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24 Cards in this Set
- Front
- Back
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Strategic Planning
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process of establishing an organizational mission and formulating goals, corporate strategy, marketing objectives, marketing strategy, and a marketing plan
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marketing strategy
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plan of action for identifying and analyzing a target market and developing a marketing mix to meet the needs of that market
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marketing plan
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written document that specifies the activities to be performed to implement and control the organization's marketing activities
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core competencies
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things a company does extremely well, which sometimes give it an advantage over its competition
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market opportunity
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a combination of circumstances and timing that permits an org to take action to reach a particular target market
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competitive advantage
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the result of a company matching a core competency to opportunities it has discovered in the marketplace
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SWOT analysis
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assessment of an organization's strengths, weaknesses, opportunities, and threats
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strengths
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competitive advantages or core competencies that give the company an advantage in meeting the needs of its target markets
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weaknesses
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any limitations a company faces in developing or implementing a marketing strategy
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Opportunities
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favorable conditions in the environment
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threats
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conditions or barriers that may prevent the company from reaching objectives
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mission statement
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a long-term view, or vision, of what the organization wants to become.
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2 questions that mission statement answers...
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1. Who are our customers?
2. What are our core competencies? |
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market
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a group of individuals and/or org's that have needs for products in a products class and have the ability, willingness, and authority to buy
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market share
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percentage of a market that actually buys a specific product from a particular company
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BCG Matrix
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business tool based on the philosophy that a prodct's market growth rate and its market share are important considerations in determing its mrktng strtgy
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Stars
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products with dominant market share and good prospects for growth
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cash cows
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dominant market share and low prospects for growth
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dogs
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subordinate market share and low growth potential
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question marks
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small share of growing market and generally require a lot of cash to build market share
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market implementation
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the process of putting marketing strategies into action
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intended strategy
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the strategy the orgzn decides on during the plannin phase and wants to use
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realized strategy
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the strategy that actually takes place
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strategic business unit (SBU)
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a division, product line, or other profit center within the parent company
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