Term
Define Strategic Planning. |
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Definition
The managerial process of creating and maintaining a fit between the organization’s objectives and resources and the evolving market opportunities.
Strategic planning requires long-term commitments of resources.
Management Commitment. |
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Term
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Definition
The process of anticipating future events and determining strategies to achieve organizational objectives in the future. |
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Term
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Definition
A written document that acts as a guidebook of marketing activities for the marketing manager. |
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Term
Why write a Marketing Plan? |
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Definition
Provides a basis for comparison of actual and expected performance.
Provides clearly stated activies to work toward common goals.
Serves as a reference for the success of future activities.
Provides an examination of the marketing environment.
Allows entry into the marketplace with awareness. |
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Term
What are the elements of a marketing plan? |
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Definition
Business Mission Statement
Objectives
Situation or SWOT analysis
Targeted Marketing Strategy
Implementation Evaluation Control |
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Term
Utilization of integrated marketing communications plan (social media) is a part of ___________? |
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Definition
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Term
What is a business mission statement? |
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Definition
Brand Essence is also called the brand's mission statement. A phrase for statement for internal use, to guide brand practices.
It should be 25 words or less, easy to read and easy to remember. |
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Term
What are the characteristics of a Strategic Business Unit?
(SBU) |
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Definition
A distinct mission and specific target market
Control over their resources
Their own competitors
Plans independent of other SBUs
Popular technique used by large organizations as a management tool. |
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Term
Define Marketing Objective. |
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Definition
A statement of what is to be accomplished through marketing activities. |
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Term
Marketing objectives must be ______. |
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Definition
Realistic
Measurable
Time specific
Consistent with and indicate the organization's priorities. |
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Term
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Definition
Internal Strengths (S)
Internal Weakness (S)
External Opportunities (O)
External Threats (T) |
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Term
Define Environmental Scanning. |
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Definition
The collection and interpretation
of information about forces, events, and relationships
in the external environment that may affect
the future of the organization or the implementation
of the marketing plan. |
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Term
Define Competitive Advantage. |
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Definition
A set of unique features of a
company and its products that are perceived
by the target market as significant and superior to the competition.
A Unique aspect of a firm’s offering, or the firm itself (image/brand), that causes target customers to patronize the firm rather than the competition. |
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Term
Types of Competitive Advantage |
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Definition
Cost (hard to beat)
Product/Service Differentiation
Niche Strategies |
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Term
| Ways to obtain the cost competitive advantage: |
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Definition
Obtain inexpensive raw materials
Create efficient operations
Design products for ease of manufacture
Control overhead costs
Avoid marginal customers |
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Term
What are sources of cost reduction? |
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Definition
Experience curves
Production design
Efficient labor
Reengineering
No-frills products
Production Innovations
Government Subsidies
New Service Delivery Methods
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Term
| Define Product/Service Differentiation Competitive Advantage. |
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Definition
The provision of something that is unique and valuable to buyers beyond simply
offering a lower price than
the competition’s. |
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Term
Examples of Product/Service Differentiation: |
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Definition
Brand Names
Strong dealer network
Product reliability
Image
Service |
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Term
Define Niche Competitive Advantage. |
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Definition
The advantage achieved when a
firm seeks to target and effectively
serve a small segment of the market.
May not last long.
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Term
| Define Sustainable Competitive Advantage. |
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Definition
An advantage that cannot be copied by the competition. |
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Term
What are the sources of sustainable competitive advantage? |
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Definition
Patents
Copyrights
Locations
Equipment
Technology
Customer Service
Promotion |
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Term
Identify Strategic Alternatives. |
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Definition
Market Penetration: Increase marketshare among existing customers
Market Development: Attract new customers to existing products
Product Development: Create new products for present markets
Diversification: Introduce new products into new markets |
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Term
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Definition
| Created by the Boston Consulting Group, the Portfolio Matrix is a tool for allocating resources among products or strategic business units on the basis of relative market share and market growth rate. |
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Term
| What are the four categories used in the Portfolio Matrix? |
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Definition
Star: Market leader
Cash Cows: generates more cash than it needs
Problem Children or Question Mark: rapid growth but poor profit margin
Dog: low growth potential and small market share |
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Term
| Define Marketing Strategy. |
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Definition
| The activities of selecting and describing one or more target markets and developing and maintaining a marketing mix that will produce mutually satisfying exchanges with target markets. |
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Term
| What are the four Portfolio Matrix Strategies? |
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Definition
Build
Hold
Harvest
Divest |
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Term
| Define Market Opportunity Analysis (MOA). |
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Definition
The description and
estimation of the size and sales potential of market segments that are of interest to the
firm and the assessment of key competitors in these market segments. |
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Term
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Definition
Also referred to as the four P's:
Product
Place
Pricing
Promotion
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Term
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Definition
Co-creation
Community
Customization
Choice |
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Term
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Definition
| The process that turns a marketing plan into action assignments and ensures that these assignments are executed in a way that accomplishes the plan's objectives. |
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Term
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Definition
Gauging the extent to which marketing objectives have been achieved during the specified time period. Four common reasons for failing to achieve a marketing objective are unrealistic marketing objectives, inappropriate marketing strategies in the plan, poor
implementation, and changes in the environment after the objective was specified and the strategy was implemented. |
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Term
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Definition
| Provides the mechanisms for evaluating marketing results in light of the plan’s objectives and for correcting actions that do not help the organization reach those objectives within budget guidelines. |
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Term
| What is a marketing audit? |
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Definition
| A thorough, systematic, periodic evaluation of the objectives, strategies, structure, and performance of the marketing organization. |
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Term
| What are the four characteristics of a marketing audit? |
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Definition
Comprehensive
Systematic
Independent
Periodic
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