Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
14 Cards in this Set
- Front
- Back
|
What is Strategic Planning?
|
The process of developing and maintaining a strategic fit between the organization’s goals and capabilities and its changing marketing opportunities.
|
|
|
Marketing Plan
|
A written document that acts as a guidebook of marketing activities for the marketing manager.
|
|
|
A mission statement asks..
|
What is our business?
Who is the customer? What do consumers value? What should our business be? |
|
|
A mission statement should be:
|
Neither too narrow nor too broad
Fitting the market environment Based on distinctive competencies Motivating |
|
|
Marketing Objectives
|
Realistic
Measurable Time specific Consistent with and indicate the organization’s priorities |
|
|
SWOT Analysis
|
S=Things the company does well. Internal
W=Things the company does not do well Internal O=Conditions in the external environment that favor strengths. External t=Conditions in the external environment that do not relate to existing strengths or favor areas of current weakness. Externall |
|
|
Strategic Alternatives
|
Market Penetration
Market Development Product Development Diversification |
|
|
Market Penetration
|
Increase market share among existing customers
Present product/ Present Market |
|
|
Market Development
|
Attract new customers to existing products
New Market/ Present Product |
|
|
Product Development
|
Create new products for present markets
Present Market/ New Product |
|
|
Diversification
|
Create new products for present markets
New Market/ New Product |
|
|
Target Market Strategy
|
Segment the market based on groups with similar characteristics
Analyze the market based on attractiveness of market segments Select one or more target markets |
|
|
Marketing Mix
|
The marketing mix includes controllable and tactical marketing tools knows as the 4P’s
The 4P’s include: Product Place Promotion Price |
|
|
Following Up the Marketing Plan
|
Implementation
Evaluation Control |
