Chapter 2 - Strategic Planning in Contemporary Marketing Flashcards
1
Q
Planning
A
- The process of anticipating future events and conditions and of determining the best way to achieve organizational objectives
2
Q
Marketing Planning
A
- Implementing planning activities devoted to achieving marketing objectives; the basis for the marketing strategy
3
Q
Virtual Conferences
A
- Teleconferences with computer interfaces
4
Q
Strategic Planning
A
- The process of determining an organization’s primary objectives and adopting courses of action that will achieve these objectives; long-term
5
Q
Tactical Planning
A
- Planning that guides the implementation of activities specified in the strategic plan; short-term
6
Q
Top Management
A
- Spends the most time planning
- Strategic planning
7
Q
Middle Management
A
- Tactical planning
8
Q
Supervisory Management
A
- Operational planning
9
Q
Influencers
A
- People who have influence over other people’s opinions through authority, visibility, or expertise
- Spread word about the company
10
Q
Steps in the Marketing Planning Process
A
- Defining the Organization’s Mission and Objectives
- Determine Organizational Objectives
- Assessing Organizational Resources and Evaluating Environmental Risks and Opportunities
- Formulating, Implementing, and Monitoring a Marketing Strategy
11
Q
How is the marketing strategy implemented?
A
- Through operating plans
12
Q
Porter’s Five Forces
A
- Model developed by strategy expert Michael Porter that identifies five competitive forces that influence planning strategies
13
Q
What are the five forces that influence planning strategies?
A
- Potential new entrants
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of substitute powers
- Rivalry among competitors
14
Q
First-Mover Strategy
A
- Theory advocating that the company first to offer a project in a marketplace will be the long-term market winner
15
Q
Second-Mover Strategy
A
- Theory that advocates observing closely the innovations of first movers and then improving on them to gain advantage in the marketplace
16
Q
SWOT Analysis
A
- Review that helps planners compare internal organizational strengths and weaknesses with external opportunities and threats
17
Q
The Strategic Window
A
- Limited periods when key requirements of a market and a firm’s particular competencies best fit together
18
Q
What are the elements of a marketing strategy?
A
- The target market
- The marketing mix variables of product, distribution, promotion, and price which combine to satisfy the target market
19
Q
The Target Market
A
- The group of people toward whom the firm aims its marketing efforts and merchandise
20
Q
Marketing Mix Variables
A
- The blend of four strategic elements to fit the needs and preferences of a specific target market
- Product, distribution, promotion, price
21
Q
Strategic Business Units
A
- Key business units within desired firms
22
Q
Market Share
A
- The percentage of the market the firm currently controls
23
Q
The BCG Matrix
A
- Stars: high share, high growth
- Question Marks: low share, high growth
- Cash Cows: high share, low growth
- Dogs: low share, low growth
