Stratgetic Planning
Managerial prices of creating and maintaining a fit between organization's obj and resources and evolving market opportunities
- long run profitability and growth
Planning
Process of anticipating future events and determining strategies to achieve objectives in future
Marketing planning
Designing activit�s relating to marketing obj and changing marketing environment
Marketing Plan
Written document that is guidebook for marketing activities for the marketing manager
Mission Statement
Answers the question what business are we in
- statement of the firm's business based on analysis of benefits ought by present and potential customers and analysis of existing and anticipated environmental conditions
Marketing Myopia
Defining a business in terms of goods or services instead of benefits customers seek
- defining too narrowly
SBU
subgroup of a single business or collection of related businesses within the larger organization
- has distinct mission and target market, controls its resources, competitors, and plans independent of other SBUs in an organization
SWOT
Identifying internal strengths and weaknesses and external threats and opportunities
Environmental Scanning
collection and interpretation of information about forces, events, and relationships in external environment that affect the future of an organization or implementation of the marketing plan
Marketing Objective
- must be realistic, measurable, time specific, compared to benchmark
- statement of what is to be accomplished through marketing activities
realistic, measurable, time specific, compared to benchmark
4 things a marketing objective must be
Competitive Advantage
Features that make your product perceived by the target market as better and superior compared to competition
Cost Competitive Advantage
Being low-cost competitor in an industry while maiming satisfactory profit margins
Cost Competitive Advantage
The following all go with ___: Experience curves, efficient labor, no frills, government subs, product design, reengineering, product innovations, new methods of service and delivery
P/S differentiation competitve advantage
Provision that something is unique and valuable to buyers beyond simply offering lower price than competition
Niche Competitive Advantage
Advantages achieved when firm seeks to target small segment of market (usually geographically)
Sustainable Competitive Advantage
Advantage that can't be copied by competition
Market Penetration
Marketing strategy that tries to increase market share among existing customers
Market Development
Marketing strategy that entails attracting new customers to existing products
Diversification
Strategy of increasing sales by introducing new products into new markets
Portfolio Matrix
tool for allocating resources among SBUs on basis of relative market share and market growth rate
Star
Business that is high growth rate and high market share, re-invest earning in product improvement, distribution, promotions
Cash Cow
SBU in high market share in a low growth rate, generates more cash than it needs to maintain share
- need to maintain market dominance by being a price leader and improving the product
Problem Child/?
SBU that is high growth rate in a low market share
- needs a great deal of cash or else it will become a dog
- needs to heavily invest to gain better market share
Dogs
SBU in a low market share and low growth market, typically leave the market place
Marketing Strategy
Activities of selecting and describing one or more target markets and developing and maintaining a marketing mix that will product satisfying exchanges with target markets
MOA
Description/estimateion of size and sals potential of market segments that are of interest to the firm and assessment of competitors in market segment
Marketing Mix
Unique blend of product, place, promotion, and pricing strategies design to produce satisfying exchanges with a target market
Four Ps
Product, place, promotion, and price which together make up the marketing mix
Implementation
Process that turns a marketing plan into action assignments and ensures that assignments are executed in a way that accomplishes plan's objectives
Evaluation
Gauging extent to which marketing objectives have been achieved during specified time period
Control
Mechanisms for evaluating marketing results in light of objectives and for correcting actions that don't help organization
Marketing Audit
Systematic, perioidc evaluation of objective strategies, strutter, and performance of marketing organization
Mission Statement
Defines what business we are in
- focuses on market instead of goods and services being delivered
1. Realistic
2. Measurable
3. Time specific
4. Compared to benchmark
5. Consistent with priorities
Marketing objectives should be:
Competitive Advantages
Patents, copyrights, locations, equpiment, technology, customer service are all examples of:
Build, hold, harvest, divest
4 options to do with portfolio matrix
Build
If a product is to believed to be a star (problem child now) this is approtite
Hold
If SBU is a good cash cow, preserve market share and take advantage of extra cash flow
Harvest
Approtie for all SBU's except stars, goal to increase short term cash return w.o concern for long run impact
Divest
Getting rid of SBU with low shares and growth