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24 Cards in this Set

  • Front
  • Back
Describe strategic planning.
Strategic planning: the process of developing and maintaining a strategic fit between the organization’s goals and capabilities and its changing marketing opportunities.
Which sorts of marketing planning occurs at corporate level?
1. Defining the company mission
2. Setting company objectives and goals
3. Designing the business portfolio
What marketing planning occurs on business unit, product and other functional levels?
Planning marketing and other functional strategies
Describe what questions a company should be answered in a good mission statement.
- What is out business?
- Who is the customer?
- What do customers value?
- What should our business be?
What is a mission statement?
Mission statements: reflect the organization’s purpose, what it wants to accomplish in the larger environment. The mission statement is like an invisible hand that guides people of the organization. Should be market-oriented, products and technology becomes outdated, but the needs of the market lasts forever. Must be meaningful and specific but yet motivating.
What is a business portfolio?
A business portfolio is the collection of businesses and products that make up the company. It integrates the market analysis with an understanding of risks and financial mechanisms.
What is strategic business units?
Strategic business units (SBUs): key businesses that make up the company.
Name and describe four types of SBU:s.
- Stars: High growth, high-share businesses or products. They often need heavy investments to finance their rapid growth. Eventually their growth will slow down, and they will turn into cash cows.
- Cash cows: Low-growth, high-share businesses or products. They need less investment to hold their market share. They produce a lot of cash that can finance the other SBUs that need investment and develop new businesses.
- Question marks: low-share business units in high-growth markets. They require a lot of cash to hold their share, let alone increase it. Management has to think hard about which question marks it should try to build into stars and which should be dropped.
- Dogs: dogs are low-growth, low-share businesses and products. They may generate enough cash to maintain themselves but do not promise any larger sources of cash.
Explain the four different developing strategies for growth and downsizing.
- Market penetration: a strategy for company growth by increasing sales of current products to current market segments without changing the product. For example McDonald’s
- Market development: a strategy for company growth by identifying and developing new marker segments for current company products
- Product development: a strategy for company growth by offering modified or new products to current markets
- Diversification: a strategy for company growth through starting up or buying businesses outside its current products and markets
- Downsizing: reducing the business portfolio by eliminating products of business units that are not profitable or that no longer fit the company’s overall strategy
How should the different departments at a firm partner up to build customer relationships?
After establishing what kinds of business the company will operate in, a more detailed planning takes place within each business unit. Each department carries out value-creating activities to deign, produce, market, deliver and support the firm’s products. Activities and departments that do not create value to customers should be questioned.
What is the marketing mix?
the set of controllable tactical marketing tools (product, place, price, promotion) that the firm blends to produce the response it wants in the target market.
- Product: the goods and services combination the company offers to the target market
- Price: the suggested retail price plus factory options
- Place: includes company activities that make the product available to target customers
- Place (e-business): measured in terms of time to delivery
- Promotion: activities that communicate the merits of the product and persuade target customers to buy it
Name the four C's.
- Customer solution
- Customer cost
- Convenience
- Communication
Describe marketing segmentation.
Dividing a market into distinct groups of buyers who have different needs, characteristics or behaviors, and who might require separate products or marketing programs.
- A market segment consists of consumers who respond in a similar way to a given set of marketing efforts
Describe marketing targeting.
The process of evaluating each market segment’s attractiveness and selecting one or more segments to enter.
Describe positioning.
Arranging for a product to occupy a clear, distinctive and desirable place relative to competing products in the minds of target customers. Positioning is “why a shopper will pay a little more for your brand”.
What is differentiation?
Differentiation: actually differentiating the market offering to create superior customer value.
What are the four marketing management functions that is required for managing the marketing process?
- Analysis
- Planning: develop strategic plans
- Implementation: carry out the plans
- Control: measure results, evaluate results, take corrective action
What is a SWOT analysis?
The goal of SWOT analysis is to match the company strengths to attractive opportunities in the environment, while eliminating or overcoming the weaknesses and minimizing the threats
- Strengths: internal capabilities that may help a company reach its objectives
- Weaknesses: internal limitations that may interfere with a company’s ability to achieve its objectives
- Opportunities: external factors that the company may be able to exploit to its advantage
- Threats: current and emerging external factors that may challenge the company’s performance
Marketing planning
Which marketing activities should be included in a marketing plan?
- Executive summary
- Current marketing situation
- Threats and opportunities analysis
- Objectives and issues
- Marketing strategy
- Action programs
- Budgets
- Controls
What is marketing implementation?
Marketing implementation: the process that turns marketing plans into marketing actions in order to accomplish strategic marketing objectives. Should include who, where, when and how.
What kinds of organization can a company be?
- It can be a functional organization, which is when a functional specialist heads different activities
- A company that sells across the county or internationally often uses a geographic organization, when sales and marketing people are assigned to specific countries and regions
- Companies with many very different products or brands may create a product management organization, when a product manager develops and implements a complete strategy and marketing program for a specific product or brand
What is marketing control?
Involves evaluating the results and taking corrective action to ensure that objectives are attained. The marketing control involves four steps:
1. Management sets out specific marketing goals
2. It then measures its performance in the marketplace
3. Evaluates the causes of any differences between expected and actual performance
4. Management takes corrective action to close the gaps between its goals and its performance

- Open control: checking the ongoing performance against the annual plan and taking corrective action when necessary
- Strategic control involves looking at whether the company’s basic strategies are well matched to its opportunities
- Marketing audit: assesses different parts of the marketing process
Name problems with marketing ROI.
1. There is no consistent definition of marketing ROI
2. The effects of marketing are different to assets since there are an almost indefinite array of factors
3. There are a multitude of goals in spending money on marketing
4. The dynamic nature of marketing makes emphasis on one goal difficult
5. ROI measures have some inherent limitations
What is a marketing dashboard?
Marketing dashboards: meaningful sets of marketing performance measures in a single display used to monitor strategic marketing performance