Chapter 2 - Company and Marketing Strategies Flashcards
What does strategic planning do?
Guides marketing strategy and planning
What is strategic planning?
the process of developing and maintaining a strategic fit between the organization’s goals and capabilities and its changing marketing opportunities.
What is the 1st step of strategic planning?
Defining the overall PURPOSE and MISSION
What are the corporate level steps?
1.Define the mission (customer focused)
2.Set company objectives
3.Business Portfolio
What do business portfolio’s do?
They impact the amount of funding. They help decided if its best to increase, decrease, flat rate investments ($).
Market Penetration
Existing Market/Existing Products
Market Development
New Markets/Existing Products
Product Development
Existing Markets/New Products
Diversification
New Products/New Markets
What does Marketing help provide:
Concept, Inputs, Strategies, Responsibility
Why partner with other companies?
build external value delivery network
Integrated Marketing Mix (4P)
Product, Price, Place, Promotion
What is Marketing AND Strategic planning driven by?
CUSTOMERS wants/needs/satisfaction
Define each of the 4 P’s
Product - goods and services the company offers to the target market.
○ Price - $ the customers must pay to obtain the product.
○ Promotion - activities that communicate the merits of the product and
persuade customers to buy it.
○ Place - company activities to make the product available to the target.
What are the 5 steps to managing Market Function/Effort?
1.Analysis
2.Planning
3.Implementation
4.Organization
5.Control
What does S.W.O.T stand for?
Strengths, Weaknesses, Opportunities, Threats
Executive Summary
Starts the marketing plan, reviews major assessments, goals and recommendations
Marketing Implementation
the process that turns marketing plans into marketing actions to accomplish the strategic marketing objectives.
Marketing Control
Evaluating results and marketing taking corrective action to ensure that the objectives are obtained.
Operational Control
is checking ongoing performance against the annual plan and taking corrective action when necessary.
This includes: sales, profits, profitability of products, territories, markets and channels.
Strategic Control
looks at whether the company’s basic strategies are well matched to its opportunities.
Marketing (ROI)
Return on Investments
-net return from a marketing investment/the cost of the marketing investment-
