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SBU, BCG, strategic

Strategic Marketing, Portfolio analysis, SBU, BCG

QuestionAnswer
Strategic Planning The process of developing and maintaining a strategic fit between the organisation's goals and capabilities and its changing marketing opportunities.
Steps in strategic planning 1.Define company mission. (1-3 corporate level) 2.Set company objectives. 3.Design Business portfolio. 4.Planning marketing and other functional strategies. (BU, product +market level).
Mission statement A statement of the organisation's purpose - what it wants to accomplish in the larger environment. Should be market-orientated.
SBU Strategic business units are the key business that make up a company.
Business portfolio The collection of businesses and products that make up the company.
Portfolio analysis The process by which management evaluates the products and businesses that make up the company.
Growth-share matrix A portfolio planning method that evaluates a company's strategic business units (SBUs) in terms of its market growth rate and relative market share. SBUs are classified as stars, cash cows, question marks and dogs.
Stars High growth, high share businesses. Need heavy investment to finance growth. Eventually turn into cash cows.
Cash Cows Low growth, high share businesses. Need less investment. Produce lots of cash.
Question marks low share in high growth markets. Require a lot of cash to hold their share. Management needs to think hard about which question marks should be phased out or built into stars.
Dogs low growth, low share products.
Problems with BCG Difficult and time consuming, and costly to implement. Hard to define SBU's and measure market share and growth. Focuses on classifying current businesses, but provide little advice for future planning.
Product/market expansion grid A portfolio planning tool for identifying company growth opportunities through market penetration, market development, product development or diversification.
Market penetration making more sales without changing original product lines. Spur growth through marketing mix improvements. E.g. adjustments to product design, advertising, pricing and distribution efforts.
Marketing development identifying and developing new markets for its current products.
Product development offering modified or new products to current markets.
Diversification Starting up or buying new businesses outside of its current products and markets.
Value Chain The series of internal departments that carry out value-creating activities to design, produce, market, deliver and support a firm's products.
Value delivery network The network made up of the company, suppliers, distributors and, ultimately, customers who partner with each other to improve the performance of the entire system.
Marketing strategy The marketing logic by which the company hopes to create customer value and achieve profitable customer relationships. Two key questions: Which customers will we serve and how will we create value for them?
Market segmentation Dividing a market into distinct groups of buyers who have different needs, characteristics or behaviours, and who might require separate products or marketing programs.
Market segment A group of consumers who respond in a similar way to a given set of marketing efforts.
Market targeting The process of evaluating each market segment's attractiveness and selecting one or more segments to enter.
Positioning Arranging for a product to occupy a clear, distinctive and desirable place relative to competing products in the minds of target consumers.
Differentiation Actually differentiating the market offering to create superior customer value.
Marketing Mix The set of controllable tactical marketing tools that the firm blends to produce the response it wants in the target market.
Product The goods and services combination the company offers to the target market.
Price The amount of money customers must pay to obtain the product
Placement logistics Company activities that make the product available to target customers and end consumers.
Promotion activities that communicate the merits of the product and persuade target customers to buy it.
People Services are often people based.
Process E.g. when a person checks in and out of airlines.
Physical evidence Providing physical evidence to consumers to aid the marketing process.
SWOT analysis Strengths (Internal), Weaknesses(Internal), Opportunities(External) and Threats(External).
Marketing implementation. The process that turns marketing strategies and plans into marketing actions in order to accomplish strategic marketing objectives.
Executive Summary Brief summary of main goals and recommendations of the plan for management to review. Followed by table of contents.
Current Marketing situation Describes the target market and company's position in it.Includes: Market description, Product review, Review of competition and review of distribution.
Threats and Opportunities analysis. Assesses major threats and opportunities.
Objectives and issues States the marketing objectives and key issues that might affect them.
Marketing Strategy Outlines the broad marketing logic by which the business hopes to create customer value and relationships and the specifics of target markets, position and marketing expenditure levels.
Action programs. How marketing strategies will be turned into specific action programs.
Budgets A marketing budget that is essentially a profit and loss statement.
Controls Control that will be used to monitor progress and allow higher management to review implementation results and spot products not meeting their goals.
Functional organisation Different marketing activities are headed by a functional specialist. e.g. sales manager, advertising manager.
Geographic organisation People assigned to specific territories.
Product management organisation Product manager develops and implements a complete strategy and program for a specific product or brand.
Market or customer management organisation. Marketing managers are responsible for developing marketing strategies and plans for their specific markets or customers.
Marketing control Process of measuring and evaluating the results of marketing strategies and plans and taking corrective action to ensure that objectives are achieved. Operating control and strategic control are two types.
OPerating control Checking ongoing performance against the annual plan and taking corrective action when necessary.
Strategic control Looking at whether the company's basic strategies are well matched to its opportunities.
ROI The net return from a marketing investment divided by the costs of the marketing investment.
Created by: acha5066
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