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What is the definition of a mission? - - - correct answer ✅Unique purpose that distinguishes the organization from other companies and defines the boundaries of its operations What does a mission do? - - - correct answer ✅Proclamation of organizations primary objective that encapsulates its core values What should a mission do? - - - correct answer ✅Characterize the organization's principles and priorities and define the broad product, market, and technologies that are core to the business. A Mission should define the boundaries of business' ambitions: - - - correct answer ✅Product Scope Market Scope Geographical Scope T/F A mission may also encompass the organizations strategic intent or vision? - - - correct answer ✅TRUE
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Can a mission act as a guide and lead to the development of hierarchy of objectives? - - - correct answer ✅Yes What should a mission accurately describe? - - - correct answer ✅The: Business, The: Market it serves The: organizations capabilities What can influence an organizations mission? - - - correct answer ✅1. Corporate governance: who SHOULD we serve /accountability
- Stakeholders - who DO we serve/ balance of power
- Business Ethics - social responsibility / expectations
- Cultural Context - Aspects of mission are priority / influence of cultural environment What is a broad mission statement? - - - correct answer ✅- Fairly Common, generally refers to all stakeholders in the business
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- Specific capabilities
- Aspirational *Also need to define the scope: Product, market, geographical What are SMART goals? *Can be both short & long term - - - correct answer ✅Specific Measurable Aspirational / Achievable Realistic Time Scales / Timely What are characteristics of successful objectives? - - - correct answer ✅Acceptability Flexibility Comprehensibility What is the hierarchy of objectives? - - - correct answer ✅Corporate - over 3 years: organizations overall direction in term of growth / i.e. increase profit by 30%
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Functional - over 3 years: Marketing, finance, HR, ops - Departments direction in terms of growth / i.e. 25% increase in marketing share Operational - 1-3 years: marketing mix (product, service, promotion) Marketing strategy becomes the objective Sometimes SBU - level also if org has a divisional structure What is the balanced scorecard? - - - correct answer ✅Requires managers to look at business from 4 key perspectives:
- Customer - satisfaction via surveys
- Internal - marketing, manufacturing, logistics, quality
- Innovation / learning - time to market, continuous improvement
- Financial - ROI, cash flow, yearly performance What are some key areas w/in which organizations should develop objectives (Drucker) - - - correct answer ✅- Market standing
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Profit forecast reliability Sales backlog What are customer strategic objectives - - - correct answer ✅Value for money Competitive price Customer satisfaction What are customer strategic measures? - - - correct answer ✅Customer ranking survey Pricing index customer satisfaction index Mystery shopping rating What are internal strategic objectives? - - - correct answer ✅1. Marketing: product & service deployment, shape customer requirement
- Manufacturing: lower manufacturing cost, improve project management
- Logistics: reduce delivery costs, inventory management
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- Quality What are internal strategic measures? - - - correct answer ✅Pioneer % of product portfolio & hours w/ customer on new work Total expenses per unit vs. competition & safety incident index Delivered cost per unit, inventory level compared to plan and output rate, rework What are innovation and learning strategic objectives? - - - correct answer ✅Innovate products & services Time to market Empowered workforce Access to strategic information Continuous improvement What are innovation and learning strategic measures? - - - correct answer ✅% revenue from pioneer products
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What is differentiation strategy? - - - correct answer ✅Product offered is distinct & differentiated from the competition What are common sources of differentiation? - - - correct answer ✅Product performance Product perception Product augmentation What is a focus strategy? - - - correct answer ✅When organization concentrates on narrow range of business activities What are basic factors considered in focus strategy? - - - correct answer ✅Geographic area End-user focus Product / product line specialist How many characteristics are involved with sustainable competitive advantage? - - -
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correct answer ✅Relevant: must be appropriate to current & future market needs - must be relevant to organization: achievable w/ feasible resources Defensible: must be barriers to replication: Asset & Skill based What are fight sources of competitive advantage? - - - correct answer ✅1. Actual product performance: robust, economic, easy to use
- Perception of product: brand image, product positioning
- Low-cost operations: location, buying power
- Legal advantage: patents, contracts, and copyrights
- Alliances & relationships: networking, procurement
- Superior skills: database management, design skills
- Flexibility: developing customized solutions
- Attitude: aggressive, selling, tough negotiation What are the different market positions? - - - correct answer ✅Leader: Expanding the market, offensive & defensive strategy
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What are different defensive strategies? - - - correct answer ✅1. Position defense
- Flank
- Pre-emptive
- Counter
- Mobile
- Contraction How many reasons are there for strategic wear out? - - - correct answer ✅ 6 What are the reasons for strategic wear out? - - - correct answer ✅1. Changes in customer requirements
- Changes in distribution systems
- Innovation by competitors
- Poor control of company costs
- Lack of consistent investment
- Ill-advised changes in successful strategy
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What are strategies for declining / hostile markets? - - - correct answer ✅1. Generate growth
- Survival
- Exit What are 3 components of strategy formulation? - - - correct answer ✅1. Competitive advantage
- Industry position
- Product/ market strategies What falls under competitive advantage? - - - correct answer ✅1. Generic strategy
- Identify advantage
- Experience / value What falls under industry position? - - - correct answer ✅1. Market position
- Offensive strategy
- Defensive strategy
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Marketing assets: does the market segment allow a company to take advantage of current strengths Cost advantages: entering a price-sensitive segment would be consistent w/ capabilities of an organization that has a low-cost base Technological strengths: where organization has access to superior technology, is it's use compatible w/ market segment & will it allow the company to gain any advantage Managerial capabilities & commitment: does the company have technical & managerial skills necessary to successfully enter a market segment? The process of evaluating segments requires managers to make creative & qualitative judgments; it is not a completely objective process: - - - correct answer ✅Ability to allow creation of sustainable market position Compatibility w/ the organizations mission, values and culture
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Ability to provide a focal point for action & future development in the organization Ability to facilitate an innovative approach to market entry Ability of current organizational structure to service target market Compatibility w/ current data collection & reporting systems & policies What are associations used to position a brand? - - - correct answer ✅1. Product attributes
- Product benefits
- Usage occasions
- Users
- Activities
- Personality
- Origin
- Competitors
- Product class
- Symbol
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What is unchanged target market & unchanged product attributes?
correct answer ✅Image repositioning What is CHANGE target market & unchanged product attributes? - -
correct answer ✅Market repositioning What is UNCHANGED target market & CHANGED product attributes? - - - correct answer ✅product repositioning What is CHANGED target market & CHANGED product attributions?
correct answer ✅Total repositioning What can a brand's maximum profitability be increased by? - - - correct answer ✅1. Raising prices
- Cutting costs
- Cutting brand's product range
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What are 3 levels of a product? - - - correct answer ✅1. Core: Defines fundamental needs being met
- Actual: specific offering aimed at meeting core need
- Augmented: enhances actual product by offering additional services 3 categories (strategies) of product development - - - correct answer ✅1. Product improvement & modification: maintaining a competitive position in existing market, adapting product to appeal to other segments
- Product imitation
- Product innovation: replacing existing products w/ new approaches & items which enhance customer satisfaction. & providing diversification in order to target opportunities in new markets What are 5 reasons why products fail? - - - correct answer ✅1. Under investment
