D077 Concepts in Marketing, Sales, and Customer Contact- Module 2

Marketing plan

A comprehensive document or blueprint, informed by analysis of the organization, customer, and market environment, that outlines marketing efforts (including objectives, strategies, and tactics) for an identified period

Marketing planning process

The steps an organization goes through to create a marketing plan (includes analysis of the organization, customer, and market environment) with specific objectives, strategies, and tactics for the marketing effort

Marketing objectives

Specific, measurable achievements that an organization wants from its marketing activities within a specified time frame

Identifying the marketing mission statement

Explanation of why the marketing plan exists and what problem it hopes to solve

Conducting a situational analysis

A collection of methods that marketers use to analyze and understand an organization's capabilities, customers, and business environment

Defining objectives

departmental goals and the actions the department must take to achieve them

Developing strategies and tactics

defines how the marketing mix (product, price, place, and promotion) can best be used to achieve marketing objectives

Monitoring and controlling

determine what indicators will help monitor progress on the plan, and make adjustments if necessary

Target market

Specific group of customers toward which a firm directs its marketing efforts

SWOT analysis

Analysis of the internal, controllable factors (strengths and weaknesses) and external, uncontrollable factors (opportunities and threats) that influence an organization

A company has developed technical capabilities

Strengths

New government policies will help the company in the future

Opportunites

The company has high employee turnover

Weaknesses

The company is concerned about the country's economic condition

Threats

BCG Matrix

Planning tool which uses a quadrant to map the strategic position of a business brand based on the brand's market share and the market's growth potential

Dog

A product or business with low market share in a mature industry is a ___

Cash cow

A ____ ___ is a product or business that has high market share and is in a slow-growing industry

Question mark

A ________ ____ is a product or business that has low market share currently, but is in a growing industry

Star

A ____ has high market share in a fast-growing industry.

Brand X has a slow market-growth rate but currently hold a high market share.

Cash cow

Brand Z should be divested

Dog

Brand Y shows a rapid growth

Star

Brand M should be vetted and company should hold on to this brand

Question mark

Porter's Five Forces model

Planning tool which provides a model for how to identify and analyze the competitive forces that shape a company's environment and influence profitability

Threat of new entrants

the likelihood that new competitors will enter the market

Threat of substitute products or services

the likelihood that consumers will switch to a different type of product or service that meets the same need (such as taking a bus instead of buying a car)

Rivalry

competition from other companies in the industry

Bargaining power of buyers

the power of customers to drive down prices if supply exceeds demand

Bargaining power of suppliers

the power of suppliers when there are few alternative sources for the products' components

Strategies

Plans of action or game plans designed to meet certain objectives

Tactics

The actions taken to implement a strategy that drives toward a particular objective