Marketing Management: Strategic Planning and the Marketing Management Process

These flashcards cover key concepts in marketing management including definitions of strategies, objectives, and planning processes.

Marketing Concept

An organization should seek to make a profit by serving the needs of customer groups.

Strategic Planning

All activities leading to the development of a clear organizational mission and objectives.

Organizational Mission

A statement defining the organization's history, core competitiveness, and environment.

Market Penetration

A strategy to increase market share within existing markets using current products.

Product Development

A strategy that involves introducing new products to existing markets.

Market Development

A strategy focusing on entering new markets with existing products.

Differentiation Strategy

A strategy seeking to be unique in its industry based on valuable dimensions.

Value Strategies

Strategies that can be classified as Best Price, Best Product, and Best Service.

Organizational Objectives

Specific targets that can translate into actionable steps for the organization.

Competitive Advantage

Attributes that allow an organization to outperform its competitors.