Chapter 2 Flashcards
Mission Statement
The statement of the organization purpose. The value it offers and for whom.
Positioning
Arranging for a product to occupy a clear and distinctive place relative to competing product.
Implementation
The plan is transformed into action. It is the distribution strategy.
Swot Analysis (Management of Marketing)
Strength
Weaknesses
Opportunities
Threats
Product Market Expansion-Grid
Portfolio planning tool to identify the growth opportunities
Market Penetration
Product Development
Market Development
Diversification
Product Development
New product in an existing market. It is part of the product market expansion grid.
Portfolio Analysis
It is a tool that managers use to allocate resources to meet the objectives determines in the second part of the strategic planning.
Market Penetration
Existing market, existing product. It is part of the product market expansion grid.
Value Delievery Network
External relationship made to improve actual performance.
Strategic Planning
Decide on long-term how it wants to act, where it wants to be. It gives a direction to the company.
Diversification
New Market, New product. It is part of the product market expansion-grid.
Market Development
Existing product in a new market. It is part of the product market expansion-grid.
Functional Planning
What departments need to do in order to support the strategic planning. It is led by the corporate level, the marketing department.
Operational Planning
Set specific goals, measure the results, evaluate and bring correction.
BCG Growth-Share
Measure the relationship between the relative market share and the relative market growth rate. It is part of the Business Portfolio.
Cash Cow
High market Share and Low Market Growth
Star
Both high market share and market growth
Question Mark
High growth rate and low market share
Dog
Low Market growth rate and Low market share
What are the steps, in order, of the strategic planning?
- Mission Statement.
- Translate the mission into objectives
- Business Portfolio
- Develop growth strategies
Levels of Marketing Planning (3)
- Strategic
- Functional
- Operational
The objectives from the Strategic Business Plan have to be: ________
Specific Measurable Attainable Relevant Time-Bound
What are the marketing management functions?
- Swot Analysis
- Strategic Planning
- Implementation.
- Control
Which variables of the marketing mix affect the positioning?
Place and Promotion
Which variables of the marketing mix affect the targeting?
Price and Product
What is the marketing analysis steps
- Planning
- Implementing
- Control
SMART
Specific Measurable Attainable Relevant Time-bound
Marketing Mix
Price, Product, Place, Promotion
4C’s
Customer solution, convenience, cost, communication
