Marketing Management Process

This set of flashcards covers key concepts from the Marketing Management Process, focusing on strategic planning, objectives, and strategies for organizational growth.

Strategic Planning

A process that defines an organization's direction and decision-making regarding resource allocation.

Mission Statement

A description of an organization's reason for existence that defines its direction and goals.

Organizational Objectives

End-points of an organization’s mission that it seeks to achieve through ongoing, long-term operations.

Situation Analysis

The process of collecting and analyzing information relevant to the current state of the market and the organization.

Target Market Selection

The process of identifying and deciding on the specific group of consumers at which marketing efforts are directed.

Marketing Mix

The set of controllable variables that a company can use to influence its target market, typically comprising product, price, place, and promotion.

Market Penetration

A growth strategy focused on increasing sales of existing products to existing customers.

Product Development

A growth strategy that involves creating new products for existing markets.

Market Development

A growth strategy that involves entering new markets with existing products.

Diversification

A growth strategy involving the introduction of new products into new markets.