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
company
the entity that develops and manages a given market offering
context
environment in which the company and its collaborators operate
- sociocultural
- technological
- regulatory
- economic
- physical
the 3 types of value balanced by the optimal value proposition
customer, company, collaborator
market offering
the actual good that the company deploys in order to fulfill a given customer need
the 7 aspects of a market offering
- product
- service
- brand
- price
- incentives
- communication
- distribution
what 5 activities guide the development of an action plan?
GSTIC
- set a goal
- develop strategy
- design tactics
- define implementation plan
- identify control metrics
the 2 components of the marketing goal
- focus (monetary and strategic)
- benchmarks (quantitative and temporal)
the 2 components of the marketing implementation plan
- development
- deployment
the 2 types of marketing control metrics
- performance
- environment
the main functions of the marketing plan
- describe company goal and proposed course of action
- inform relevant stakeholders
- persuade relevant decision makers
the main components of the marketing plan
- executive summary
- situation overview
- GSTIC
- exhibits
executive summary - marketing plan
the elevator pitch of the plan
situation overview - marketing plan
overall evaluation of the environment; company overview; key aspects of markets
GSTIC - marketing plan
core of the plan (goal, strategy, tactics, implementation, controls)
exhibits - marketing plan
appendices; extra data or visuals that would not be appropriate to include in the main plan; supporting evidence
marketing audit
comprehensive examination of the marketing aspect of an offering or a company’s marketing department; intended to identify overlooked opportunities and recommend a plan of action to improve performance
the 4 key traits of an effective marketing audit
- comprehensive
- systematic
- unbiased
- periodic
