Chapter 2 Flashcards
What are the 3 phases of strategic marketing?
Planning, implementation, evaluation (effectiveness and efficiency).
What is strategic planning?
Establishes organizational mission, should be guided by market orientation.
Where should organizational goals derive from (planning)?
Derive from mission statement, ask who are our customers and what is our competency?
What is corporate strategy?
Broadest form of strategy and developed with organizations overall mission in mind.
What is strategic business unit?
Division of parent company, each SBU is separate, sells distinct products to identifiable consumers and has defined competitors. Allocate resources properly and consider market/market share.
What is SWOT analysis?
Assesses organization’s strengths, weaknesses, opportunities, and threats.
What is the strength aspect of SWOT?
Positive tangible and intangible attributes of an organization, internal, controllable.
What is the weaknesses aspect of SWOT?
Internal, factors that stand in the way of goals, limitations and negative situational factors.
What are the opportunities of SWOT?
Factors that can allow organization to grow, external, what’s going on outside of the organization to succeed, aware of external changes.
What is the threats aspect of SWOT?
Things that put organizational goals at risk, external, challenges to desired performance.
What is the target market?
Most important part of strategic planning, determines who will buy product.
How do you create the marketing mix (strategy)?
Consistent with SBU and corporate strategies, competitive advantage, flexible to adaptations.
What is a strategic performance evaluation?
Establishing performance standards, measuring actual performance (sales), and market cost analysis (comparison to industry). Modify strategy if needed.
What does successful implementation of marketing strategy look like?
Motivating personnel, communication throughout firm, coordination of marketing activities, timeline for completion.
What is a strategic window?
When the right environmental conditions exist for a particular marketing opportunity.
