Term
| strategic marketing planning process |
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Definition
| represents a set of steps a marketer goes through to develop a strategic marketing plan; 3 phases are planning, implementation, and control. |
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Term
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| a written document composed of an analysis of the current marketing situation, opportunities and threats for the firm, marketing objectives and strategy specified in terms of the 4 P's, action programs, and projected or pro-forma income statements. |
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Definition
1. defining the mission and/or vision
2. situation analysis |
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3. identifying and evaluating opportunities (segmentation, targeting, positioning)
4. implement marketing mix and resources |
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a broad description of a firm's objectives and the scope of activities it plans to undertake.
~What type of business are we?
~What do we need to do to accomplish our goals and objectives? |
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Term
| sustainable competitive advantage |
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Definition
| something the firm can persistently do better than its competitors. |
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| second step in marketing plan using a SWOT analysis |
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| assesses both the internal environment with regard to its STRENGTHS and WEAKNESSES and the external environment in terms of its OPPORTUNITIES and THREATS. |
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| segmentation, targeting, positioning |
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| dividing the marketplace into groups of customers with different needs, wants, or characteristics. |
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| evaluating market segments' attractiveness and deciding which to pursue. |
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| deciding how to position products and services to best meet the needs of the chosen targets; defining the marketing mix variables so that target customers have a clear, distinctive, desirable understanding of what the product does or represents in comparison with competing products. |
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| consists of a group of consumers who respond similarly to a firm's marketing efforts. |
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| when a firm decides the costs of producing or providing its product and then adds a fixed amount about that total to arrive at the selling price. |
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| when a firm prices below, at, or above its competitors' offerings. |
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| a firm first determines that perceived value of the product from the customer's point of view and then prices accordingly. |
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| when management evaluates the firm's various products and businesses and allocates resources according to which products are expected to be the most profitable for the firm in the future. |
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| strategic business unit or product line; level usually analyzed for a portfolio analysis. |
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| market penetration strategy |
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Definition
| employs the existing marketing mix and focuses the firm's efforts on existing customers. |
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| marketing development strategy |
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Definition
| employs the existing marketing offering to reach new market segments, whether domestic or international. |
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| product development strategy |
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Definition
| offers a new product or service to a firm's current target market. |
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| introduces a new product or service to a market segment that currently is not served. |
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| focuses on retaining loyal customers and excellent customer service. |
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| maintaining efficient operations and excellent supply chain management. |
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| achieving high-quality products; effective branding and positioning are key. |
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