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Planning Strategies
Foundation of MRKG Pride/Ferrell 5th chapt 2
| Term | Definition |
|---|---|
| Strategic Planning | The process of establishing an organizational mission and formulating goals, a corporate strategy, marketing objectives, a marketing strategy, and a marketing plan |
| Marketing Strategy | A plan of action for identifying and analyzing a target market and developing a marketing mix to meet the needs of that market |
| An effective Marketing Strategy includes. . . | Reflects the overall direction of an organization Coordinated with firm’s functional areas Contributes to achievement of marketing objectives and organizational goals |
| Marketing Plan | A written document that specifies the activities to be performed to implement and control the organization’s marketing activities (Strengths, Weakness, Threats, Opportunity) |
| Core Competencies | Things a firm does extremely well—that sometimes give it an advantage over competition |
| Market Opportunity | A combination of circumstances and timing that permits an organization to take action to reach a particular target market |
| Strategic Window | A temporary period of optimal fit between the key requirements of a market and the particular capabilities of a firm competing in the market |
| Competitive Advantage | The result of a company’s matching a core competency (superior skill or resources) to opportunities in the marketplace |
| What 2 approaches do Marketers take to environmental forces | 1.) Passive/Reactive 2.) Proactive |
| List examples of firm competition | *Brand competitors *Product competitors *Generic competitors *Total budget competitors |
| When an organization offers a product that has no close substitute, making it the sole source of supply | Monopoly |
| When a few sellers control the supply of a large proportion of a product | Oligopoly |
| When an organization with many competitors develops a marketing strategy to differentiate its product Pure competition: Involves a large number | Monopolistic competition |
| Involves a large number of sellers, none strong enough to influence significantly price or supply | Pure competition |
| Define Resources that can be traded in an exchange | Buying Power |
| The amount of money received through various payments is what | Income |
| What do we call after-tax income | Disposable income |
| Disposable income available for spending and saving after an individual has purchased the basic necessities | Discretionary income |
| What enables people to spend future income now or in the near future | Credit |
| The accumulation of past income, natural resources, and financial resources | Wealth |
| An inclination to buy because of expected satisfaction from a product is know as what | Willingness to spend |
| Business Cycle goes through Four stages called | *Prosperity *Recession *Depression *Recovery |
| What does Procompetitive legislation do | Preserves competition |
| What does Consumer protection legislation do | Protects people from harm |
| List the 6 Regulatory Agencies | *Federal Trade Commission (FTC) *Food and Drug Administration (FDA) *Consumer Product Safety Commission *Federal Communications Commission (FCC) *Environmental Protection Agency (EPA) *Federal Power Commission (FPC) |
| Heavily influences marketing activities,Large proportion of its resources spent on curbing inappropriate behavior are characteristics of what agency | The Federal Trade Commission (FTC) |
| Self-Regulation | Some businesses choose to self-regulate Often use the help of organizations Advantages *Less expensive *More realistic Disadvantages *Non-member firms not required to abide *Lack of enforcement tools *Often less strict |
| The application of knowledge and tools to solve problems and perform tasks more efficiently are | Technological Forces |
| Sociocultural Forces | The influences in a society and its culture(s) that bring about changes in people’s attitudes, beliefs, norms, customs, and lifestyles |
| Demographic and Diversity Characteristics | *Changes in a population’s demographic characteristics lead to changes in how people live and consume products *A more diverse customer base means marketing practices must be modified |
| Cultural Values | Changes in cultural values alter people’s needs and desires for products |
| Social Responsibility | An organization’s obligation to maximize its positive impact and minimize its negative impact on society |
| Marketing Citizenship | The adoption of a strategic focus for fulfilling the economic, legal, ethical, and philanthropic social responsibilities expected by stakeholders |
| Marketing Ethics | Principles and standards that define acceptable conduct in marketing as determined by various stakeholders |
| Ethical Issue | An identifiable problem, situation, or opportunity requiring a choice among several actions that must be evaluated as right or wrong |
| Cause-related marketing | The practice of linking products to a particular social cause on an ongoing or short-term basis |
| Strategic philanthropy | The synergistic use of organizational core competencies and resources to address key stakeholders’ interests and achieve both organizational and social benefits |
| Sustainability | The potential for the long-term well-being of the natural environment, including all biological entities, as well as the interaction among nature and individuals, organizations, and business strategies |
| Green marketing | A strategic process involving stakeholder assessment to create meaningful long- term relationships with customers while maintaining, supporting, and enhancing the natural environment |
| Kennedy’s Consumer Bill of Rights | Right to safety Right to be informed Right to choose Right to be heard |
| Consumerism | The organized efforts of individuals, groups, and organizations to protect the rights of consumers |
| Codes of Conduct | Formalized rules and standards that describe what the company expects of its employees (Also called codes of ethics) |
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