Marketing planning process
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| 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
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| Mission statement | Explanation of why the marketing plan exists and what problem it hopes to solve
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| situational analysis | A collection of methods that marketers use to analyze and understand an organization's capabilities, customers, and business environment
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| SWOT analysis | Analysis of the internal, controllable factors (strengths and weaknesses) and external, uncontrollable factors (opportunities and threats) that influence an organization
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| Organizational capabilities | Combinations of skills, processes, human abilities, and competencies that are unique to an organization
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| SMART | Specific, Measurable, Achievable, Result-oriented, Time bound
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| Target market | Specific group of customers toward which a firm directs its marketing efforts
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| 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
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| 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
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| 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
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| Dog | A product or business with low market share in a mature industry is a dog
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| 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.
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| Question mark | A question mark is a product or business that has low market share currently, but is in a growing industry.
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| 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
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| Threat of new entrants | From the view of the current companies in the market, profitable markets that yield high returns will attract new companies.
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| 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.
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| Rivalry | For most industries, the intensity of competitive rivalry is the major factor in determining the competitiveness of the industry.
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| 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
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| 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.
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| Strategies | Plans of action or game plans designed to meet certain objectives
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| Tactics | The actions taken to implement a strategy that drives toward a particular objective
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| Internal factors | Factors controlled by the organization (such as financial resources, product lines, or technical capabilities), which can be either strengths or weaknesses
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Created by:
mkale
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