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Strategic planning and marketing strategy terms
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- 1strategic planning isthe managerial process of creating and maintaining a fit between the organization’s objectives and resources and the evolving market opportunities
- 2planning isthe process of anticipating future events and determining strategies to achieve organizational objectives in the future
- 3marketing planning isdesigning activities relating to marketing objectives and the changing marketing environment
- 4marketing plan isa written document that acts as a guidebook of marketing activities for the marketing manager
- 5mission statement isa statement of the firm’s business based on a careful analysis of benefits sought by present and potential customers and an analysis of existing and anticipated environmental conditions
- 6marketing myopiadefining a business in terms of goods and services rather than in terms of the benefits customers seek
- 7strategic business unit (SBU) isa subgroup of a single business or collection of related businesses within the larger organization
- 8SWOT analysis isidentifying internal strengths (S) and weaknesses (W) and also examining external opportunities (O) and threats (T)
- 9environmental scanning iscollection and interpretation of information about forces, events, and relationships in the external environment that may affect the future of the organization or the implementation of the marketing plan
- 10marketing objective isa statement of what is to be accomplished through marketing activities
- 11competitive advantage isa set of unique features of a company and its products that are perceived by the target market as significant and superior to the competition
- 12cost competitive advantage meansbeing the low–cost competitor in an industry while maintaining satisfactory profit margins
- 13experience curvescurves that show costs declining at a predictable rate as experience with a product increases
- 14product/service differentiation competitive advantagethe provision of something that is unique and valuable to buyers beyond simply offering a lower price than the competition’s
- 15niche competitive advantagethe advantage achieved when a firm seeks to target and effectively serve a small segment of the market
- 16sustainable competitive advantagean advantage that cannot be copied by the competition
- 17market penetration isa marketing strategy that tries to increase market share among existing customers
- 18market development isa marketing strategy that entails attracting new customers to existing products
- 19product developmenta marketing strategy that entails the creation of new products for present markets
- 20diversification isa strategy of increasing sales by introducing new products into new markets
- 21portfolio matrixa tool for allocating resources among products or strategic business units on the basis of relative market share and market growth rate
- 22starin the portfolio matrix, a business unit that is a fast–growing market leader
- 23cash cow isin the portfolio matrix, a business unit that generates more cash than it needs to maintain its market share
- 24problem child (question mark)in the portfolio matrix, a business unit that shows rapid growth but poor profit margins
- 25dogin the portfolio matrix, a business unit that has low growth potential and a small market share
- 26marketing strategythe activities of selecting and describing one or more target markets and developing and maintaining a marketing mix that will produce mutually satisfying exchanges with target markets
- 27market opportunity analysis (MOA)the description and estimation of the size and sales potential of market segments that are of interest to the firm and the assessment of key competitors in these market segments
- 28marketing mixa unique blend of product, place (distribution), promotion, and pricing strategies designed to produce mutually satisfying exchanges with a target market
- 29four Psproduct, place, promotion, and price, which together make up the marketing mix
- 30implementationthe process that turns a marketing plan into action assignments and ensures that these assignments are executed in a way that accomplishes the plan’s objectives
- 31evaluationgauging the extent to which the marketing objectives have been achieved during the specified time period
- 32controlprovides the mechanisms for evaluating marketing results in light of the plan’s objectives and for correcting actions that do not help the organization reach those objectives within budget guidelines
- 33marketing audita thorough, systematic, periodic evaluation of the objectives, strategies, structure, and performance of the marketing organization
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- Karteikarten am Ohne Titel, erstellt von Ajla Porča am 15/04/2020.
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