Marketing

• is an ongoing process of decision making that guides the firm both in short term and the long term
• Planning identifies and builds on firm's strength, and helps managers make decisions in changing business environment

a document that describes the marketing environment, outlines, the marketing objectives and strategies, and identifies how the company will implement and control the strategies imbedded in the plan. (Guides the entire organization)

a plan that includes the decisions that guide the entire organization

Rules of conduct for an organization based on basic values that guide the firm's behavior

written standards of behavior to which everyone in the organization must subscribe

• Strategic
• Functional
• Operational

• the managerial decision process that matches the firm's resources and capabilities to its market opportunities for long term growth
• 1. Define the mission
• 2. Evaluate the internal and external environment (SWAT) - situational analysis
• 3. Set organizational or SBU objectives
• 4. Establish the business portfolio (if applicable)
• 5. Develop growth strategies

a formal statement in an organization's strategic plan that describes the overall purpose of the organization and what it intends to achieve in terms of its customers, products, and resources

an assessment of a firm's internal and external environments

the controllable elements inside an organization, including its people, its facilities, and how it does things that influence the operations of the organization

• the uncontrollable elements outside an organization that may affect its performance either positively or negatively
• firm cant directly control these external factors, so management must respond to the through its planning process

employees-the firms human and intellectual capital

• each unit will have its own objectives relevant to its operations
• effective-> objectives need to be specific, measurable, attainable, and sustainable
• objectives may relate to revenue and sales, profitability, the firm's standing in the market, return on investment, productivity, product development....

the group of different products or brands owned by an organization and characterized by different income generating and growth capabilities

a management tool for evaluating a firm's business mix and assessing the potential of an organizaton's strategic business unit

• a portfolio analysis model developed by the Boston Consulting Group that assesses the potential of successful products to generate cash that a firm can then use to invest in new products.
• Stars
• Cash Cows
• Question marks
• Dogs

• dominant market share in high growth markets
• generate large revenues, but they also require large amounts of funding to keep up with production and promotion demands
• growth potential-> maximize market share in the face of increasing competition

• dominant market share in a low growth potential market
• high market share that firm can sustain with minimal funding

• also know as problem children- low market shares in fast growth markets
• suggests that firm has failed to compete successfully

• small share of slow growth market
• offer specialized products in limited markets that are not likely to grow quickly

• Market Penetration Strategies
• Market Development Strategies
• Product Development Strategies
• Diversification Strategies

Growth strategies designed to increase sales of existing products to current customers, nonusers, and users of competitive brands in serve markets.

Growth strategies that introduce existing products to new markets

Growth strategies that focus on selling new products in existing markets

Growth strategies the emphasize both new products and new markets

• 1: Perform a Situation Analysis
• 2. Set market Objectives
• 3. Develop Marketing Strategies
• 4. Implement and Control the Marketing Plan

• conduct analysis of the marketing environment.
• Build on the company's SWOT analysis by searching out information about the environment that specifically affects the marketing plan

Business objectives guide the entire firm's operations while marketing objectives state what the marketing function must accomplish if the firm is ultimately to achieve these overall business objectives

• Select a Target Market: number of consumers it believes are willing and able to pay for its products and decides if it is able to to create a sustainable competitive advantage in the marketplace vs competitors
• Develop Marketing Mix Strategies: how marketing will accomplish its objectives in the firm's target markets by using product, price, promotion, place

• to monitor process of the marketing plan:
• 1. measure actual performance
• 2. compare this performance to the established marketing objectives or strategies
• 3. making adjustments to the objectives or strategies on the basis of this analysis

quantifying just how an investment in marketing has an impact on the firm's success financially and otherwise

Action Plans: Individual support plans included in a marketing plan that provide the guidance for implementation and control of the various marketing strategies within the plan. "marketing programs'

plans that focus on the day to day execution of the marketing plan. Include detailed directions for the specific activities to be carried out, who will be responsible for them, and time lines for accomplishing the tasks

the set values, norms, and beliefs that influence the behavior of everyone in the organization