marketing lecture 2 Flashcards
(32 cards)
What is strategic planning?
The process of developing and maintaining a strategic fit between the organization’s goals and capabilities.
What are the components of corporate-level strategic planning?
- Defining the company’s mission
- Setting company objectives and goals
- Designing the business portfolio
- Planning marketing and other functional strategies
What characterizes a market-oriented mission statement?
- Be market-oriented
- Satisfy basic customer needs
- Meaningful, specific, and motivating
- Define strengths in the marketplace
- Not focused on making more sales or profits
What constitutes a marketing goal?
A statement of what is to be accomplished through marketing activities.
What are the criteria for a good marketing goal?
- Clear in simple terms
- Accurately measurable
- Specify a time frame for accomplishment
- Consistent with business unit and corporate strategy
What does S.M.A.R.T. stand for?
- Specific
- Measurable
- Actionable
- Relevant
- Time-bound
What is a business portfolio?
A collection of businesses and products.
What are the steps in portfolio analysis?
- Analyze current portfolio and decide on investment
- Shape future portfolio by developing strategies for growth and downsizing
What is a Strategic Business Unit (SBU)?
Key businesses that make up a company.
What are the two key factors for evaluating an SBU?
- Attractiveness of SBU market or industry
- Strength of SBU position in that market or industry
What is the Boston Consulting Group (BCG) approach?
A growth-share matrix that evaluates a company’s SBUs in terms of market growth rate and relative market share.
What are the four categories of SBUs in the BCG matrix?
- Stars
- Cash Cows
- Dogs
- Question Marks
What is market penetration?
Increasing sales of products to market segments without changing the product.
What is market development?
Identifying and developing new market segments for current company products.
What is product development?
Offering new products to current market segments.
What is diversification in strategic planning?
Needing businesses outside the company’s current products and markets.
What does the value chain represent?
A series of internal departments that carry out value-creating activities.
What is the value delivery network?
A network made up of the company, suppliers, distributors, and customers who partner with each other.
What are the four marketing management functions?
- Analysis
- Planning
- Implementation and organization
- Control
What does SWOT analysis stand for?
- Strengths
- Weaknesses
- Opportunities
- Threats
What are the components of a marketing plan?
- Executive Summary
- Situation Analysis
- Target Audience Identification
- Marketing Goals and Objectives
- Marketing Strategies
- Budget
- Measurement Plan
What is the purpose of the measurement plan in a marketing plan?
Identifying key metrics to track the success of the marketing plan.
What are the different forms of marketing implementation?
- Functional organization
- Geographic organization
- Product management organization
- Market or customer management organization
What is marketing control?
Measures and evaluates results of marketing strategies and plans.
