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What is the process of developing and maintaining a strategic fit between an organization's goals and capabilities and changing marketing opportunities called?
Strategic Planning
What should a mission statement primarily define in a marketing context?
The business in terms of satisfying basic customer needs.
What does Walmart’s market-oriented mission statement emphasize?
Delivering low prices every day for ordinary folks.
What are the two decisions involved in setting company objectives?
Identifying the focus of the company’s actions and defining specific performance benchmarks.
What is a Strategic Business Unit (SBU)?
A unit of the company that has a separate mission and objectives that can be planned separately from other company businesses.
What is market segmentation?
Dividing a market into distinct groups of buyers who have different needs, characteristics or behaviors.
What is the objective of market targeting?
To evaluate each market segment’s attractiveness and select segments to enter.
What does the term 'differentiation' refer to in marketing?
The process of distinguishing the market offering from that of competitors to create superior customer value.
What are the four Ps of the marketing mix?
Product, Price, Promotion, Place.
What is the purpose of a marketing plan?
To address the what and why of marketing activities and detail the strategies to achieve objectives.
What does marketing return on investment (Marketing ROI) measure?
The net return from a marketing investment divided by the costs of the marketing investment.
What is meant by the term 'marketing control'?
Evaluating the results of marketing strategies and plans and taking corrective action to ensure objectives are met.
What is the final goal of developing a business portfolio?
To leverage the company's strengths, increase opportunities, and mitigate threats in the marketing environment.
What does 'downsizing' refer to in the context of a business portfolio?
The reduction of the business portfolio by eliminating unprofitable products or business units.
What role does marketing play in strategic planning?
It provides a guiding philosophy and inputs to strategic planners by identifying attractive market opportunities.
The process of identifying customer needs and wants is called _________.
Marketing Research.
In marketing, the term _________ refers to the totality of products and services offered by a company.
Product Mix.
The _________ includes all efforts to communicate with potential customers about products and services.
Promotion.
The _________ refers to the pathway through which goods and services flow from the producer to the consumer.
Distribution Channel.
A ___________ focuses on satisfying a specific customer segment rather than the entire market.
Niche Marketing Strategy.
_________ refers to a market strategy that involves creating a unique image or perception of a product in a consumer's mind.
Branding.
In the product lifecycle, the stage where sales begin to flatline and profits decrease is known as _________.
Decline.
An organization’s target market is usually identified through _________.
Market Segmentation.
The adoption of a new innovation in marketing follows a curve that is typically represented as the _________.
Diffusion of Innovation Curve.
The combination of efforts that an organization makes to attract and retain customers is referred to as _________.
Customer Relationship Management (CRM).
In pricing strategies, _________ pricing involves setting a low initial price for a new product to attract customers.
Penetration.
The _________ concept suggests that customers will favor those products that offer the most quality, performance, and features.
Product.
To understand consumer behavior, companies often use _________.
Psychographics.
The _________ is a formal document that outlines a company's marketing strategy and tactics.
Marketing Plan.
In the context of retail marketing, ____________ refers to the series of steps taken from product generation through manufacturing and distribution to consumer use.
Supply Chain Management.
Steps in Strategic Planning
Define company mission
Set goals n objectives
Design business portfolio
Plan marketing & other strategies
Business portfolio
The collection of businesses and products that make up the company
Portfolio Analysis
The process by which
management evaluates the products and
businesses that make up the compaBy
Star
High market growth rate , High market share
Cash cow
Low market growth rate , high market share
Question
high market growth rate , low market share
Dog
Low market growth rate , low market share
Designing the business portfolio
Identify SUB
Look at their attractiveness
How much support does each need
Market penetration –
Company growth by increasing sales
of current products to current market segments without
changing the producT
Market development
Company growth by identifying and
developing new market segments for current products.
Product development
Company growth by offering
modified or new products to existing market segments.
Diversification
Company growth through
starting up or acquiring businesses outside the
company’s current products and Markets
Value chain
The series of departments that carry
out value-creating activities to design, produce,
market, deliver, and support a firm’s products
Partner relationship management
The process of
working closely with partners in other
departments to form an effective value chain that
serves the customer
Value delivery network
(Outside) This is made up of the
company, suppliers, distributors, and ultimately
customers who partner with each other to improve
performance of the entire system in delivering
customer value.
Market positioning
Where your brand is in the mind of consumers relative to competitors . a product
to occupy a clear, distinctive and desirable
place relative to competing products in the
minds of target consumers
marketing department organization is
responsible for executing marketing strategies
and plaNo. There are 4 types
Functional , geographic , product management organization, market or consumer management organization
Functional organziation
The most common
form of marketing organization with different
marketing functions headed by a functional specialist.
§ E.g. Sales Manager/ Market Research Manager/
Customer Service Manager/ New Product MaAnger
Geographic organization
Managers are responsible for developing strategies
and plans for a specifIc region
Product management organization
Managers are responsible for developing strategies
and plans for a specific product
Market or consumer management organization
Useful for companies with one
product line sold to many different markets
and customers.
§ Managers are responsible for developing strategies
and plans for their specific markets or customers
Operating control as a type of marketing control
involves checking
ongoing performance against an annual plan
and taking corrective action as needEd
Strategic control as a type of marketing control
involves looking at
whether the company’s basic strategies are
well matched to its opportuniTunes
Note 
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