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19 Cards in this Set
- Front
- Back
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Strategic Planning
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The process of developing and maintaining a strategic fit between the organization’s goals and capabilities and its changing marketing opportunities
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Mission Statement
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Statement of the organization’s purpose; what it wants to accomplish in the larger environment
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Coordinating Functional Strategies (5)
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1. Market Penetration
2. Market Development 3. Product Development 4. Diversification 5. Downsizing |
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Market Penetration
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Making more sales to current customers without changing the product
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Market Development
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Identifying and developing new markets for current company products
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Product Development
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Offering modified or new products to current markets
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Diversification
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Starting up or buying businesses outside a company’s current products and markets
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Downsizing
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Reducing the business portfolio by eliminating products or business units that are not profitable or that no longer fit the company’s overall strategy
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Value Delivery Network
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The network made up of the company, suppliers, distributors, and customers who “partner” with each other to improve the performance of the entire system
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Marketing Strategy
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The marketing logic by which the business unit hopes to achieve its marketing objectives
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Market Segmentation
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Dividing a market into distinct groups of buyers who have distinct needs, characteristics, or behaviors and who might require separate programs or marketing programs
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Market Segment
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A group of consumers who respond in a similar way to a given set of marketing efforts
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Target Marketing
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The process of evaluating each market segment’s attractiveness and selecting one or more segments to enter
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Market Positioning
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Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers
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Marketing Mix
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The set of controllable tactical marketing tools – product, price, place, and promotion – that the firm blends to produce the response it wants in the target market
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The 4 C's
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From the Buyer's view
1. Customer Solution (product) 2. Convenience (place) 3. Customer Cost (price) 4. Communication (promotion) |
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SWOT Analysis
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Evaluation of the company’s strengths, weaknesses, opportunities, and threats (figure 2.7 on bottom of page 54)
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Market Implementation
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The process that turns marketing plans into marketing actions in order to accomplish strategic marketing objectives; addresses the who, where, when, and how of marketing activities
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Market Control
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The process of measuring and evaluating the results of marketing strategies and plans, and taking corrective action to ensure that objectives are achieved
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