Marketing - Chapter 02

Card Set Information

Marketing - Chapter 02
2011-05-11 13:59:40
Kwantlen Polytechnic University

Kwantlen Polytechnic University
Show Answers:

  1. 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
  2. Tactical Planninc
    Planning that guides the implementation of activities specified in the strategic plan. Middle Management
  3. Planning at different levels
    • *Top Management: Strategic Planning
    • *Middle Management: Tactical Planning
    • *Supervisory Management: Operational Planning
  4. Business Plan
    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.
  5. Marketing Plan
    Detailed description of the resources and actions needed to achieve stated marketing objectives.
  6. 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
  7. 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)
  8. 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.
  9. 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.
  10. SWOT Analysis
    Analysis that helps planners compare internal organizational strengths and weaknesses with external opportunities and threats.
  11. Marketing Mix
    Blending of the four strategy elements: Product, place, Promotion and Pricing to fit the needs and preferences of a specific target market.
  12. Target Market
    Group of people towards whom the firm decides to direct its marketing efforts and ultimately its merchandise.