Marketing Planning And Strategy

Front 1

Environmental scanning

Back 1

The process of collecting information about forces in the marketing environment.

Front 2

Environmental analysis

Back 2

The process of assessing and interpreting the information gathered through environmental scanning.

Front 3

Competition

Back 3

Other firms that market products that similar to or can be substituted for a firm's products in the same geographic area.

Front 4

Brand competitors

Back 4

Firms that market products with similar features and benefits to the same customers at similar prices.

Front 5

Product competitors

Back 5

Firms that compete in the same product class but market products with different features benefits and prices.

Front 6

Generic competitors

Back 6

Firms that provide very different products that solve the same problem or satisfy the basic customer need.

Front 7

Total budget competitors

Back 7

Firms that compete for the limited financial resources of the same customers.

Front 8

Monopoly

Back 8

A competitive structure in which an organisation offers a product that has no close substitutes, making that organisation the sole source of supply.

Front 9

Oligopoly

Back 9

A competitive structure in which a few sellers control the supply of a large proportion of a product.

Front 10

Monopolistic competition

Back 10

A competitive structure in which a firm has many potential competitors and tries to develop a marketing strategy to differentiate its product.

Front 11

Pure competition

Back 11

A market structure characterised by a an extremely large number of sellers, none strong enough to significantly influence price or supply.

Front 12

Buying power

Back 12

Resources, such as money, goods and services, that can be traded in an exchange.

Front 13

Disposable-income

Back 13

After-tax income.

Front 14

Discretionary income

Back 14

Disposable income available for spending and saving after an individual has purchased the basic necessities of food, clothing and shelter.

Front 15

Willingness to spend

Back 15

An inclination to buy because of expected satisfaction from a product, influenced by the ability to buy and numerous psychological and societal forces.

Front 16

Business cycle

Back 16

A pattern of economic fluctuations that has four stages: prosperity, recovery, recession and depression.

Front 17

Technology

Back 17

The application of knowledge and tools to solve problems and perform tasks more efficiently.

Front 18

Sociocultural forces

Back 18

The influences in a society and its culture(s) that change peoples attitudes, beliefs, norms, customs and lifestyles.

Front 19

Strategic planning

Back 19

The process of establishing an organisational mission and formulating goals, corporate strategy, marketing objectives, marketing strategy and a marketing plan.

Front 20

Marketing strategy

(framework for marketing plan)

Back 20

A plan of action for identifying and analysing a target market and developing a marketing mix to meet the needs of that market.

Front 21

Marketing Plan

Back 21

A written document that specifies the activities to be performed to implement and control and organisation's marketing activities.

Front 22

Core competencies

Back 22

Things a company does extremely well, which sometimes give it an advantage over its competition.

Front 23

Market opportunity

Back 23

A combination of circumstances and timing that permits an organisation to take action to reach a target market.

Front 24

Strategic windows

Back 24

Temporary periods of optimal fit between the key requirements of a market and a company's capabilities.

Front 25

Competitive advantage

Back 25

The result of a company matching a core competency to opportunities in the marketplace.

Front 26

SWOT analysis

Back 26

A tool that marketers use to assess an organisation's strengths and weaknesses, opportunities and threats.

Front 27

Mission statement

Back 27

A long-term view of what the organisation wants to become.

Front 28

Marketing objective

Back 28

A statement of what is to be accomplished through marketing activities.

Front 29

Corporate strategy

Back 29

A strategy that determines the means for using resources in the various functional areas to reach the organisation's goals. (production, finance, RnD, and human resources)

Front 30

Corporate strategy planners

Back 30

Are concerned with broad issues such as corporate culture, competition, differentiation, diversification, interrelationships among business units, and environmental and social issues.

Front 31

Strategic business unit (SBU)

Back 31

A division, product line, or other profit centre within a parent company. For example, Australia post's business units consits of postal services, retail services, distribution and express services.

Front 32

Market

Back 32

A group of individuals and/or organisations that have needs for products in a product class and have the ability, willingness and authority to purchase those items.

Front 33

Market share

Back 33

The percentage of a market that actually buys a specific product from a particular company.

Front 34

Market-growth/market-share matrix

Back 34

A strategic planning tool based on the philosophy that a product's market growth rate and market share are important in determining marketing strategy.

Front 35

Sustainable competitive advantage

Back 35

An advantage that the competition cannot easily copy; an advantage that entails a low carbon footprint.

Front 36

Marketing planning

Back 36

The process of assessing opportunities and resources, determining objectives, defining strategies and establishing guidelines for implementation and control of the marketing program.

Front 37

Marketing Implementation

Back 37

The process of putting marketing strategies into action.

Front 38

External customers

Back 38

Individuals who patronise a business.

Front 39

Internal customers

Back 39

A company's employees.

Front 40

Internal marketing

Back 40

Coordinating internal exchanges between the company and its employees to achieve successful external exchanges between the company and its customers.

Front 41

Total quality management

Back 41

A philosophy stating that uniform commitment to quality in all areas of the organisation will promote a culture that meets customers perceptions of quality

Front 42

Benchmarking

Back 42

Comparing the quality of the company's goods, services or process with that of the best-performing competitors.

Front 43

Empowerment

Back 43

Giving customer-contact employees authority and responsibility to make marketing decisions on their own.

Front 44

Centralised organisation

Back 44

A structure in which top management delegates little authority to levels below.

Front 45

Decentralised organisation

Back 45

A structure in which decision-making authority is delegated as far down the chain of command as possible.