Company and Marketing Strategy - terms

marketing fundamentals -- part 2 -- terms

Partnering to Build Customer Relationships

Strategic planning -- the process of developing and maintaining a strategic fit between the organization's goals and capabilities and it's changing marketing opportunities. It involves defining a clear company mission, setting supporting objectives, designing a sound business portfolio, and coordinating functional strategies.
Mission statement -- a statement of the organization's purpose -- what it wants to accomplish in the larger environment
business portfolio -- a collection of businesses and products that make up the company
portfolio analysis -- a tool by which management identifies and evaluates the various businesses making up the company
growth-share matrix -- a portfolio planning method that evaluates a companies strategic business units in terms of their market growth rate in relative market share. SBU's are classified as stars, cash cows, question marks, or dogs
stars -- stars are high-growth, by sheer businesses or products
cash cows -- low growth, high share business or products. They need less investment to hold their market share
question marks -- low share business units in high-growth markets. They require a lot of cash to hold their share, let alone increased it
dogs -- low growth, low share businesses and products. They may generate enough cash to maintain themselves that do not promised to be large sources of income
products/market expansion grid -- a portfolio planning tool for identifying company growth opportunities through market penetration, market development, product development, or diversification
market penetration -- a strategy for company growth by increasing sales of current products to current market segments without changing the product
market development -- a strategy for company growth by identifying and developing new market segments for current company products
product development -- a strategy for company growth by offering modified or new products to current market segments
diversification -- a strategy for company growth through starting up or requiring businesses outside the companys current products and markets
downsizing -- reducing the business portfolio by eliminating products or business units that are not profitable or that no longer fit the company's overall strategy
value chain -- the series of departments that carry out value creating activities to design, produce, market, deliver, and support a firm's products
marketing strategy -- the marketing logic by which the company hopes to achieve strong and profitable customer relationships. It involves deciding which customers to serve a (segmentation and targeting) and with what value proposition (differentiation and positioning)
market segmentation -- defining a market into distinct groups of buyers who have distinct needs, characteristics, or behaviors and that might require separate products or marketing mixes
market segment -- a group of consumers to respond in a similar way to a given set of marketing efforts
target marketing -- the process of evaluating each market segment attractiveness and selecting one or more segments to enter
market positioning -- arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers
marketing mix -- just set of controllable tactical marketing tools -- product, price, place, and promotion -- that the firm blends to produce the response it wants in the target market
marketing plan -- a detailed plan for product or brand that assesses the current marketing situation and outlines marketing objectives, a marketing strategy, action programs, budgets, and controls
marketing implementation -- the process that turns marketing strategies and plans into marketing actions in order to accomplish strategic marketing objectives
marketing control -- the process of measuring in evaluating the results of marketing strategies and plans, and taking corrective action to ensure that objectives are achieved
marketing audit -- a comprehensive, systematic, independent, and periodic examination of company's environment, objectives, strategies, and activities to determine problem areas and opportunities in to recommend a plan of action to improve the company's marketing performance