| What is a mission statement? | A statement of the organization's purpose, what it wants to accomplish in the larger environment. |
| What is Strategic Planning? | The process of developing and maintaining a strategic fit between the organization's goals and capabilities and its changing marketing opportunities. |
| What are the 4 Steps in Strategic Planning? | 1. Defining the company mission.
2. Setting company objectives and goals.
3. Designing the business portfolio.
4. Planning marketing and other functional strategies. |
| What is a Business Portfolio? | The collection of businesses and products that make up the company. |
| What are the 2 Steps for planning a Business Portfolio? | + Analyze its current business portfolio.
+ Shape the future portfolio by developing strategies. |
| What is a Portfolio Analysis? | The process by which management evaluates the products and businesses that make up the company. |
| What is the Growth-Share Matrix? | A portfolio management method that helps companies decide how to prioritize their different businesses by their degree of profitability. |
| What is Market Penetration? | Making more sales to current customers without changing its original products. |
| What is Market Development? | Company growth by identifying and developing new market segments for current company products. |
| What is the Product/Market Expansion Grid? | A portfolio-planning tool for identifying company growth opportunities through market penetration, market & product development or diversification. |
| What is Diversification? | Company growth through acquiring businesses outside the company's current products and markets. |
| What is Product Development? | Company growth by offering modified or new products to current market segments. |
| What is the Value Chain? | The series of internal departments that carry out value-creating activities to design, produce, market, deliver and support a firm's product. |
| What is the Value Delivery Network? | A network composed of the company, suppliers, distributors and customers who partner with each other to improve the performance of the entire system in delivering customer value. |
| What is Marketing Strategy? | The marketing logic by which the company hopes to create customer value and achieve profitable customer relationships. |
| What are 2 key Questions in the Marketing Strategy? | 1. Which customers will we serve? (segmentation and targeting)
2. How will we create value for them? (differentiation and positioning) |
| What is Market Segmentation? | Dividing a market into distinct groups of buyers who have different needs, characteristics or behaviour. |
| What is Positioning? | Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers. |
| What is Differentiation? | actually differentiating the market offering to create superior customer value. |
| What is a Market Segment? | A group of consumers who respond in a similar way to a given set of marketing efforts. |
| What is Market Targeting? | Selecting one or more market segments to serve. |
| What is the Marketing Mix? | The set of tactical marketing tools, product, price, place and promotion that the firm blends to produce the response it wants in the target market. |
| What are the 5 Marketing Management Functions? | Analysis, planning, implementation, organization and control. |
| What is Market Implementation? | Turning marketing strategies and plans into marketing actions and objectives. |
| What is Marketing Control? | Measuring and evaluating the results of marketing strategies and plans and taking corrective action to ensure that the objective are achieved. |
| What is Marketing Return on Investment (ROI) ? | The net return from a marketing investment divided by the cost of the marketing investment. |
