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39 Cards in this Set
- Front
- Back
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The process of establishing an organizational mission and formulating goals, corporate strategy, marketing objectives, marketing strategy, and a marketing plan
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strategic planning
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A 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 strategy
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A written document that specifies the activities to be performed to implement and control an organization’s marketing activities
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marketing plan
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Things a firm does extremely well (strengths), which sometimes give it an advantage over its competition
Financial and human resources Reputation, goodwill, and brand names |
core competencies
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A combination of circumstances and timing that permits an organization to reach a target market
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marketing opportunity
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Temporary periods of optimal fit between the key requirements of a market and the particular capabilities of a firm
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strategic windows
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The result of a company’s matching a core competency (superior skill or resources) to opportunities in the marketplace
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competitive advantage
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An assessment of the organization’s strengths, weaknesses, opportunities, and threats
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SWOT analysis
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SWOT
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Strengths—competitive advantages or core competencies
Weaknesses—limitations on competitive capability Opportunities—favorable conditions in the environment Threats—conditions or barriers to reaching objectives |
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A long-term view, or vision, of what the organization wants to become
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mission statement
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mission statements-- 2 questions
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Who are our customers?
What is our core competency? |
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statement of what is to be accomplished through marketing activities to match strengths to opportunities, or to provide for the conversion of weaknesses to strengths
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marketing objective
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A strategy that determines the means for utilizing resources in the various functional areas to reach the organization’s goals--Determines the scope of the business
Guides its resource deployment Identifies its competitive advantages Provides overall coordination of functional areas |
corporate strategy
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A division, product line, or other profit center within a parent company
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Strategic Business Unit (SBU)
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A group of individuals and/or organizations that have needs for products in a product class and have the ability, willingness, and authority to purchase those products
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market
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The percentage of a market that actually buys a specific product from a particular company
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market share
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A strategic planning tool based on the philosophy that a product’s market growth rate and market share are important in determining marketing strategy
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market growth/market-share matrix
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high growth market, dominant market share requires additional resources for continued growth
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star
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low growth, dominant market share generates surplus resources for allocation to other SBUs
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cash cow
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low/declining market, subordinate market share has diminished prospects and represents a drain on the portfolio
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dog
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high growth market, low market share represents a high-risk/cost opportunity requiring a large commitment of resources to build market share
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question mark
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The process of assessing opportunities and resources, determining objectives, defining strategies, and establishing guidelines for implementation and control of the program
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marketing planning
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The process of putting marketing strategies into action
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marketing implimentation
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The strategy that the company decides on during the planning phase
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intended strategy
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The strategy that actually takes place
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realized strategy
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Coordinating internal exchanges between the firm and its employees to achieve successful external exchanges between the firm and its customers
Helping employees understand and accept their roles in the marketing strategy |
internal marketing
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A philosophy that uniform commitment to quality in all areas of the organization will promote a culture that meets customers’ perceptions of quality
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Total Quality Management
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Comparing the quality of the firm’s goods, services, or processes with that of the best-performing competitors
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bench marketing
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Giving customer-contact employees authority and responsibility to make marketing decisions on their own
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empowerment
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A structure in which top management delegates little authority to levels below it
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centralized organization
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A structure in which decision-making authority is delegated as far down the chain of command as possible
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decentralized organization
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Establishing performance standards and trying to match actual performance to those standards
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marketing control process
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Expected levels of performance
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establishing performance standards
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The process of collecting information about forces in the marketing environment
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environmental scanning
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The process of assessing and interpreting the information gathered through environmental scanning
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environmental analysis
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Passive view of environment as uncontrollable
Current strategy is cautiously adjusted to accommodate environmental changes |
reactive approach to responding to environmental forces
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Actively attempts to shape and influence environment
Strategies are constructed to overcome market challenges and take advantage of opportunities |
proactive approach to responding to environmental forces
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market products with similar features and benefits to the same customers at similar prices
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brand competitors
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compete in the same product class, but their products have different features, benefits, and prices
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product competitors
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