Strategic Planning and Marketing Flashcards
What is strategic planning?
he process of aligning organizational goals with changing marketing opportunities.
What is the first step in strategic planning?
Define the mission, establishing the organization’s purpose and customer focus.
What does setting objectives and goals involve in strategic planning?
Converting the mission into actionable targets.
What is business portfolio design?
Analyzing current business units and planning future growth as part of the strategic planning process.
What are functional strategies in strategic planning?
Detailed plans created for marketing and other departments to achieve organizational goals.
What key questions should a market-oriented mission answer?
What is our business? Who is the customer? What do consumers value?
What is a business portfolio?
A collection of businesses and products that make up the company.
How is portfolio analysis conducted?
Evaluating strategic business units (SBUs) based on market growth rate and relative market share.
What does the BCG Matrix classify SBUs into?
Stars, Cash Cows, Question Marks, or Dogs.
Name the four growth strategies in the Product/Market Expansion Grid.
Market Penetration, Market Development, Product Development, Diversification.
How does marketing create value in strategic planning?
Through the value chain, involving product design, production, and support.
What is the value delivery network?
Partners within the supply chain that collaborate to enhance customer value.
What are the key components of market segmentation and targeting?
Dividing the market into segments and selecting which to target.
What is market positioning?
Defining how a product is distinct from competitors and occupies a desirable place in the consumer’s mind.
What are the 4 Ps of the marketing mix?
Product (goods/services offered), Price (customer cost), Place (distribution channels), Promotion (communication with customers).
