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Marketing Homework

In: Business and Management

Submitted By nghianguyen
Words 990
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Discussing the Concepts: 1. Strategic planning refers to the process of matching the organisation’s goals and abilities with its changing marketing opportunities.
The four steps include: * Identify the mission: drafting formal mission statement which should be realistic, specific, motivating, market oriented and consistent with the market environment. * Setting objectives and goals: breaking down the mission into smaller supporting objectives and goals. * Design a business portfolio: Based on those objectives and goals, the headquarters then design a business portfolio with regard to the allocation of resources among business or products. * Developing functional plans: Each of the individual unit must develop detailed marketing plans in line with the general plan of the company.
Marketing plays an important role in the strategic planning by providing concepts and inputs regarding attractive market opportunities. It also designs strategies for individual unit to reach its objectives and goals in a profitable way. 2. Boston Consulting Group’s approach: companies divide its strategic business units (SBUs) into 4 types. * Star: Highly grow and high market share. They need heavy investment to finance its rapid growth and will turn into cash cow after times. * Cash cow: Low growth but high share business or products. They require less investment to produce cash for companies’ bill and support other SBUs * Question mark: Low share in high growth market. They need lots of investment to hold share and increase. * Dog: Low growth and low share. They generate enough to maintain only, not a promising business or product.
Management may find it difficult to dispose of a question mark because they are doubtful and managers need to face decision making/trade-off about which question mark should be turned into star. 3. The

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