Strategic Marketing Planning - W2L2 Flashcards
Strategic Planning
The process of developing and maintaining a strategic fit between the organisation’s goals and changing market opportunities.
A mission statement
The organisations purpose, what it wants to accomplish in the larger environment.
Setting Company Objectives & Goals
Converting the mission into detailed objectives for each level of management.
SMART Marketing Objectives
Specific, Measurable, Actionable, Relevant, Time-bound.
Business Portfolio
A collection of businesses and products that make up a compnay.
Portfolio Analysis
Management evalutes the products and businesses that make up the company.
SBUs
Strategic Business Units are key businesses that make up the company.
BCG
Boston Consulting Group Matrix - evaluates the companies SBUs based on market growth and relative market share.
Stars
High relative market share, high market growth rate.
Cash Cows
High relative market share, high market growth rate.
Question Marks
Low relative market share, high market growth rate (potentially).
Dogs
Low relative market share, low market growth rate.
ANSOFF Matrix
The product/market expansion grid used as a portfolio planning tool for identifying company growth opportunities.
Four C’s
Customer Solution, Costs, Convenience, Communication.
Managing the Marketing Effort
Analysis, Planning, Implementation & Organisation, Control.
Market Analysis
SWOT Analysis (Strengths, Weaknesses, Opportunities, Threats).
Marketing Planning
Deciding on market strategies that will help the company attain strategic objectives.
Marketing Strategy
Outlines how the company intends to create value for target customers in order to capture value in return.
Market Implementation
Turns market plans into marketing action, to accomplish strategic marketing objectives.
Marketing ROI
Net return from a marketing investment divided by the costs of the marketing investment.
Marketing Investment
Aims to improve customer value and satisfaction in order to increase customer attraction and retention.
Marketing Environment
Consists of the actors and forces outside of marketing that affect a companies ability to build and maintain successful relationships with customers.
Microenviroment
Are elements that the company interacts with regularly and has some level of influence over.
Macroenviroment
Forces that shape opportunities and pose threats to the company.
Economic Enviroment
Factors that affect customer purchasing power and spending patterns.
Natural Enviroment
The natural resources needed as inputs by marketers, or that are affected by marketing activities.
Technological Enviroment
The forces that create new technology, create new products and market opportunities.l
Political & Social Enviroment
Laws, government agencies and pressure groups that influence/limit organisations within a society.
Legislation Regulating Business
Protects companies from each other, consumers from unfair business practices and society against unrestrained business behaviour.
Cultural Environment
Institutions and other forces that affect a societies basic values, perceptions, preferences and behaviours.
