1. What is the difference between strategic and tactical planning?
Strategic planning deals with the process of determining an organization’s primary objectives and adopting courses of action that will achieve these objectives. Tactical planning is defined as planning that guides the implementation of activities specified in the strategic plan. The difference between the two is that tactical planning focuses more on the current and near-future activities that need to be completed. This involves fast decision making, where as strategic planning is a more drawn out process. Strategic is the over all big picture, tactical is the specifics within the plan.
2. What are the basic elements of a marketing strategy?
The basic elements of a marketing strategy are the target market and the marketing mix variables of product, distribution, promotion, and price.
3. What are the four components of the SWOT Analysis? What is a strategic window? Give an example of a strategic window.
The four components of the SWOT analysis are the comparing of the strengths, weaknesses, opportunities, and threats. This gives organizations a critical view of internal and external activities, which can help them and their mission. A strategic window is defined as limited periods when key requirements of a market and a firm’s particular competencies best fit together. An example of this would be thrift stores where people can go when things get tight for them. It is a win-win situation they are able to sell things they no longer need while purchasing things much more reasonably priced for their budget.
4. Explain the four strategic elements of the marketing mix.
The four strategic elements of the marketing mix are one the product strategy. The product strategy combines everything from the good and service for the consumer to customer service, appearance, and legal things such as patents, lifecycle, and new-product development. The second is distribution strategy, which deals with making sure the consumers find their products in the proper quantities at the right times and places. They do this by figuring out means of transportation, storing, ordering, anything that needs to be done to keep the consistency of the product. The third element is promotion strategy, the communication link between buyers and sellers. They want to promote their product and come up with the best strategy to effectively communicate with their target market. Lastly we have the pricing strategy, this deals with the methods of setting profitable and justifiable prices.
5. Explain each of the four quadrants of the market share/market growth matrix.
The first quadrant of the market share/market growth matrix is the stars. This represents the units with high market shares and high-growth markets. They have to keep the flow of money coming in so that they can continue to grow. The second quadrant is the cash cows, the businesses that produce strong cash flows, but instead of investing heavily in the unit’s own promotions and production they can use the cash to finance growth elsewhere. The third quadrant is the question marks, these businesses typically require considerable more cash than they generate. So marketers have to decide whether or not to continue business with these other businesses and their products. The last quadrant is the dogs, they promise poor future prospects and most should withdraw working with them.
1. Discuss the five dimensions of the marketing environment. Give an example of each.
First is the competitive environment which is defined as the interactive process that occurs in the marketplace among marketers of directly competitive products, marketers of products that can be substituted for one another, and marketers competing for the consumer’s purchasing power. AT&T are a great example of direct competition, they offer the same services to consumers. The political-legal environment is described as a component of the marketing…