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Definition
| An ongoing process of making decisions that guides the firm both in the short term and for the long term |
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| a plan that includes the decisions that guide the entire organization |
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| rules of conduct for an organization |
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| Written standards of behavior which everyone in the organization must subscribe |
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| A managerial decision process that matches an organization's resources and capabilities to its market opportunities for long term growth and survival |
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| strategic business units (SBU) |
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| individual units within the firm that operate like separate businesses, with each having its own mission, business objectives, resources, managers and competitors |
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| A decision process that concentrates on developing detailed plans for strategies and tactics for the short-term, supporting an organization's long-term strategic plan |
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| A decision process that focuses on developing detailed plans for day-to-day activities that carry out an organziations functional plans |
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| A formal statement i an organizations strategic plan that describes the overall purpose of the organization and what it intends to achieve in terms of its customers, products and resources |
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| An assessment of a firms internal and external environments |
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| The controllable elements inside an organization, including its people, its facilities, and how it does things that influence the operations of the organization |
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| The uncontrollable element outside an organization that may affect its performance either positively or negatively |
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| An analysis of an organizations strengths and weaknesses and the opportunities and threats in the external enviro. |
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| the group of different products or brand owned by an organization and characterized by different income generating and growth capabilities |
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| a mgmt tool for evaluating a firm's business mix and assessing the potential of an organizations strategic business units |
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| BCG growth-market share matrix |
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Definition
| A portfolio analysis model developed by the boston consulting group that asses the potential of successful products to generate cash that a firm can then use to invest in new products |
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| SBUs with products that have a dominant market share in high-growth markets |
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| SBUs with a dominant market share in a low-growth market |
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| SBUs with low market share in fast-growth markets |
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SBUs with a small share of a slow-growth market.
they are businesses that offer specialized products in limited markets that are not likely to grow quickly |
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| market penetration strategy |
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Definition
| growth strategies designed to increase sales of existing products to current customers, nonusers, and users of competitive brands in served markets |
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| market development strategy |
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| Growth strategies that introduce existing products to new markets |
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| product development strategy |
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| Growth strategies that focus on selling new products in existing markets |
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| diversification strategies |
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| Growth strategies that emphasize both new products and new markets |
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| A process that entails measuring actual performance, comparing this performance to the established marketing objectives, and then making adjustments to the strategies or objectives on the basis of this analysis |
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| return on marketing investment (ROMI) |
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Definition
| Quantifying just how an investment in marketing has an impact on the firms success financially and otherwise |
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| individual support plans included in a marketing plan that provide the guidance for implementation and control of the various marketing strategies within the plan |
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| plans that focus on the day-today execution of the marketing plan |
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| A document that describes the marketing environment, outlines the marketing objectives and strategy, and identifies who will be responsible for carrying out each part of the marketing strategy |
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