Marketing planning process/ MOD 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

Mission statement

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

situational analysis

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

SWOT analysis

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

Organizational capabilities

Combinations of skills, processes, human abilities, and competencies that are unique to an organization

SMART

Specific, Measurable, Achievable, Result-oriented, Time bound

Target market

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

Boston Consulting Group (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

Porters 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

External factors

Factors an organization may be able to influence, but not control (such as technology innovations, competition, economic trends, and government policies) a company, which can represent opportunities or threats

Dog

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

Cash cow

A cash cow is a product or business that has high market share and is in a slow-growing industry. It is bringing in more money than is being invested in it, but it does not have much growth potential.

Question mark

A question mark is a product or business that has low market share currently, but is in a growing industry.

Star

A star has high market share in a fast-growing industry. This kind of product or business is poised to bring a strong return on the funds invested

Threat of new entrants

From the view of the current companies in the market, profitable markets that yield high returns will attract new companies.

Threat of substitute products or services

The existence of different products that fulfill the same need increases the likelihood that customers will switch to alternatives.

Rivalry

For most industries, the intensity of competitive rivalry is the major factor in determining the competitiveness of the industry.

Bargaining power of buyers

The bargaining power of customers is the ability of customers to put a company under pressure, which also affects the customer's sensitivity to price changes

Bargaining power of suppliers

When there are few substitutes, suppliers of raw materials, components, labor, and services (such as expertise) to an organization can be a source of power over the organization.

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

Internal factors

Factors controlled by the organization (such as financial resources, product lines, or technical capabilities), which can be either strengths or