Lecture 4 Flashcards
What is tactical planning
Functional units.
How can we meet goals set by management? What are our specific objectives? Short term executions
What is marketing strategy?
A plan of action for identifying and analyzing a target market and developing a marketing mix to meet the needs of the market.
What is marketing plan?
Written document that specifies the activities to be performed to implement and control an organizations marketing activities. Tactical marketing
What is a mission statement
Long term view or vision
What do good mission statements do?
- Underscore the scope of an organizations operation
- Reflects managements vision of what they seek to do
- focus on limited number of goals
- stress major policies and values
- define major competitive spheres.
What is corporate culture?
The shared expletives stories beliefs and Norms that characterize and organization.
What is a shot analysis
Helpful Harmful
Internal- Strengths Weaknesses
External- Opportunities Threats
What is the marketing objective in the marketing plan?
Statement of what is to be accomplished through marketing activities.
Marketing objectives should be S.MA.R.T….
S-specific M-measurable A-achievable R-relevant T-time-bound
What is a market Strategy in the marketing plan?
Outline of how the firm will achieve the objectives.
What is competitive advantage?
The result of a company’s matching a core competency to opportunities in the marketplace. Manufacturing skills technical skills and marketing skills.
Core competencies+market opportunities=competitive advantage
What is the business strategy?
Focuses on a division, product line, or profit center. Includes market and market share analysis beret mine lower level marketing strategy.
What is a centralized organization?
top management delegates little authority to levels below it.
Decentralized organization?
Decision making authority is delegates as far down the chain of command.
What is internal marketing?
Coordinating internal exchanges between the firm and its employees to achieve successful external exchanges
