The flashcards below were created by user
on FreezingBlue Flashcards.
Strategic vc. tactical planning
*Strategic Planning: Process of determining an organization's primary objetives and adopting courses of action that will achieve these objectives. "Big picture" - Top Management
Planning that guides the implementation of activities specified in the strategic plan. Middle Management
Planning at different levels
- *Top Management: Strategic Planning
- *Middle Management: Tactical Planning
- *Supervisory Management: Operational Planning
Formal document that outlines a company's objectives, how they will be met and how the business will achieve financing, and how much money the company is expected to earn.
Detailed description of the resources and actions needed to achieve stated marketing objectives.
Steps in the Marketing Planning Process
- *Define the organization's mission and objectives.
- *Assessing organizational resources and evaluating environmental risk and opportunities.
- *Formulating, implementing and monitoring a marketing strategy
Successful Strategies: Tools and Techniques
Porter's Five Forces Model
- Rivalry among Competitors (middle)
- Potential New Entrants (top)
- Bargaining Power of Suppliers (below)
- Threats of Substitute Products (left)
- Bargaining Power of Buyers (right)
First Mover Strategy
Theory advocating that the company that is first to offer a product in a market place with be the long-term market winner.
Second Mover Strategy
Theory that advocates observing closely the innovation of first movers and then introducing new products that improve on the original offering to gain advantage in the market place.
Analysis that helps planners compare internal organizational strengths and weaknesses with external opportunities and threats.
Blending of the four strategy elements: Product, place, Promotion and Pricing to fit the needs and preferences of a specific target market.
Group of people towards whom the firm decides to direct its marketing efforts and ultimately its merchandise.