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Mktg Mid term ch 2

Marketing mid term ch 2

QuestionAnswer
Business Plan a plan that indicates the decisions that guide the entire organization
Marketing Plan a document that describes the marketing environment, outlines the mktg objectives and strategy, and identifies who will be responsible for carrying out each part of the marketing strategy
Three Levels of Business Planning Strategic, Functional, Operational
Strategic Planning the managerial decision process that matches the firms resources and capabilities to its market opportunities for long term growth and survival - the firm's purpose and what it hopes to achieve over next five years or so
Functional Planning a decision process that concentrates on developing detailed plans for strategies and tactics for the short term, supporting an organization long-term strategic plan - typically includes both a broad 3-5 yr plan to support firm's strategic plan
Operational Planning a decision process that focuses on developing detailed plans for day-to-day activities that carry out functional plans.
Steps in Strategic Planning 1. define mission 2. evaluate internal and external environment 3. set organizational or SBU objectives 4. Establish business portfolio 5. develop growth strategies
Strategic Business Units individual units within the firm that operate like separate businesses, with each having its own mission, business objectives, resources, managers, and competitors ex - Disney has SBUs for theme park, movies, tv network and cruise line
Mission Statement a formal document that describes the organization's overall purpose and what it hopes to achieve in terms of its customers, products, and resources
SWOT analysis an analysis of an organizations Strengths and Weaknesses and the Opportunities and Threats in its external environment
Business Portfolio the group of different products or brands owned by an organization and characterized by different income-generating and growth capabilities
Portfolio Analysis a tool management uses to assess the potential of a firm's business portfolio
BCG growth-market share matrix a portfolio analysis model developed by the Boston Consulting Group that assesses the potential of successful products to generate cash that a firm can then use to invest in new products
Cash cow have a dominant market share in a low growth potential market, high market share, little funding
Stars SBUs with products that have a dominant market share in a high grown markets, generate large revenue, also requires large funding
Question Marks SBUs with low market shares in a fast growing market, signals the firm has failed to compete successfully. aka problem children
Dogs small share of a slow growth market, businesses offering specialized products in limited markets that are not likely to grow quickly
Product-Market growth matrix vertical axis represents opportunities for growth, either in existing or new markets, horizontal axis considers whether the firm would be better off putting its resources into existing products or if it should acquire new products
Market Penetration Strategy growth strategies designed to increase sales of existing products to current customers, nonusers, and users of competitive brands in served markets ex-cheerios claims it lowers bad cholesterol
Market Development Strategy introduce existing products to new markets ex-expanding to a new area - putting Wii in nursing homes
Product Development Strategies create growth by selling new products in existing markets ex-developing new variations on the same item or improving the product - new mattresses in hotels
Diversification Strategies emphasize both new products and new markets to achieve growth ex-Mcdonalds slowed down so they opened up Donatos Pizza, Boston Market, Chipotle Mexican Grills
Steps in Marketing Planning 1. perform a SWOT analysis 2. set marketing objectives to brands, sizes, product features, etc 3. develop marketing strategies, make key decisions about what activities they must accomplish 4. Implement and control the marekting plan
Created by: bernabell24
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