Term
| Name the steps to the strategic marketing planning process (5) |
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Definition
1. Define the business mission; what kind of business are we, what do we need to do to accomplish our goals and objectives
2. Conduct a situation analysis using SWOT
3. Identify and evaluate opportunities using segmentation, targeting, and positioning
- also, develop marketing mix
4. Implement the marketing mix: allocating resources
5. Evaluate performance and make adjustments |
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Term
| What does SWOT stand for? |
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Definition
Strengths
Weaknesses
Opportunities
Threats |
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Term
| Steps to developing a marketing mix (4) |
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Definition
Product value and creation
Price and value for money
Place and value delivery
Promotion and value communication |
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Term
| Name some growth strategies (4) |
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Definition
Market penetration: A growth strategy that employs the existing marketing mix and focuses the firm's efforts on existing customers
Market development: A growth strategy that employs the existing marketing offering to reach new marketing segments, whether domestic or international
Product development: A growth strategy that offers a new product or service to a firm's current target market
Diversification: a growth strategy whereby a firm introduces a new product or service to a market segment that it does not currently serve |
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Term
| Name some Macro strategies (3) |
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Definition
Customer Excellence
-Retaining loyal customers
- Customer service
Operational Excellence
Product Excellence |
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