Strategic Planning
The process of determining objectives (setting goals) and identifying strategies (ways to achieve the goals) and tactics (specific action plans) to help achieve objectives.
Statements of what is to be accomplished in terms of sales, profit, market share, or other measures.
Statements that outline how the objectives will be achieved, such as the direction to be taken and the allocation of resources needed to proceed.
Action-oriented details that outline how a strategic plan will be implemented.
A market situation in which only a few brands control the market.
Monopolistic Competition
A market in which there are many competitors, each offering a unique marketing mix; consumers can assess these choices prior to making a buying decision.
Direct Competition
Competition from alternative products and services that satisfy the needs of a target market.
Indirect Competition
Competition from substitute products that offer the same benefit as another type of product.
Subgroups within the larger cultural context that have distinctive lifestyles based on religious, racial, and geographical differences.
Consumer-Generated Content
Online content, often brand oriented, that is created by consumers for consumers
Corporate Plan
A strategic plan formulated at the executive level of an organization to guide the development of functional plans in the organization.
Marketing Plan
A short-term, specific plan of action that combines strategy and tactics.
Mission Statement
A statement of an organization’s purpose and operating philosophy; provides guidance and direction for the operations of the company.
Corporate Objective
A statement of a company’s overall goal; used to evaluate the effectiveness or ineffectiveness of a company’s strategic plan.
Divestment Strategy
Selling off divisions or product lines that no longer fit the strategic direction an organization is taking.
Acquisition Strategy
A plan of action for acquiring companies that represent attractive financial opportunities.
Penetration Strategy
A plan of action for aggressive marketing of a company’s existing products.
New Product Development Strategy
A marketing strategy that calls for significant investment in research and development to develop innovative products.
Strategic Alliance
A relationship between two companies where the resources of those companies are combined in a marketing venture for the purpose of satisfying the customers they share.
Marketing Planning
The analysis, planning, implementation, and controlling of marketing initiatives to satisfy target market needs and achieve organizational objectives.
Contingency Plan
The identification of alternative courses of action that can be used to modify an original plan if and when new circumstances arise.
Target Market
The group of persons for whom a firm creates and markets a product.
SWOT Analysis
An analysis procedure that involves an assessment of an organization’s strengths, weakness, opportunities, and threats; strengths and weaknesses are internal variables, whereas opportunities and threats are external variables.
The selling concept motivates purchase or the image that marketers desire a brand to have in the minds of customers.
Positioning Strategy Statement
A summary of the character and personality of a brand and the benefits it offers customers.
Marketing Objective
A statement that identifies what a product will accomplish in a one-year period, usually expressed in terms of sales, market share, and profit.
Marketing Strategy
A plan of action that shows how the various elements of the marketing mix will be used to satisfy a target market’s needs.
Marketing Control
The process of measuring and evaluating the results of marketing strategies and plans, and of taking corrective action to ensure marketing objectives are achieved.
Marketing Communications Plan
A plan that identifies how the various elements of marketing communications will be integrated into a cohesive and coordinated plan.
Advertising Plan
A plan that includes creative media components.
Creative Plan
A plan that outlines the nature of the message to be communicated to the target audience; involves the development of creative strategies, and creative execution.
Media Plan
A strategy that outlines the relevant details about how a client’s budget will be spent; involves decisions about what media to use an dhow much money to invest in the media chosen to reach the target audience effectively and efficiently.

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