Term
| What are the levels of Strategic Planning? |
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Definition
Mission Statement
Corporate Strategy
Business-unit Strategy
Marketing Strategy
Marketing Mix Elements |
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Term
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Definition
a long-term view, or vision, of what the organization wants to become
answers two questions:
1. who are our customers?
2. what is our core compentency?
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Term
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Definition
| Narrowly defining your mission |
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Term
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Definition
| narrowing down to focused strategy with quantitative and qualitative screening criteria |
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Term
| What does the corporate strategy use to narrow down to a focused strategy? |
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Definition
S.W.O.T
- Strengths
- Weaknesses
- Opportunities
- Threats |
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Term
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Definition
| - a strategy that determines the means for utilizing resources in the various functional areas to reach the organization's goals |
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Term
| Steps for Corporate Strategy |
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Definition
-perform a situation analysis
- conduct SWOT analysis
-decide on generic strategy to be used to gain competitive advantage
- identify strategic business units(SBUs) |
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Term
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Definition
| are the most important or most visible |
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Term
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Definition
| - things a firm does extremely well, which sometimes give it an advantage over its competition |
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Term
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Definition
| the result of a company's matching a core competency(superior skills or resources) to opportunities in the market place |
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Term
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Definition
conditions or barriers to reaching objectives
ex. bad economy |
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Term
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Definition
| limitations on competitive capability |
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Term
| What are the generic strategies to gain Competitive Advantage? |
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Definition
- price leadership(under price the competition)
*very low cost per unit
- differentation(provide a unique product offering)
* different/unique advantage
- niche(target the needs of a specific type of customer)
* tailored solution |
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Term
| What is the BCG Matrix based on? |
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Definition
- the market growth rate
- relative market share |
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Term
| Strategic BUsiness Unit (SBU) |
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Definition
| a division, product line, or other profit center within a parent company |
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Term
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Definition
| the percentage of a market that actually buys a specific product from a particular company |
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Term
| Functional Marketing Plan |
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Definition
- describe the marketing environment
- outline marketing strategies
- identify plans for implementation and evaluation
* the functional part is in charge of making marketing plans |
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Term
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Definition
sell more of your product to more markets
- orange juice |
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Term
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Definition
- give existing products a new market
- Domino's in Japan |
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Term
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Definition
| company takes a new product & tries to sell to a new market |
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Term
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Definition
- defining/understanding the target market by:
* focusing on specific profitable customer groups/market segments
* recognizing changes occurring in the environment |
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Term
| Creating the Marketing Mix |
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Definition
- analyze customer needs, preferences, and behavior
- have the skills and resources required for product design, pricing, distribution, and promotion
- maintain strategic consistency and flexibility in marketing mix decisions |
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Term
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Definition
| A Target Market & the Marketing Mix |
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Term
| Creating a Competitive Advantage Requires? |
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Definition
identification of a distinctive competency; the ability of a firm to outperform the competition by providing customers with a benefit the competition cannot provide
*helps you differentiate between other companies |
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