Exam 1 CHP 2 Flashcards
Creating and maintaining a fit between the organization’s objectives and resources and the evolving market opportunities.
Strategic Planning
A method of developing alternatives, which matches products with markets.
Anshoff’s Growth Matrix
Process of anticipating future events and determining strategies to achieve organizational objectives in the future. PROCESS
Marketing Planning
What are the 5 Elements of a Marketing Plan?
- Business Mission Statement
- SWOT Analysis
- Objectives
- Marketing Strategy
- Implementation Evaluation Control
Statement of a firm’s business based on analysis of benefits sought by customers and existing environmental conditions.
Mission Statement
Situational analysis by which a firm should identify their internal strengths and weaknesses and examine their external opportunities and threats.
(SWOT)
Factor or factors that cause customers to patronize a firm and not the competition. (Lowest cost or highest price)
Competitive Advantage
What are the 7 sources for competitive advantage?
- Patents
- Copyrights
- Locations
- Equipment
- Technology
- Customer Service
- Promotion
What are the 4 requirements for marketing objectives?
- Realistic
- Measurable
- Time-specific
- Compared to a benchmark
Produces mutually satisfying exchanges with target markets by selecting and describing 1 or more target markets and developing and maintaining a marketing mix.
Target marketing strategy
What are the 4 “P”s?
- Product
- Place
- Promotion
- Price
What are the 3 techniques for effective strategic planning?
- Continual attention
- Creativity
- Management commitment
Increase market share among existing customers. (Present market)
Market Penetration
Attract new customers to existing products. (New market)
Market development
A strategy entailing the creation of new products for present markets. (Present market)
Product development
