Term
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Definition
Develop Plans- strategic and tactical
Implement Plans- Staffing and supervising
Control Plans- Establish Control Standards, Monitor, Evaluate, Correct |
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Term
| The Market Oppurtunity Analysis |
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Definition
| A search for product/markets in which the firm can profitably compete, taht are consistent with its distinctive compentencies and organizational objectives, and for which it possesses sufficient resources. |
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Term
| A "Good" Mission Statement |
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Definition
Mission is 'market orientated'- Expressed in terms of need satisfaction. Avoid defining mission as "building & selling" products, Markets Myopia.
Builds on distinctive competencies
Not too broad; too narrow |
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Term
| Market Penetration Oppurtunities |
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Definition
-Sell the same products to same markets.
-Price & promote to sell more i.e. stimulate greater demand. (penetrate existing markets in greater depth, Obtain more market share)
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Term
| Market Development Oppurtunities |
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Definition
Sell the same product to new markets
-Geographic expansion
-new markets or market segmentation
-J&J Baby Shampoo
-Gerber's Singles |
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Term
| Product Development Oppurtunities |
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Definition
-Selling a new product to the firm's existing markets
-Modify the firm's existing products
-Create new products |
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Term
| Product Development Oppurtunity |
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Definition
| Sell a different product to same product to same market (a new product line). In this case the same family brand is used. Called a 'brand extension.' |
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Term
| Product Development Oppurtunity- aline extension |
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Definition
| sell slightly different product in the same line to about the same market under the same brand name. |
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Term
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Definition
| A 'Brand Extension' in which the family brand is used on a new product in a different product category. |
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Term
| Product Development Oppurtunities Include... |
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Definition
Line extensions- new product in the same line i.e. family brands Kellogg's
Flanker brands- New products in the same product line, but use a different brand name i.e. Dawn Ivory
New product Line- new products in different product lines using a fmily brand i.e. Jello Yogurt |
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Term
| Joint Development Oppurtunities |
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Definition
New product sold to new market
Most risky strategy
Acquistions cuts risk
Also called 'diversification' |
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Term
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Definition
| The set of individuas who are actual or potential customers for the product being offered for sale. |
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Term
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Definition
| Portions of a larger market sharing common needs and characteristics. |
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Term
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Definition
| The process of dividing a heterogeneous market into a number of smaller, more homogeneous customer groups, or market segments. |
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Term
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Definition
| The Market Segment or segements (customer groups) toward which the firm directs marketing efforts |
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Term
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Definition
Indentify Competitors- Current, Future
Common Operating Practices- Promotion, distribution, pricing
Identify industry changes- sales, output, firms |
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Term
| Industry Analysis/ Key Success Factors |
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Definition
scale economies and expierence effects
product differation and brand preference
capital requirements
access to channel
government subsidies
resources- cash flow, access to raw materials, expertise |
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Term
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Definition
Who are the key competitors?
Current Objectives? Strategies?
What are likely future objectives & strategies?
Key elements of marketing mix?
How important are specific markets to competitors?
Unique strengths? weakness?
Implications for strategy? |
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Term
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Definition
Ideally would like to forecast industry & company sales- Qualitative techniques, Quantitative techniques
May only be able to estimate approximate market size- Overall market size for industry(market potential), Size of market individual firm (sales potential) |
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Term
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Definition
| Selection of the market segment(s) to erve, given company objectives & resource constraints |
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Term
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Definition
| A "position" is the mental image customers have of your product |
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Term
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Definition
| A written summary of marketing objectives, strategies, and specific courses of actions. It includes assignment of personnel, budgets, and timetables. |
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Term
| Implementation (Execution) |
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Definition
Execution is the set of actions taken to put plans into motion-- to make them work
Execution activites include organizing and coordinating: People, resources, Activities. |
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