POM Flashcards
Is the process of developing and maintaining a strategic fit between the organizations goals and capabilities and its changing marketing opportunities
Strategic Planning
Steps in strategic planning
- Defining the company mission
- Setting company objectives and goals
- Designing the business portfolio
- Planning marketing and other functional strategies
Is the organizations purpose, what it wants to accomplish in the larger environment
Mission Statement
Defines the business in terms of satisfying basic customer needs.
Market-oriented mission statement
are specific and measurable results companies hope to maintain as their organization grows. It acts as a compass for the company, dictating how the organization should allocate strengths, weaknesses and opportunities that may be available.
Business objectives
are a brand’s define goals. They outline the intentions of marketing team, provide clear direction for team members to follow, and offer information for executives to review and support. It is a pivotal part of a marketing strategy.
Marketing objectives
is the collection of business and products that make up the company.
Business portfolio
is a major activity in strategic planning whereby management evaluates the products and businesses that make up the company
Portfolio Analysis
is a growth strategy increasing sales to current market segments without changing the product
Market penetration
is a growth strategy that identifies and develop new market segments for current products.
Market Development
is a growth strategy that offers new or modified products to existing market segments.
Product Development
is a growth strategy through starting up or acquiring businesses outside the company’s current products and market.
Diversification
is the reduction of the business portfolio by eliminating products or business units that are nor profitable or that no longer fit the company’s overall strategy.
Downsizing
is a series of departments that carry out value-creating activities to design, produce, and market, deliver, and support a firm’s products.
Value chain
is made up of the company, suppliers, distributors, and ultimately customers who partners with each other’s to improve performance of the entire system.
Value delivery network
is the division of a market into distinct groups of buyers who have different needs, characteristics or behavior and who might require separate products or marketing mixes.
Market segmentation
is a group of consumers who responds in a similar way to a given set of marketing efforts.
Market segment
is the process of evaluating each market segment’s attractiveness and selecting one or more segments to enter.
Market targeting
is the arranging for a product to occupy a clear. Distinctive, and desirable place relative to competing products in the minds of the target consumer.
Market positioning
is the set of controllable tactical marketing tools- products, price, place, and promotion- that the firm blends to produce the response it wants in the target market.
Marketing mix
is a process that consists of analyzing current situation and information about marketing opportunities, forecasting and establishing planning premises, selecting target markets, determining marketing objectives, designing and developing marketing strategy.
Planning
is the process that turns marketing plans into marketing actions to accomplish strategic marketing objectives
Implementing
is the measurements and evaluation of results and the taking of corrective action as needed to ensure the objectives are achieved’
Controlling
involves checking ongoing performance against an annual plan and taking corrective action as needed.
Operating control
involves looking at whether the company’s basic strategies are well matched to its opportunities.
Strategic control
the net return from marketing investment divided by the cost of the marketing investment. Marketing roi provides a measurement of the profits generated by investments in marketing activities.
Marketing ROI
is a combination of internal and external environmental forces and factors that influences the business operation of a business and its ability to serve its customers.
Marketing environment
consists of the actors close to the company that affect its ability to serve its customers, the company, marketing intermediaries, customers markets, competitors, and publics
Microenvironment
is a legal entity formed by a group of individuals to engage in and operate a business - commercial or industrial- enterprise
The Company
is a person or entity that provides the resources to an entity for them to produce goods and services. It is treated as a partner to provide customer value.
Suppliers
helps the company to promote, sell and distribute its products to final buyers.
Marketing Intermediaries
is a business that provides similar products or services to your business. Firms must gain strategic advantage by positioning their offers against competitors’ offerings.
Competitors
refers to any group that has an actual or potential interest in or impact on an organization’s ability to achieve its objectives.
Publics
is an individual or business that purchases another company’s good and services.
Customer
are important because they drive revenues; without them, business cannot continue to exist.
Customer
is a set external factors or forces, not controlled by the company, which influences is development. It is mainly includes demographics, economics, natural, cultural, technological, legal or political elements.
Macroenvironment
is the study of human populations- size, density, locations, race, occupation, and other statistics like age, and gender
Demography
involves people, and people make up markets. Demographic trends shift in age, family structure, geographic population, educational characteristics, and population diversity.
Demographic environment
consist of factors that affect consumer purchasing power and spending patterns.
Economic environment
offerings a financially cautious buyers with greater value by providing the right combination of quality and service at a fair price.
Value marketing
includes natural resources that are needed as inputs by marketers of that are affected by marketing activities
Natural environment
refers to the state of science and technology in the country and related aspects such as rate of technological progress, institutional arrangement for development and application of new technologies.
Technological environment
includes laws, government agencies, and pressure groups that influence or limit various organization and individuals in a given society.
Political environment
consist of institutions and other forces that affect a society’s basic values, perceptions, and behaviors. Cultural factors strongly affect people think and how they consume. So marketers are keenly interested in the cultural.
Cultural environment
are persistent and are passed on from parents to children and are reinforced by schools, churches, businesses, and government.
Core beliefs and values
are more open to change and include people’s views of themselves, others, organization, society, nature and the universe.
Secondary beliefs and values
