Details Title: Chapter 2 Description: Planning Marketing Strategies Total Flash Cards: 30 Created: 08/11/2008 03:31:00		New Users: To study from this flashcard set, or to create your own your own study flash cards, REGISTER HERE. Existing Users: CLICK HERE. Additional Marketing Flashcards
Cards in this set: Term strategic planning Definition The process of establising an organizational mission and formulating goals, corporate strategy, marketing objectives, marketing strategy, and a marketing plan Term marketing strategy Definition A plan of action for identifying and analyzing a target market and developing a marketing mix to meet the needs of that market Term marketing plan Definition A writting deocument that specifies the activities to be performed to implement and control an organization's marketing activities Term core competencies Definition Things a firm does extremely well, which sometimes give it an advantage over its competition Term market opportunity Definition A combination of circumstances and timing that permits an organization to take action to reach a target market Term strategic windows Definition Temporary periods of optimal fit between the key requirements of a market and a firm's capabilities Term competitive advantage Definition The result of a company's matching a core competency to opportunities in the marketplace Term SWOT analysis Definition A tool that marketers use to assess an organizations's strengths, weaknesses, oppportunities, and threats Term mission statement Definition A long-term view of what the organization wants to become Term marketing objective Definition A statement of what is to be accomplished through marketing activities Term corporate strategy Definition A strategy that determines the means for using resources in the various functional areas to reach the organzations's goals Term strategic business unit Definition A division, product line, or other profit center within a parent company Term market Definition A group of individuals and/or organizations that have needs for products in a product class and have the abilitiy, willingness, and authority to purchase those products Term market share Definition The percentage of a market that acutally buys a specific product from a particular company Term market growth/market-share matrix Definition A strategic planning tol based on the philoshopy that a product's market growth rate and market share are important in determining marketing strategy Term sustainable competitive advantage Definition An advantage that the competition cannot copy Term marketing planning Definition The process of assessing opportunites and resources, determining objectives, defining strategies, and estblishing guidelines for implementation and control of the marketing program Term marketing implementation Definition The process of putting marketing strategeies into action Term intended strategy Definition The strategy the company decides on during the planning phase Term realized strategy Definition The strategy that actually takes place Term external customers Definition Individuals who patronize a business Term internal customers Definition A company's employees Term internal marketing Definition Coordinating internal exchanges between the firm and its employees to achieve successful external exchanges between the firm and its customers Term total quality management Definition A philosophy that uniform commitment to quality in all areas of the organization will promote a culture that meets customers' perceptions of quality Term benchmarking Definition Comparing the quality of the firm's goods, servies, or porecesses with that of the best-performing competitors Term empowerment Definition Giving customer-contact employees authority and responsibility to make marketing decisions on their own Term centralized organization Definition A structure in which top mangagement delegates little authority to the levels below it Term decentralized organization Definition A structure in which decision-making authority is delegated as far down the chain of command as possible Term marketing control process Definition Establising performance standards and trying to match actual performance to those standards Term performance standard Definition An expected level of performance