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Transcript of MKT - CH # 2
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STRATEGIC PLANNING AND THEMARKET PROCESS
Chpt. # 2
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Mission Statement: A statement of the organizationµs purpose ± what it wants to accomplish in the larger environment.
Business Portfolio: The collection of business and productsthat make up the company
Portfolio Analysis: A tool by which management identifies and
evaluates the various businesses that makes up the company.
Strategic Business Unit (SBU): A unit of the company thathas a separate mission and objectives and that can be plannedindependently form other company businesses. An SBU can bea company division, a product line within a division, or sometimes a single product or band.
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Growth Share Matrix: A portfolio-planning method thatevaluates a companyµs strategic business units in terms of their
market growth rate and relative market share. SBUs areclassified as stars, cash cows, question marks or dogs
Product±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 byincreasing sales of current products to current market segmentswithout changing the product
Market Development: A strategy for company growth byidentifying and developing new market segments for currentcompany products.
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Product Development: A strategy for companygrowth by offering modified or new products tocurrent market segments. Developing the productconcept into a physical product in order to ensurethat the product idea can be turned into a workableproduct
Diversification: A strategy for company growth bystarting up or acquiring business outside thecompany¶s current products and markets
Marketing Process: The process of (1) analyzingmarketing opportunities, (2) selecting target markets,(3) developing the marketing mix, and (4) managingthe marketing effort.
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Market Segmentation: Dividing a market intodistinct groups of buyers on the basis of needs,characteristics, or behavior who might requireseparate products or marketing mixes
Marketing Segment: A group of consumers whorespond in a similar way to a given set of marketingefforts
Market Targeting: The process of evaluating eachmarket segment¶s attractiveness and selecting oneor more segments to enter
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Market Segmentation
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Market Positioning: Arranging for a product to
occupy a clear, distinctive, and desirable placerelative to competing products in the minds of target
consumers
Market Mix: The set of controllable tacticalmarketing tools-product, price, place and promotion
± that the firm blends to produce the response it
wants in the target market
Marketing Strategy: The marketing logic by which
the business unit hopes to achieve its marketing
objectives
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MarketingMix
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Marketing Implementation: The process that turnsmarketing strategies and plans into marketingactions in order to accomplish strategic marketingobjectives
Marketing Control: The process of measuring andevaluating the results of marketing strategies and
plans and taking corrective action to ensure thatmarketing objectives as achieved
Marketing Audit: A comprehensive, systematic,independent, and periodic examination of a
companyµs environment, objectives, strategies, andactivities to determine problems areas andopportunities and to recommend a plan of action toimprove the company¶s marketing performance