Page 82 - Foundations of Marketing

Planning, Implementing, and Evaluating Marketing Strategies | Chapter 2 49

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Key Concepts

strategic marketing market growth/market share late-mover advantage 35 decentralized
management 28 matrix 31 marketing objective 36 organization 40
strategic planning 28 core competencies 33 marketing strategy 37 strategic performance
mission statement 29 market opportunity 33 sustainable competitive evaluation 42
corporate strategy 30 strategic windows 33 advantage 39 performance standard 42
strategic business unit competitive marketing sales analysis 42
(SBU) 31 advantage 33 implementation 39 marketing cost
market 31 SWOT analysis 34 centralized analysis 44
market share 31 first-mover advantage 35 organization 40 marketing plan 45

Issues for Discussion and Review

1. Identify the major components of strategic planning, and 7. What are the two major parts of a marketing strategy?
explain how they are interrelated. 8. When considering the strategic planning process, what
2. Explain how an organization can create a competi- factors influence the development of a marketing strategy?
tive advantage at the corporate strategy level and at the 9. Identify and explain the major managerial actions that
business-unit strategy level. are a part of managing the implementation of marketing
3. What are some issues to consider in analyzing a strategies.
company’s resources and opportunities? How do 10. Which element of the strategic planning process plays
these issues affect marketing objectives and marketing a major role in the establishment of performance
strategy? standards? Explain.
4. What is SWOT analysis and why is it important? 11. When assessing actual performance of a marketing
5. How can an organization make its competitive advan- strategy, should a marketer perform marketing cost
tages sustainable over time? How difficult is it to create analysis? Why or why not?
sustainable competitive advantages? 12. Identify and explain the major components of a
6. How should organizations set marketing objectives? marketing plan.

Marketing Applications

1. You probably are quite familiar with Apple and its 2. Contact three local companies that appear to be suc-
highly popular products. You may even own an cessful (maybe they are expanding to new locations or
iPad, iPhone, or iPod. Create a SWOT analysis for post financial data online that looks promising). Visit the
Apple. If you need additional information, feel free company’s website or contact a company manager to find
to visit the company’s investor relations webpage at: the company’s mission statement and/or organizational
http://investor.apple.com/ . Here you will find goals. Obtain as much information as possible about the
annual reports, financial performance information, and mission statement and organizational goals. Discuss how
other data that might help you with your SWOT analy- the statement matches the criteria outlined in the text.
sis. When you are finished, find a partner and share 3. Assume you own a new, family-style restaurant that will
your work. Do your SWOT analyses look similar, or open for business in the coming year. Formulate a long-
are they very different? What did you not think about term goal for the restaurant, and then develop short-term
that your partner did? goals to help you achieve the long-term goal.

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