BUS 343 Chapter 2: Making Strategic Marketing Decisions

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  1. strategic planning
    a managerial decision process that matches an organization's resources and capabilities to its market opportunities for long-term growth and survival
  2. strategy
    what a firm is going to do to achieve an objective
  3. tactics
    how a strategy is going to be implemented
  4. mission statement
    a formal statement in an organization's strategic plan that describes the overall purpose of the organization and what it intends to achieve in terms of its customers, products and resources.
  5. external environment
    the uncontrollable elements outside of an organization that may affect its performance either positvely or negatively. These include macro environment factors like regulatory or technnology factors, consumer behaviour trends, induatry factors such as induatry concentration, and competitive factors such as the number and sophistication of competitors
  6. internal environment
    the controllable elements inside an organization, including its people, its facilities, and how it does things that influence the operations of the organization.
  7. business portfolio
    the group of different products or brands owned by an organization and characterized by different income-gnerating and growth capabilities
  8. market penetration strategies
    growth strategies designed to increase sales of existing products to current customers, nonusers, and users of competitive brands in served markets.
  9. market development strategies
    growth development that introduce existing products to new markets.
  10. product development strategies
    growth strategies that focus on selling new products in served markets
  11. diversification strategies
    growth strategies that emphasizes both new products and new markets
  12. marketing plan
    a document that describes the marketing environment, outlines the marketing objectives and strategy, and identifies who will be responsible for carrying out each part of the marketing strategy
  13. SWOT analysis
    an analysis of an organization's strengths and weaknesses and the opportunities and threats in its external environment
  14. grey market
    the importing of products by an unauthorized party, who then sells them for a fraction of the price
  15. dumping
    pricing products lower in a foreign market than they are offered in the home market
  16. social profit
    the benefit an organization and society receive form the organization's ehtical practices, community service, efforts to pormote cultural diversity and concern for the natural environment
  17. business ethics
    rules of conduct for an organization
  18. code of ethics
    written standards of behaviour to which everyone in the organization must subscribe
  19. consumerism
    a social movement that attempts to protect consumers from harmful business practices
  20. price fixing
    an illegal business practice in which firms decide in advance on a common price for their product
  21. slotting allowance
    a fee paid by a manufacturer to a retailer in exchange for agreeing to place products on the retailer's shelves
  22. social responsibility
    a management practice in which organizations seek to engage in activities that have a positive effect on society and promote the public good.
  23. enivronmental stewardship
    a position taken by an organization to protect or enhance the natural environment as it conducts its business activities.
  24. green marketing
    a marketing strategy that supports environmental stewardship by creating an environmentally founded differential benefit in the minds of consumers
  25. cause marketing
    a marketing strategy in which an organization serves its community by promoting and supporting a worthy cause or by allying itself with a not-for-profit organization to tackle a social problem
  26. cultural diversity
    a management practice that actively seeks to include people of different sexes, races, ethnic groups, religions, and sexual preferences in an organization's employees, customers, suppliers, and distribution channel partners
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BUS 343 Chapter 2: Making Strategic Marketing Decisions
chapter 2
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