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C712 Strategic plan
C712 Strategic plan (chapter 1 & 2)
| Term | Definition |
|---|---|
| Planning | process of anticipating future events and conditions and determining the best way to achieve organizational objectives |
| Marketing planning | implementing planning activities devoted to achieving marketing objectives |
| Strategic planning | process of determining an organization’s primary objectives and adopting courses of action that will achieve these objectives. |
| Tactical planning | guides the implementation of activities specified in the strategic plan |
| Six steps in Marketing planning process | Mission, objectives, resources and Environmental risks are assessed, formulate strategy, implement, monitor and adapt strategy |
| Mission | specifies the organization’s overall goals and operational scope and provides general guidelines for future management actions. Adjustments in this statement reflect changing business environments and management philosophies. |
| Marketing strategy | is an overall, companywide program for selecting a particular target market and then satisfying consumers in that market through a careful blending of the elements of the marketing mix—product, distribution, promotion, and price |
| Porter's five forces model | Porter identified five competitive forces that influence planning strategies in a model called Porter’s Five Forces. |
| Porter's five forces | the five forces are potential new entrants, bargaining power of buyers, bargaining power of suppliers, threat of substitute products, and rivalry among competitors. |
| First-mover strategy | when firms are attempting to capture the greatest market share and develop long-term relationships by being the first to enter the market with a good or service |
| Second-mover strategy | when firms are observing closely the innovations of first movers and then improving on them to gain advantage in the marketplace. |
| SWOT analysis | is an important strategic planning tool helps planners compare internal organizational strengths and weaknesses with external opportunities and threats. (SWOT is an acronym for strengths, weaknesses, opportunities, and threats.) |
| Elements of marketing strategy | The two elements of marketing strategy are target market and marketing mix variables |
| Target market | the group of people toward whom the firm aims its marketing efforts and ultimately its merchandise |
| Marketing mix | the blend of four strategic elements (product, price, place, promotion) to fit the needs and preferences of a specific target market. |
| Product startegy | involves deciding what goods or services the firm should offer to a group of consumers, includes decisions about customer service, package design, brand names etc |
| Distribution or place strategy | decisions involve modes of transportation, warehousing, inventory control, order processing, and selection of marketing channels. |
| Promotion strategy | is the communications link between sellers and buyers. Organizations use varied ways to send messages about their goods, services, and ideas. They may communicate messages directly through salespeople or indirectly through advertisements and promotions |
| Pricing strategy | deals with the methods of setting profitable and justifiable prices. |
| Five dimensions of the marketing environment | competitive, political–legal, economic, technological, and social–cultural factors |
| Marketing environment | Describe the environmental characteristics that influence strategic decisions. |
| Form utility | Conversion of raw materials and components into finished goods and services |
| Time utility | Availability of goods and services when consumers want them |
| Place utility | Availability of goods and services at convenient locations |
| Ownership utility | Ability to transfer title to goods or services from marketer to buyer |
| Marketing | is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have values for customers, clients, partners, and society at large. |
| Exchange process | in which two or more parties give something of value to each other to satisfy perceived needs. Often, people exchange money for tangible goods such as groceries, clothes, a car, or a house. |
| Marketing 's eight universal functions | buying, selling, transporting, storing, standardizing and grading, financing, risk taking, and securing marketing information |
| Utility | Want-satisfying power of a good or service. Stated another way, the ability of a firm to satisfy a want of the consumer through four utilities of form, time, place, and ownership. |
Created by:
mkale
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