978-1305405769 Chapter 2 Part 2

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Chapter 2: Planning, Implementing, and Controlling Marketing Strategies

statements. Mission statements are important because they act as a compass to lead the company in

the right direction. Using the section in the book about mission statements, have students analyze

their strengths and weaknesses.

ASK: Can you think of any companies that are unique or different? Do you think their uniqueness is

reflected in their mission statements?

Discussion Starter 4: Internal Marketing

Marketing is not just for external customers. Internal marketing refers to the coordination of internal

exchanges between the organization and its employees to better achieve successful external exchanges

between the organization and its customers. The following questions should help students think about

how the organizations they work for try to create internal loyalty to the company or brand.

ASK: How many of you work for firms that have internal marketing efforts?

ASK: Why is internal marketing so important?

ASK: Do you think these efforts will be successful? Should other firms use this technique as part of their

internal marketing efforts?

Students should be able to support their answers to this question.

Chapter 2: Planning, Implementing, and Controlling Marketing Strategies

CLASS EXERCISES

Class Exercise 1: Campus Specific University Mission Statements

Note: If computer access is not available during class, you will need to provide students with the

university mission statement.

Step 1: Analyze the mission statement for your university.

Step 2: Identify campus activities consistent with the mission statement.

Step 3: Identify the core competencies of the university.

Step 4: List any marketing activities consistent with the mission statement.

Class Exercise 2: A Personal SWOT Analysis Related to Getting a Great Job After

Graduation

Ask each student at the beginning of class to silently generate a SWOT analysis of their strengths,

weaknesses, opportunities, and threats for getting a great job when they graduate. More specifically,

have them write out at least three strengths, three weaknesses, three opportunities they foresee, and

three threats that may impact their getting a job after college.

Have students refer to Figure 2.4 in the text for matching strengths to opportunities and converting

weaknesses to strengths and threats to opportunities. Most importantly, ask each student to put an

asterisk in the SWOT quadrant they believe is most important and why. This exercise should take

approximately 5 to 10 minutes.

Note: After the students have handed in their work, conduct a quick frequency count on each of

the four quadrants that students marked as most important. Then ask the students to answer the

following question:

According to the SWOT analysis data generated and discussed in class, the quadrant that was

deemed to be the most important by our class was __________ and the quadrant deemed to be

the least important was __________.

opportunities; threats

strengths; threats

strengths; weaknesses

weaknesses; threats

threats; opportunities

Hopefully, students will find that either strengths or opportunities are most important and weaknesses

are least important. Have the students discuss their answers.

Class Exercise 3: Class Mission Statement

A mission statement provides a long-term view, or vision, about what the organization wants to

become. It serves as the orienting point for the organization’s goals and objectives.

Chapter 2: Planning, Implementing, and Controlling Marketing Strategies

In this exercise you will develop a mission statement for the class.

Step 1: Begin by identifying customers’ needs and wants.

Step 2: Identify key elements that must be in the class mission statement.

Step 3: Write a mission statement for the class.

Choose one member of the group to report the group’s activities to the class.

After this exercise the instructor should combine elements from the various mission statements and define

a single mission statement for the class.

Chapter 2: Planning, Implementing, and Controlling Marketing Strategies

SEMESTER PROJECT

The strategic planning process begins with an assessment of the organization’s current state. This task is

generally accomplished through a SWOT analysis. In order to plan a successful career, you too must

understand your strengths and weaknesses. This exercise is designed to help you conduct a personal

SWOT analysis.

Step 1: Internal Assessment

The first step is to begin with a self-assessment. There are many tools available to help you identify your

own strengths and weaknesses. The following website contains questions to assist you in identifying your

wants and capabilities.

https://www.mindtools.com/pages/article/newTMC_05_1.htm

Write a brief statement about the results of your internal assessment. Remember, the key is to be honest

with yourself.

Step 2: External Assessment

Personality testing is used to help you identify careers which make best use of your personality type.

Organizations also use personality testing to identify ideal job candidates, testing applicants to determine

if personality profiles meet the job requirements. Access to personality testing is often available through

campus career resource centers. If your campus does not provide this service, then try online versions

such as http://www.humanmetrics.com/cgi-win/JTypes1.htm. After completing the online test, you will

be given a series of four letters. These letters represent your personality type and can be used to search for

careers fitting your personality.

Another means of identifying your strengths and weaknesses is to ask those around you to discuss these

attributes with you. The second part of this exercise is to seek three people who know you in different

capacities. Ask these three people to discuss with you your key strengths and weaknesses. Key people to

ask include your boss, a professor who knows you well, and a long-time friend. Honest responses will

help you better understand yourself, so ask for direct responses.

Write a brief report on the key insights gained from these exercises.

Chapter 2: Planning, Implementing, and Controlling Marketing Strategies

CHAPTER QUIZ

1. A long-term view, or vision, of what an organization wants to become is called a

a. vision statement.

b. purpose statement.

c. mission statement.

d. marketing plan.

e. strategic vision.

2. A __________ states what is to be accomplished through marketing activities.

a. marketing strategy

b. strategic window

c. performance standard

d. marketing objective

e. corporate strategy

3. The questions “Who are our customers?” and “What is our core competency?” are answered in the

firm’s

a. business plan.

b. strategic window.

c. mission statement.

d. market opportunity statement.

e. marketing plan.

4. Products that have a relatively low market share and low prospects for growth are considered by the

Boston Consulting Group to be __________.

a. dogs

b. cash cows

c. stars

d. cash contributors

e. question marks

Chapter 2: Planning, Implementing, and Controlling Marketing Strategies

ANSWERS TO ISSUES FOR DISCUSSION AND REVIEW

1. Identify the major components of strategic planning, and explain how they are interrelated.

2. Explain how an organization can create a competitive advantage at the corporate strategy level

and at the business-unit strategy level.

A competitive advantage exists when an organization matches its core competency to opportunities it

3. What are some issues to consider in analyzing a company’s resources and opportunities? How

do these issues affect marketing objectives and marketing strategy?

4. What is SWOT analysis and why is it important?

5. How can an organization make its competitive advantages sustainable over time? How difficult

is it to create sustainable competitive advantages?

6. How should organizations set marketing objectives?

7. What are the two major parts of a marketing strategy?

8. When considering the strategic planning process, what factors influence the development of a

marketing strategy?

9. Identify and explain the major managerial actions that are a part of managing the

implementation of marketing strategies.

10. Which element of the strategic planning process plays a major role in the establishment of

performance standards? Explain.

11. When assessing actual performance of a marketing strategy, should a marketer perform

marketing cost analysis? Why or why not?

12. Identify and explain the major components of a marketing plan.

Following are the major components of a marketing plan:

• The first component is the executive summary, which provides an overview of the entire plan

Chapter 2: Planning, Implementing, and Controlling Marketing Strategies

ANSWERS TO DEVELOPING YOUR MARKETING PLAN

The information obtained from the following questions should assist you in developing various aspects of

your marketing plan. Develop your marketing plan online using the Interactive Marketing Plan at

www.cengagebrain.com.

1. Can you identify the core competencies of your company? Do they currently contribute to a

competitive advantage? If not, what changes could your company make to establish a

competitive advantage?

Students’ answers may vary. They should identify the core competencies of the company they

2. Conduct a SWOT analysis of your company to identify its strengths and weaknesses. Continue

your analysis to include the business environment, discovering any opportunities that exist or

threats that may impact your company.

Students’ answers may vary. In order to answer this question, students are required to provide a

3. Using the information from your SWOT analysis, have you identified any opportunities that are

a good match with your company’s core competencies? Likewise, have you discovered any

weaknesses that could be converted to strengths through careful marketing planning?

Students’ answers may vary. They are required to discuss whether they have identified any

Chapter 2: Planning, Implementing, and Controlling Marketing Strategies

COMMENTS ON VIDEO CASE 2: MI OLA RIDES THE MARKETING

WAVE

Summary

This case describes how entrepreneur Helen Fogarty saw a market opportunity to develop swimwear

designed to look good and fit well on the body. She named her organization Mi Ola (“My Wave”) and

targeted its products toward women who are active in water sports and want swimwear that fits well,

wears well after washing, and protects the skin. Fogarty promoted her brand through social media such as

Facebook, Twitter, Instagram, YouTube, and Pinterest. She also sought out actual surfers and asked them

to wear her products as brand ambassadors. On a distribution level, Fogarty sold through traditional

retailers and also sold through e-commerce channels. In order to compete with the fast-changing fashion

world, Fogarty developed a strict schedule for each step of her marketing plan—from design to

distribution and communication—so she could have new products ready at the times that stores usually

review new collections and place orders. Her years of experience have provided Fogarty with valuable

experience in marketing planning, strategy, and implementation. She constantly updates her products with

new fashions and styles and monitors costs, sales results, buying habits, and the competition.

1. How would you describe Mi Ola’s strengths, weaknesses, opportunities, and threats?

Mi Ola has several strengths (competitive advantages or core competencies that give it an advantage

2. Does Mi Ola have a first-mover or late–mover advantage? Explain your answer.

3. Helena Fogarty talks about being ready to adjust her marketing plan every day. Should she

focus more on possible adjustments to strategy, objectives, implementation, or some

combination of these three?

Fogarty will need to focus on adjustments to some combination of strategy, objectives, and

implementation. Only through experience and seeing how actual results measure up to planned