Chapter 2: Planning, Implementing, and Evaluating Marketing Strategies – Flashcards
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Strategic Marketing Management
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The process of planning, implementing, and evaluating the performance of marketing activities and strategies, both effectively and efficiently
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Strategic Planning
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The process of establishing an organizational mission and formulating goals, corporate strategy, marketing objectives, and marketing strategy
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Mission Statement
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A long-term view, or vision, of what the organization wants to become
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Corporate Strategy
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A strategy that determines the means for utilizing resources in the various functional areas to reach the organization's goals
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Strategic Business Unit (SBU)
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A division, product line, or other profit center within the parent company EX - Kraft SBU consists of dairy products and snack foods
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Market
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A group of individuals and/or organizations that have needs for products in a product class and have the ability, willingness, and authority to purchase those products
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Market Share
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The percentage of a market that actually buys a specific product from a particular company
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Market Growth/Market Share Matrix
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A helpful business tool, based on the philosophy that a product's market growth rate and its market share are important considerations in determining its market strategy
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Core Competencies
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Things a company does extremely well, which sometimes give it an advantage over its competition
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Market Opportunity
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A combination of circumstances and timing that permits an organization to take action to reach a particular target market
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Strategic Windows
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Temporary periods of optimal fit between the key requirements of a market and the particular capabilities of a company competing in that market
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SWOT Analysis
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Assessment of an organization's strengths, weaknesses, and opportunities, and threats
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First-mover Advantage
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The ability of an innovative company to achieve long-term competitive advantages by being the first to offer a certain product in the marketplace
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Late-mover Advantage
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The ability of later market entrants to achieve long-term competitive advantages by not being the first to offer a certain product in a marketplace Can learn from a first mover's mistakes There is more certainty in the market later
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Marketing Objective
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A statement of what is to be accomplished through marketing activities Can be stated in terms of product introduction, product improvement, pricing, distribution, etc.
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Marketing Strategy
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A plan of action for identifying and analyzing a target market and developing a marketing mix to meet the needs of that market Best use of the company's resources to reach the marketing objective
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Sustainable Competitive Advantage
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An advantage that the competition cannot copy
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Marketing Implementation
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The process of putting marketing strategies into action
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Centralized Organization
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A structure in which top-level managers delegate little authority to lower levels
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Decentralized Organization
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A structure in which decision-making authority is delegated as far down the chain of command as possible
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Strategic Performance Evaluation
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Establishing performance standards, measuring actual performance, comparing actual performance with established standards, and modifying the marketing strategy, if needed
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Performance Standards
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An expected level of performance against which actual performance can be compared
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Sales Analysis
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Analysis of sales figure to evaluate a firm's performance
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Marketing Cost Analysis
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Analysis of costs to determine which are associated with specific marketing efforts Compare marketing activities with results generated
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Marketing Plan
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A written document that specifies the activities to be performed to implement and control the organization's marketing strategies
