CH02: Mktg Planning and Mgmt Flashcards
the 4 marketing planning activities
- defining the mission
- building culture
- establishing SBUs
- assigning resources to SBUs
mission
clear, concise, enduring statement of the reasons for an org’s existence (core purpose)
what is the purpose of the mission?
provide employees and management with a shared purpose, direction, and opportunity
the 5 characteristics of a good mission statement
- focused
- company values
- define major markets
- long-term view
- short, memorable, and meaningful
corporate culture
the shared experiences, stories, beliefs, and norms that characterize an organization
strategic business unit
SBU; a single business or set of related businesses that can exist separately from the rest of the company
specialized portfolio
fairly narrow assortments consisting of one or a few product lines
diversified portfolio
fairly broad assortments containing multiple product lines
marketing strategy
choosing a well-defined market and determining the value to be created by the company
marketing tactics
the marketing mix; the nuts and bolts; what the company will do to drive strategy
the 2 components of the marketing strategy
- target market
- value proposition
the 5 factors of the target market
- company
- customers
- collaborators
- competitors
- context
target customers
individuals or orgs whose needs the company plans to fulfill
collaborators
entities that work with the company to help create value for customers
competitors
other companies trying to fulfill the needs of the same customers that the company is targeting
