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D077 Module 2
Marketing planning process
| Question | Answer |
|---|---|
| Marketing plan | A comprehensive document or blueprint, informed by analysis of the organization, customer, and market environment, that outlines marketing efforts (including objectives, strategies, and tactics) for an identified period |
| Mission statement | Explanation of why the marketing plan exists and what problem it hopes to solve |
| situational analysis | A collection of methods that marketers use to analyze and understand an organization's capabilities, customers, and business environment |
| SWOT analysis | Analysis of the internal, controllable factors (strengths and weaknesses) and external, uncontrollable factors (opportunities and threats) that influence an organization |
| Organizational capabilities | Combinations of skills, processes, human abilities, and competencies that are unique to an organization |
| SMART | Specific, Measurable, Achievable, Result-oriented, Time bound |
| Target market | Specific group of customers toward which a firm directs its marketing efforts |
| Boston Consulting Group (BCG) Matrix | Planning tool which uses a quadrant to map the strategic position of a business brand based on the brand's market share and the market's growth potential |
| Porters five forces model | Planning tool which provides a model for how to identify and analyze the competitive forces that shape a company's environment and influence profitability |
| External factors | Factors an organization may be able to influence, but not control (such as technology innovations, competition, economic trends, and government policies) a company, which can represent opportunities or threats |
| Dog | A product or business with low market share in a mature industry is a dog |
| Cash cow | A cash cow is a product or business that has high market share and is in a slow-growing industry. It is bringing in more money than is being invested in it, but it does not have much growth potential. |
| Question mark | A question mark is a product or business that has low market share currently, but is in a growing industry. |
| Star | A star has high market share in a fast-growing industry. This kind of product or business is poised to bring a strong return on the funds invested |
| Threat of new entrants | From the view of the current companies in the market, profitable markets that yield high returns will attract new companies. |
| Threat of substitute products or services | The existence of different products that fulfill the same need increases the likelihood that customers will switch to alternatives. |
| Rivalry | For most industries, the intensity of competitive rivalry is the major factor in determining the competitiveness of the industry. |
| Bargaining power of buyers | The bargaining power of customers is the ability of customers to put a company under pressure, which also affects the customer's sensitivity to price changes |
| Bargaining power of suppliers | When there are few substitutes, suppliers of raw materials, components, labor, and services (such as expertise) to an organization can be a source of power over the organization. |
| Strategies | Plans of action or game plans designed to meet certain objectives |
| Tactics | The actions taken to implement a strategy that drives toward a particular objective |
| Internal factors | Factors controlled by the organization (such as financial resources, product lines, or technical capabilities), which can be either strengths or weaknesses |
Created by:
mkale
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