements are correct. </li></ul>http://mariacharrizamordeno.blogspot.com/
  3. 3. GOALS are objectives that are specific with respect to magnitude and time. They must meet these 4 criteria: <ul><li>Objectives must be arranged hierarchically, from the most to the least important. </li></ul><ul><li>Objectives should be quantitative whenever possible. </li></ul><ul><li>Goals should be realistic. </li></ul><ul><li>Objectives must be consistent. </li></ul>http://mariacharrizamordeno.blogspot.com/
  4. 4. Goal formulation refers to the development of specific goals for the planning period. <ul><li>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. </li></ul>http://mariacharrizamordeno.blogspot.com/
  5. 5. 1. Which of the following statements is NOT a criteria for a business unit to meet in the process of goal formulation? <ul><li>Objectives should be quantitative whenever possible. </li></ul><ul><li>Objectives must be consistent. </li></ul><ul><li>Goals should be realistic. </li></ul><ul><li>Goals should be aligned with the company’s mission-vision. </li></ul><ul><li>All of the statements are correct. </li></ul>http://mariacharrizamordeno.blogspot.com/
  6. 6. 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? <ul><li>Offerings </li></ul><ul><li>Customers </li></ul><ul><li>Presence </li></ul><ul><li>Supply Chain </li></ul><ul><li>Value Capture </li></ul>http://mariacharrizamordeno.blogspot.com/
  7. 7. The 12 Dimensions of Business Innovation http://mariacharrizamordeno.blogspot.com/ Offerings Develop innovative new products or services. Platform Use common components or building blocks to create derivative offerings. Solutions Create integrated and customized offerings that solve end-to-end customer problems. Customers Discover unmet customer needs or identify underserved customer segments. Customer Experience Redesign 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. Presence Create 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.
  8. 8. Sony Music demonstrated the Presence dimension. <ul><li>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. </li></ul>http://mariacharrizamordeno.blogspot.com/
  9. 9. 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? <ul><li>Offerings </li></ul><ul><li>Customers </li></ul><ul><li>Presence </li></ul><ul><li>Supply Chain </li></ul><ul><li>Value Capture </li></ul>http://mariacharrizamordeno.blogspot.com/
  10. 10. 3. Which of the following is a key strategy for managing change in an organization? <ul><li>Use the buddy system. </li></ul><ul><li>Start with big initiatives first to have a major effect. </li></ul><ul><li>Managers should formulate strategies and hand them down to the frontliners. </li></ul><ul><li>Gather ideas from employees who are stationed in the headquarters. </li></ul><ul><li>Use a general metric system for the company. </li></ul>http://mariacharrizamordeno.blogspot.com/
  11. 11. 5 Key Strategies by Jump Associates <ul><li>Avoid the innovation title. </li></ul><ul><li>Use the buddy system. </li></ul><ul><li>Set the metrics in advance. </li></ul><ul><li>Aim for quick hits first. </li></ul><ul><li>Get data to back up your gut. </li></ul>http://mariacharrizamordeno.blogspot.com/
  12. 12. Find a like-minded collaborator within the organization. <ul><li>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. </li></ul>http://mariacharrizamordeno.blogspot.com/
  13. 13. 3. Which of the following is a key strategy for managing change in an organization? <ul><li>Use the buddy system. </li></ul><ul><li>Start with big initiatives first to have a major effect. </li></ul><ul><li>Managers should formulate strategies and hand them down to the frontliners. </li></ul><ul><li>Gather ideas from employees who are stationed in the headquarters. </li></ul><ul><li>Use a general metric system for the company. </li></ul>http://mariacharrizamordeno.blogspot.com/
  14. 14. 4. This planning process consists of the SWOT analysis, goal formulation, strategy formulation, program formulation, implementation, feedback and control. <ul><li>Corporate planning </li></ul><ul><li>Business planning </li></ul><ul><li>Division planning </li></ul><ul><li>Product planning </li></ul><ul><li>Market planning </li></ul>http://mariacharrizamordeno.blogspot.com/
  15. 15. The business unit strategic planning process http://mariacharrizamordeno.blogspot.com/
  16. 16. Business units define their specific missions with the broader company mission. <ul><li>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. </li></ul>http://mariacharrizamordeno.blogspot.com/
  17. 17. 4. This planning process consists of the SWOT analysis, goal formulation, strategy formulation, program formulation, implementation, feedback and control. <ul><li>Corporate planning </li></ul><ul><li>Business planning </li></ul><ul><li>Division planning </li></ul><ul><li>Product planning </li></ul><ul><li>Market planning </li></ul>http://mariacharrizamordeno.blogspot.com/
  18. 18. 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. <ul><li>Executive summary </li></ul><ul><li>Situation analysis </li></ul><ul><li>Marketing strategy </li></ul><ul><li>Financial projections </li></ul><ul><li>Implementation controls </li></ul>http://mariacharrizamordeno.blogspot.com/
  19. 19. Contents of a marketing plan <ul><li>Executive summary – brief summary of main goals and recommendations </li></ul><ul><li>Situation analysis – presents relevant background data of forces in the macroenvironment </li></ul><ul><li>Marketing strategy – defines the mission, marketing and financial objectives </li></ul><ul><li>Financial projections – include a sales and expense forecast, and break-even analysis </li></ul><ul><li>Implementation controls – outlines the controls for monitoring and adjusting implementation of the plan </li></ul>http://mariacharrizamordeno.blogspot.com/
  20. 20. Marketing strategy has the “game plan” <ul><li>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. </li></ul>http://mariacharrizamordeno.blogspot.com/
  21. 21. 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. <ul><li>Executive summary </li></ul><ul><li>Situation analysis </li></ul><ul><li>Marketing strategy </li></ul><ul><li>Financial projections </li></ul><ul><li>Implementation controls </li></ul>http://mariacharrizamordeno.blogspot.com/
  22. 22. 6. Which of the following is not a question in evaluating a marketing plan? <ul><li>Is the plan simple? </li></ul><ul><li>Is the plan specific? </li></ul><ul><li>Is the plan realistic? </li></ul><ul><li>Is the plan complete? </li></ul><ul><li>All questions are used in evaluating a marketing plan. </li></ul>http://mariacharrizamordeno.blogspot.com/
  23. 23. Questions to ask in evaluating a marketing plan: <ul><li>Is the plan simple? – must be easy to understand and act on; clear & practical </li></ul><ul><li>Is the plan specific? – objectives must be concrete & measurable </li></ul><ul><li>Is the plan realistic? – goals, budgets, dates are realistic </li></ul><ul><li>Is the plan complete? – includes all necessary elements </li></ul>http://mariacharrizamordeno.blogspot.com/
  24. 24. <ul><li>Creating marketing plans is a very tedious job; apart from it being a very lengthy document, it should contain a very comprehensive analysis of factors and a sufficient competitive analysis. It should contain all data gathered and learned about the marketplace & also indicates how the firm plans to reach its objectives. </li></ul>http://mariacharrizamordeno.blogspot.com/
  25. 25. 6. Which of the following is not a question in evaluating a marketing plan? <ul><li>Is the plan simple? </li></ul><ul><li>Is the plan specific? </li></ul><ul><li>Is the plan realistic? </li></ul><ul><li>Is the plan complete? </li></ul><ul><li>All questions are used in evaluating a marketing plan. </li></ul>http://mariacharrizamordeno.blogspot.com/
  26. 26. 7. Sanrio’s Hello Kitty collaborated with Crocs and Vans to sell some products with the famous kitty logo and/or picture. This demonstrates which type of alliance? http://mariacharrizamordeno.blogspot.com/ <ul><li>Product or service alliances </li></ul><ul><li>Promotional alliances </li></ul><ul><li>Logistics alliances </li></ul><ul><li>Pricing alliances </li></ul><ul><li>Marketing alliances </li></ul>
  27. 27. Strategic alliances <ul><li>Product or service – one company licenses another to produce its product, or two companies jointly market their complementary products or a new product. </li></ul><ul><li>Promotional – one company agrees to carry a promotion for another company’s product or service </li></ul><ul><li>Logistics – one company offers logistical services for another company’s product </li></ul><ul><li>Pricing – one or more companies join in a special pricing collaboration. </li></ul>http://mariacharrizamordeno.blogspot.com/
  28. 28. Some examples <ul><li>Co-branded credit cards such as the Rustan’s Citi Visa (issued by Citibank) </li></ul><ul><li>McDonald’s offering Happy Meals with Disney toys (book example) </li></ul><ul><li>Havi Logistics stores and delivers McDonald’s goods in the Philippines </li></ul><ul><li>Airline companies partner with hotels for travel accommodations and/or tour packages </li></ul>http://mariacharrizamordeno.blogspot.com/
  29. 29. 7. Sanrio’s Hello Kitty collaborated with Crocs and Vans to sell some products with the famous kitty logo and/or picture. This demonstrates which type of alliance? http://mariacharrizamordeno.blogspot.com/ <ul><li>Product or service alliances </li></ul><ul><li>Promotional alliances </li></ul><ul><li>Logistics alliances </li></ul><ul><li>Pricing alliances </li></ul><ul><li>Marketing alliances </li></ul>
  30. 30. 8. Which of these is the 3 phases of value creation and delivery sequence? http://mariacharrizamordeno.blogspot.com/ <ul><li>Planning, implementing, modifying </li></ul><ul><li>Choosing, providing, communicating </li></ul><ul><li>Planning, delivering, controlling </li></ul><ul><li>Exploring, creating, delivering </li></ul><ul><li>Establishing, assigning, assessing </li></ul>
  31. 31. 3 phases of value creation http://mariacharrizamordeno.blogspot.com/
  32. 32. <ul><li>Choosing the value represents the marketing research necessary before the product exists. </li></ul><ul><li>Providing the value means that marketing will now define aspects of the product suited to its target market/s. </li></ul><ul><li>Communicating the value is the execution part where marketing utilizes available/preferred media to introduce product to the market. </li></ul>http://mariacharrizamordeno.blogspot.com/
  33. 33. 8. Which of these is the 3 phases of value creation and delivery sequence? http://mariacharrizamordeno.blogspot.com/ <ul><li>Planning, implementing, modifying </li></ul><ul><li>Choosing, providing, communicating </li></ul><ul><li>Planning, delivering, controlling </li></ul><ul><li>Exploring, creating, delivering </li></ul><ul><li>Establishing, assigning, assessing </li></ul>
  34. 34. 9. Mission statements stress the company’s _______ and ______. <ul><li>Policies and values </li></ul><ul><li>Philosophy and values </li></ul><ul><li>Goals and objectives </li></ul><ul><li>Plans and products </li></ul><ul><li>Strategies and tactics </li></ul>http://mariacharrizamordeno.blogspot.com/
  35. 35. Good mission statements have 5 major characteristics: http://mariacharrizamordeno.blogspot.com/ Focus on a limited number of goals. Stress the company's major policies and values. Define the major competitive spheres within which the company will operate. Take a long-term view. Short, memorable and meaningful.
  36. 36. Example: mission statement <ul><li>“ At Convergys, we're a global leader in relationship management. We deliver a broad range of customer solutions, backed by technology, business analytics and consulting services that help create valuable relationships between our clients and their customers .” </li></ul>http://mariacharrizamordeno.blogspot.com/ Major policies values
  37. 37. 9. Mission statements stress the company’s _______ and ______. <ul><li>Policies and values </li></ul><ul><li>Philosophy and values </li></ul><ul><li>Goals and objectives </li></ul><ul><li>Plans and products </li></ul><ul><li>Strategies and tactics </li></ul>http://mariacharrizamordeno.blogspot.com/
  38. 38. 10. Which of the following is not a primary activity in the value chain? <ul><li>Inbound logistics </li></ul><ul><li>Operations </li></ul><ul><li>Marketing </li></ul><ul><li>Servicing </li></ul><ul><li>Procurement </li></ul>http://mariacharrizamordeno.blogspot.com/
  39. 39. Value chain activities http://mariacharrizamordeno.blogspot.com/ Primary Support Inbound logistics Procurement Operations Technology development Outbound logistics Human resource management Marketing Firm infrastructure Servicing  
  40. 40. Procurement is a support activity <ul><li>The support activities are handled in specialized departments, whereas the primary activities are the tasks needed to create value to a product/firm. Primary activities also directly addresses the product itself, while the support activities address the management of resources in specific departments. </li></ul>http://mariacharrizamordeno.blogspot.com/
  41. 41. 10. Which of the following is not a primary activity in the value chain? <ul><li>Inbound logistics </li></ul><ul><li>Operations </li></ul><ul><li>Marketing </li></ul><ul><li>Servicing </li></ul><ul><li>Procurement </li></ul>http://mariacharrizamordeno.blogspot.com/
  42. 42. TOP 10 Learning Questions for Chapter 2 Developing Marketing Strategies and Plans Maria Charriza M. Mordeno December 17, 2010 http://mariacharrizamordeno.blogspot.com/

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