logo image

Ch 2 : Strategic Planning for Comp. Adv.

Strategic Planning
Managerial process of creating and maintaining a fit between the org’s objectives and resources and the evolving market opportunities
Strategic Business Unit (SBU)
Subgroup of a single business or collection of related businesses within the larger organization
Market Penetration
Marketing Strategy that tries to increase market share among existing customers
Market Development
Marketing Strategy that entails attracting new customers to existing products
Product Development
Entails the creation of new products for present markets
Diversification
Increasing sales by introducing new products into new markets
Portfolio Matrix
Tool for allocating resources among products or strategic business units on the basis of relative market share and market growth rate
Portfolio Matrix/Categories of SBUs
– Start
– Cash Cow
– Problem Child
– Dog
Star
Business unit that is a fast-growing market leader
Cash Cow
Business unit that generates more cash than it needs to maintain its market share
Problem Child (Question Mark)
Business unit that shows rapid growth but poor profit margins
Dog
Business unit that has low growth potential and a small market share
Planning
Process of anticipating future events and determining strategies to achieve organizational objectives in the future
Marketing Planning
Designing activities relating to marketing objectives and the changing marketing environment
Marketing Plan
Written document that acts as a guidebook of marketing activities for the marketing manager
Mission Statement
Statement of the firms business based on a careful analysis of benefits sough by present and potential customers and an analysis of existing and anticipated environmental conditions
Marketing Myopia
Defining a business in terms of goods an services rather than in terms of the benefits customers seek
SWOT Analysis
Identifying internal strengths (S) and weaknesses (W) and also examining external opportunities (O) and threats (T)
Environmental Scanning
Collection and interpretation of info about forces, events, and relationships in the external environment that may affect the future of the org or the implementation of the marketing plan
Competitive Advantage
Set of unique features of a company and its products that are perceived by the target market as significant and superior to those of the competition
Cost Competitive Advantage
Being the low-cost competitor in an industry while maintaining satisfactory profit margins
Experience Curves
Curves that show costs declining at a predictable rate as experience with a product increases
Product/Service Differentiation Advantage
Provision of something that is unique and valuable to buyers beyond simply offering a lower price than that of the competition
Niche Competitive Advantage
Advantage achieved when a firm seeks to target and effectively serve a small segment of the market
Sustainable Competitive Advantage
Advantage that cannot be copied by the competition
Marketing Objective
Statement of what is to be accomplished through marketing activities
Marketing Strategy
The activities of selecting and describing one or more target markets and developing and maintaining a marketing mix that will produce mutually satisfying exchanges with target markets
Market Opportunity Analysis (MOA)
Description and estimation of the size and sales potential of market segments that are of interest to the firm and the assessment of key competitors in these market segments
Marketing Mix
Unique blend of product, place (distribution), promotion, and pricing strategies designed to produce mutually satisfying exchanges with a target market
Four P’s
– Product
– Place
– Promotion
– Price
Product Strategies
Product offering and product Strategy
Place(distribution) Strategies
Concerned with making products available when and where customers want them
Promotion Strategies
Advertising, public relations, sales promotion, and personal selling. Goal is to bring about mutually satisfying exchanges with target markets
Pricing Strategies
What a buyer is willing to give up to obtain a product and is the most flexible of the four Ps
Implementation
Process that turns a marketing plan into action assignments and ensures that these assignments are executed in a way that accomplishes the plan’s objectives
Evaluation
Gauging the extent to which the marketing objectives have been achieved during the specified time period
Control
Provides the mechanisms for evaluating marketing results in light of the plans objectives and for correcting actions that do not help the Org reach those objectives within budget guidelines
Marketing Audit
A thorough, systematic, periodic evaluation of the objectives, strategies , structure, and performance of the marketing organization

Need essay sample on "Ch 2 : Strategic Planning for Comp. Adv."? We will write a custom essay sample specifically for you for only $ 13.90/page

Can’t wait to take that assignment burden offyour shoulders?

Let us know what it is and we will show you how it can be done!
×
Sorry, but copying text is forbidden on this website. If you need this or any other sample, please register

Already on Businessays? Login here

No, thanks. I prefer suffering on my own
Sorry, but copying text is forbidden on this website. If you need this or any other sample register now and get a free access to all papers, carefully proofread and edited by our experts.
Sign in / Sign up
No, thanks. I prefer suffering on my own
Not quite the topic you need?
We would be happy to write it
Join and witness the magic
Service Open At All Times
|
Complete Buyer Protection
|
Plagiarism-Free Writing

Emily from Businessays

Hi there, would you like to get such a paper? How about receiving a customized one? Check it out https://goo.gl/chNgQy

We use cookies to give you the best experience possible. By continuing we’ll assume you’re on board with our cookie policy