company and marketing strategy Flashcards
what is strategic planning
the process of developing and maintaining a strategic fit between the organisation’s goal, capabilities and its changing marketing opportunities
strategy steps
- defining the company mission/vision
- setting objectives and goals
- designing the business portfolio
- planning marketing and other functional strategies
what is a vision statement
aspirational, to the world, not about the company
what is a mission statement
statement of the organisation’s purpose- what it wants to accomplish in the large environment
What does SMART stand for
specific
measurable
achievable
relevent
time-based
which model is related tot objective and goals
the SMART model
what is a business portfolio
collection of businesses and products that make up the company
what is a business portfolio analysis
process by which management evaluates the products and businesses that make up the company
What is the BCG growth-share matrix
portfolio planning method that evaluates a company’s SBUs in terms of market growth rate and relative market share
what does the BCG growth-share matrix entail
y axis - market growth rate
x axis - relative market share
cash cow, STAR, question mark, dog
what is the product/market expand grid
portfolio planning tool for identifying company growth opportunities through market penetration; development and product development or diversification
what does the product/market expansion grid entail
existing market + existing product = market penetration
existing market + new product = product development
new market + existing product = market development
new market + new product = diversification
what is downsizing
reducing the business portfolio by eliminating product/business units that are not profitable anymore or do not fit in the company strategies
what is an internal value chain
series of internal departments that carry out value-creating activities to design, produce, market deliver and support firm products
what is a value delivery network
network composed of the company suppliers, distributors and consumers, who partner with each other to improve the performance of an entire system in delivering costumer value
what does marketing analysis entail
+ve and internal = strength
-ve and internal = weakness
+ve and external = opportunity
-ve and external = threats
what does a marketing plan entail
executive summary, current marketing situation, threats and opportunities analysis, objectives and issues, action programmes, budget, controls
what is marketing implementation
turning marketing strategies and plans into marketing actions to accomplish strategic objectives
what is ROI
net return from a marketing investment divided by the costs of the marketing investment
