Strategic Marketing Planning - Chapter 15 Flashcards

These flashcards cover key concepts from Chapter 15 of the Strategic Marketing Planning lecture notes to aid in exam preparation.

What are the three levels of strategy within an organization?

Corporate, Business Unit, and Functional.

What does a mission statement encompass?

A mission statement identifies the organization's scope, including its customers, markets, products, technology, and values.

What is a SWOT analysis used for?

A SWOT analysis evaluates an organization's strengths, weaknesses, opportunities, and threats.

What are the four market-product strategies?

Market penetration, Product development, Market development, and Diversification.

Why is it important to have measurable goals in a mission statement?

Measurable goals help to track progress and assess whether objectives have been met.

What are marketing dashboards used for?

Marketing dashboards are visual displays of essential information related to achieving a marketing objective.

What are marketing tactics?

Marketing tactics are detailed day-to-day operational decisions crucial to the success of marketing strategies.

What elements are involved in the marketing program of the strategic marketing process?

Allocating resources, converting plans into actions, and evaluating results.

How does technology impact distribution in marketing?

Technology, particularly eCommerce and the Internet, simplifies and adds value to the distribution process.

What question helps to set strategic direction in marketing?

Where are we now? Where do we want to go? How will we get there?