Strategic Planning in Marketing

Flashcards covering key concepts in strategic marketing planning and definitions relevant to the course material.

Marketing Strategy

Identifies a firm's target market and related marketing mix (the 4P's) to build a sustainable competitive advantage.

Sustainable Competitive Advantage

Attributes that give a firm an edge over competitors, key to long-term success.

SWOT Analysis

A framework for identifying Strengths, Weaknesses, Opportunities, and Threats related to a business.

Marketing Plan

A written document outlining the marketing situation, opportunities, objectives and strategies, action programs, and financial projections.

Four strategies to develop competitive advantage

Location excellence, customer Excellence, operational excellence, product excellence

4 types of growth strategies

Market penetration, Product development, market development, diversification

Customer Excellence

A strategy focused on retaining loyal customers and providing excellent customer service.

Operational Excellence

Achieved through efficient operations and strong supply chain and human resource management.

Product Excellence

Offering products with high perceived value and effective branding and positioning.

Locational Excellence

Having an advantageous physical location and/or strong internet presence.

Market Penetration

Increasing sales of existing products in current markets through strategies such as promotions and loyalty programs.

Market Development

Selling existing products to new markets, targeting different consumer groups or global expansion.

Product Development

Offering new or improved products to existing markets.

Diversification

Entering entirely new business lines, involving unfamiliar products or markets.

Mission Statement

A broad description of a firm’s objectives and the scope of activities it plans to undertake.