Chapter 2 MGKT Strategic planning for compettive advantage

  1. Strategic planning
    the managerial process of creating and maintaining a fit betweent he organization's objectives and resources and the evolving market opportunities
  2. planning
    the process of anticipating future events and determing strategies to achieve ogranizational objectives in teh future
  3. marketing planning
    designing activites relating to marketing objectives and teh changing marketing environment
  4. marketing plan
    a written document that acts as guidebook of marketing activites for the marketing manager
  5. mission statement
    a statement of the firm's business based on a careful analysis of benfits sought by present and potential customers and an analysis of existing and anticipated environmental conditions
  6. marketing myopia
    defining a business in terms of goods and services rather than in terms of the benefits custmers seek
  7. strategic business unit (SBU)
    a subgroup of a single business or colection of related businesses within the larger organization
  8. SWOT analysis
    identifying internal strengths (S) and weakness (W) and also examining external opportuniteis (O) and threats (T)
  9. envornmental scanning
    collection and interpretation of information about forces, events, and relationships in the external environment that may affect the future of the organization or the implemtation of the marketing plan
  10. marketing objective
    a statment of what is to be accomplished through marketing activites
  11. competitive advantage
    The set of unique features of a company and its products that are perceived by the target market as significant and superior to the competition.
  12. Types of Competitive Advantage
    • Cost
    • Product/Service Differentiation
    • Niche Strategies
  13. cost competitive advanttage
    being the low-cost competitor in an industry while maintaining satisfactory profit margins
  14. experience curves
    curves that show cost declinign at a predictiable rate as experience with a product increases
  15. product/service differentation competitve advantage
    the provision of something that is unique and valuable to buyers beyond simply offering a lower price than the competitions
  16. niche competitive advantage
    the advantage achieved whena firm seeks to target and effectivly serve a small segment of teh market
  17. sustainable competive advantage
    an advantage that cannot be copied by the competition
  18. Market Penetration
    Increase market share among existing customers
  19. Market Development
    Attract new customers to existing products
  20. Product Development
    Create new products for present markets
  21. Diversification
    Introduce new products into new markets
  22. Portfolio Matrix Strategies
    • Build
    • Hold
    • Harvest
    • Divest
  23. portfolio martrix
    a tool for allocating resources among products or strategic business units on the basis of relative market share and market growth rate.
  24. star
    in the portfolio matrix a business unit that is a fast-growing market leader
  25. cash cow
    in the portfolio matrix; a business unit that genetrates more cash than it needs to maintain its market share
  26. problem child (question mark)
    in the portfolio matrix a business unit that shows rapid growth but poor profit margins
  27. dog
    in the portfolio matrix, a businesss unit that has low growth potential and a smallmarket share
  28. marketing strategy
    the activites of selecting and descriving one or more target markets and developing and maintaingin a marketing mix that will produce mutually satisfying exchanges with target markets
  29. market opportunity analysis (MOA)
    the description and estimation of the size and sales potential of market segments that are of interst to teh frim and the assessment of key competitors in these market segments
  30. marketing mix
    A unique blend of product, distribution, promotion, and pricing strategies designed to produce mutually satisfying exchanges with a target market.
  31. Marketing Mix: The “Four Ps”
    product, place promotion and price, which together make up the marketing mix
  32. implementation
    the process that turns a marketing plan into action assignments and ensures that these assignments are executed in a wa that accomplishes the plan's objectives
  33. evaluation
    gauging the extent to which the marketing objectives have been achieved during teh specified time period
  34. control
    provides the mechanisms for evaluating marketing results in light of the plan's objectives and for correcting actions that do not help the organization reach those objectives within budget guidelines
  35. marketing audit
    a though systematic periodic evauation of the objectives stragegies structure and performance of the marketing organization
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Chapter 2 MGKT Strategic planning for compettive advantage
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