Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
MKTG.02
Strategic Planning for Competitive Advantage
| Question | Answer |
|---|---|
| strategic planning | the managerial process of creating and maintaining a fit between the organization's objectives and resources and the evolving market opportunities </br> - goal of strategic planning is long-run profitability and growth </br> -require long term commitmen |
| planning | the process of anticipating future events and determining strategies to achieve organizational objectives in the future |
| market planning | designing activities relating to marketing objectives and the changing marketing environment |
| marketing plan | a written document that acts as a guidebook of marketing activities for the marketing manager |
| What are the elements of a marketing plan? | <img src="http://www.marketing.nelson.com/mktcommunity/images/p23_framework_mrktstrategy.gif" style="max-width:40%" alt="Milford Sound in New Zealand" /> |
| mission statement | a 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 environment conditions </br> -"What business are we in?" </br> -careful analysis of benefits |
| marketing myopia | defining a business in terms of goods and services rather than in terms of the benefits customers seek |
| strategic business unit (SBU) | a subgroup of a single business or collection of related businesses within the larger organization </br> -distinct mission and specific target market</br> -control over resources</br> -own competitors </br> -independent of other SBUs in the organizati |
| SWOT analysis | identifying internal strengths (S) and weaknesses (W) and also examining external opportunities (O) and threats (T) |
| environmental scanning | collection 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 |
| marketing objective | a statement of what is to be accomplished through marketing activities </br> -realistic, measurable, time specific, compared to benchmark </br> -consistent with and indicate priorities of the organization |
| competitive advantage | a set of unique features of a company and its products that are perceived by the target market as significant and superior to the competition </br> -types: cost, product/service differentiation, niche |
| cost competitive advantage | being the low-cost competitor in an industry while maintaining satisfactory profit margins |
| experience curves | curves that show costs declining at a predictable rate as experience with a product increases |
| product/service differentiation competitive advantage | the provision of something that is unique and valuable to buyers beyond simply offering a lower price than that of the competition |
| niche competitive advantage | the advantage achieved when a firm seeks to target and effectively serve a small segment of the market</br> -for small companies with limited resources that face giant competitors</br> -market segment-> good growth potential but not crucial for major co |
| sustainable competitive advantage | an advantage that cannot be copied by the competition |
| market penetration | a marketing strategy that tries to increase market share among existing customers </br> -aggressive advertising; cents-off coupon |
| market development | a marketing strategy that entails attracting new customers to existing products </br> -new uses for old products stimulate additional sales among existing customers while bringing new customers |
| product development | a marketing strategy that entails the creation of new products for present markets</br> -good feel for what customers like and dislike about current products and what existing needs are not being met |
| diversification | a strategy of increasing sales by introducing new products into new markets |
| portfolio matrix | a tool for allocating resources among products or strategic business units on the basis of relative market share and market growth rate</br> -classifies SBU by present or forecast growth & market share</br> -market share & profitability-> strongly linke |
| star | a business unit that is a fast-growing market leader</br> -high market growth rate & share </br> -large profits but needs lots of cash to finance growth</br> -best tactic: reinvesting earnings in product improvement, better distribrution, promotion |
| cash cow | a business unit that generates more cash than it needs to maintain its market share</br> -low market growth & high market share</br> -generates more cash than it needs to maintain its market share |
| problem child (question mark) | a business unit that shows rapid growth but poor profit margins</br> -low market share in a high-growth industry</br> -need great deal of cash |
| dog | a business unit that has low growth potential and a small market share</br> -most leave marketplace |
| marketing strategy | the 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 |
| market 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</br> -target market strategy: which market segment(s) to focus? |
| marketing mix | a unique blend of product, place (distribution), promotion, and pricing strategies designed to produce mutually satisfying exchanges with a target market |
| four Ps | product, place, promotion, and price, which make up the marketing mix |
| implementation | the 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</br> -detailed job assignments, activity descriptions, time lines, budgets, and communication |
| evaluation | gauging the extent to which the marketing objectives have been achieved during the specified time period |
| control | provides 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 |
| marketing audit | a thorough, systematic, periodic evaluation of the objectives, strategies, structure, and performance of the marketing organization</br> -characteristics: comprehensive, systematic, independent, periodic</br> -helps management allocate marketing resourc |
Created by:
xbaby_bananax
Popular Marketing sets