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29 Cards in this Set
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Anticipating future events and conditions and determining the best way to achieve organizational objectives; A continuous process that includes: identifying objectives and determining the actions through which a firm can attain those objectives; Creates a blueprint for everyone in the organization |
Planning |
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Implementing planning activities devoted to achieving marketing objectives; many planning activities take place over the Internet with virtual conferences |
Marketing Planning |
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The center and most important trend in marketing planning; a firm's effort to develop long-term, cost effective links with individual customers and suppliers for mutual benefit |
CRM: Customer Relationship Marketing |
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Determining an organization's primary objectives; adopting courses of action that will achieve these objectives; provides long-term direction for it's decision makers |
Strategic Planning |
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Guides the implementation of activities specified in the strategic plan; addresses shorter-term actions |
Tactical Planning |
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Essential purpose that determines one company from another; A short saying that is focuses under the businesses vision |
A Mission Statement |
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Guides the development of marketing objectives and plans; must be both quantifiable (measurable) and time framed (deadline) |
Objectives |
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Production Marketing Finance Technology Employees |
An organizations resources include: |
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Set goals Develop plans Take advantage of marketing opportunities |
An organizations strengths help planners: |
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Selecting and satisfying target consumers through the marketing mix elements (4 p's) |
A Marketing Strategy (Product, Price, Promotion, Place) |
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Marketers put the marketing strategy into action and marketers monitor performance to ensure that objectives are achieved |
The final steps of the planning process: |
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The potential of new entrants The bargaining power of buyers The bargaining power of suppliers The threat of substitute products Rivalry among competitors
Outside forces that can affect your marketing |
Porters 5 Forces Model |
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The company first to offer a product in a marketplace will be the long-term market winner |
First Mover Strategy |
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Observing the innovations of first movers and then improving on them to gain advantage in the marketplace |
Second Mover Strategy |
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Helps planners compare internal organizational strengths and weaknesses with external opportunities and threats; Provides managers with a critical view of the organization's internal and external environments; helps them evaluate the firm's fulfillment of its basic mission |
SWOT (strengths, weaknesses-internal, opportunities, threats-external) |
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Limited periods when key requirements of a market and a firm's particular competencies best fit together; Requires a through analysis of: current and projected external environmental conditions, current and projected internal company capabilities, how, whether, and when the firm can reconcile environmental conditions and company capabilities |
The Strategic Window |
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The target market Marketing Mix Variables
(who you aim your mix toward) |
The Elements of a Marketing Strategy |
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The group of people toward whom the firm directs its marketing efforts and merchandise; diversity plays a critical role; Targeting consumers in specific global markets represents a challenge and an opportunity |
The Target Market |
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Blending four elements to fit the needs and preferences of a specific target market; Product, Price, Promotion, and Place |
The Marketing Mix |
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Deciding what goods or services the firm should offer to a group of consumers; customer service, package design, brand names, trademarks, patents, and warranties, life-cycle of a product, product positioning, new-product development |
Product Strategy |
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Consumers find their products in the proper quantities at the right times and places; involves modes of transportation, warehousing, inventory control, order processing, and selection of marketing channels; technology has opened new channels of distribution in many industries |
Distribution Strategy |
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Communication link between sellers and buyers; Firms may communicate messages: directly through sales people or indirectly through advertisements and promotions; Many companies use Integrated Marketing Communications (IMC) |
Promotion Strategy |
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Deals with methods of setting profitable and justifiable prices; Subject to regulation and public scrutiny; a good one: creates value for customers and builds and strengthens customer relationships with a firm and its products |
Pricing Strategy |
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Competitive Political-legal Economic Technology Social-cultural |
The Marketing Environment
Business external dimensions that affect the marketing mix variables: |
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Businesses increasingly looking to foreign stores for new growth markets; Technology continues changing; Rule of three: in any industry, the three strongest, most efficient companies dominate 70 and 90 percent of a market |
The Marketing Environment |
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An evaluation of a company's products and divisions to determine the strongest and weakest |
Methods of Marketing Planning:
Business Planning Portfolio Analysis |
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Key business units within diversified firms: each strategic business unit (SBU): has its own managers, resources, objectives,and competitors And pursue its own distinct mission and develops its own plans independently; helps focus the attention of company managers; companies may have to redefine their SBUs as market conditions dictate |
Strategic Business Units |
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Developed by the Boston Consulting Group: A market share/market growth matrix that plots market share against market growth potential |
The BCG Matrix |
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Planning becoming vital as technology advantages; Marketers must consider: A changing, diverse population And the boundaryless business environment created by the internet; Planning reduces risk and worry of bringing new goods and services into the market |
Strategic Implications of Marketing in the 21st Century |
