CP Marketing Chapter 2: Strategic Planning

Vocabulary flashcards covering key strategic planning concepts, the competitive environment, the four elements of excellence, and marketing growth strategies from Chapter 2.

Strategy

The set of actions undertaken to accomplish organizational objectives.

Objectives

Specific results marketers aim to achieve from marketing activities.

Strategic Planning

The process of thoughtfully defining a firm's objectives and developing an approach for achieving those objectives.

Direct Competitors

Firms that compete with products designed around the same or similar characteristics, such as Chipotle and Qudoba.

Indirect Competitors

Firms that compete with products that have different characteristics but serve a similar function, such as Chipotle and Cava.

Marketing Strategy

The set of marketing actions taken to accomplish marketing objectives that are specific, measurable, and realistic.

Competitive Advantage

The superior position a product enjoys over competing products if consumers believe it has more value than other products in its category.

Sustainable Competitive Advantage

A lasting competitive position achieved when a product exhibits characteristics that are rare, valuable, and hard to imitate.

Customer Excellence

A strategy designed to put the customer at the center of all marketing activities by consistently delivering value, satisfaction, and quality to achieve customer loyalty.

Operational Excellence

A strategy of focusing operational principles, systems, and tools on improving customer satisfaction with a firm's products and services through managing employees, supply chain, or manufacturing processes.

Product Excellence

A visible strategy that focuses on the importance of high-quality and value-adding products, as determined by perceptions of the customers and the market.

Locational Excellence

A focus on having a strong physical location and/or Internet presence, such as high-traffic corners, convenient parking, or clustered stores.

Market Penetration

A growth strategy that emphasizes increased sales of existing goods and services to existing customers through methods like increased advertising, new distribution frameworks, or enhanced social media.

Product Development

A growth strategy that involves creating new goods and services, including improved products or new features, for existing markets.

Market Development

A growth strategy focused on selling existing goods and services to new customers, such as targeting a different gender, age group, or country.

Diversification

A growth strategy that seeks to attract new customers by offering new products that are unrelated to the existing products produced by the organization.