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D174 Module 2
Marketing Planning
| Term | Definition |
|---|---|
| Benefit | type of utility that a company and its products (and services) provide its customers. |
| Utility | want-satisfying power of a good or service. |
| Major kinds of utility | Form, time, Place, Ownership |
| How is Form utility created? | firm converts raw materials into finished products that are desired by the market. |
| Which Utility is created by Marketing? | Time, Place, Ownership |
| Form Utility | created when the firm converts raw materials into finished products that are desired by the market. |
| Value Proposition | The whole bundle of benefits a company promises to deliver to the customer, not just the benefits of the product itself. |
| Customer Satisfaction | The level of liking an individual harbors for an offering |
| Customer Loyalty | A customer’s commitment to a company and its products and brands for the long run. |
| Customer Retention | Low propensity among a firm’s customer base to consider switching to other providers. |
| Value Chain | The synthesis of activities within a firm involved in designing, producing, marketing, delivering, and supporting its products or services. |
| Value-Creating Activities | Activities within a firm’s value chain that act to increase the value of its products and services for its customers. These can take the form of either primary activities or support activities. |
| Marketing Planning | The ongoing process of developing and implementing market-driven strategies for an organization. |
| Marketing Plan | The resulting document that records the marketing planning process in a useful framework. |
| Market-Driven strategic planning | The process at the corporate or strategic business unit (SBU) level of a firm that acts to marshal the various resource and functional areas toward a central purpose around the customer. |
| Strategic Business Units | A business within a larger company with its own set of competitors and plan |
| Corporate-Level Planning | An umbrella plan for the overall direction of the corporation developed above the strategic business unit (SBU) level. |
| SBU-Level Strategic plan | Planning that occurs within each of the firm’s strategic business units (SBUs) designed to meet individual performance requirements and contribute satisfactorily to the overall corporate plan |
| Portfolio analysis | A tool used in strategic planning for multibusiness corporations that views SBUs, and sometimes even product lines, as a series of investments from which it expects maximization of returns. |
| Boston Consulting Group BCG or Growth Share Matrix | A popular approach for in-firm portfolio analysis that categorizes business units’ level of contribution to the overall firm based on two factors: market growth rate and competitive position. |
| Functional level plans | Plans for each business function that makes up one of the firm’s strategic business units (SBUs). These include core business functions within each SBU such as operations, marketing, and finance, as well as other pertinent operational areas. |
| Mission Statement | The verbal articulation of an organization’s purpose, or reason for existence. |
| Strategic Vision | Often included within a firm’s mission statement, it is a discussion of what the company would like to become in the future. |
| Goals | General statements of what the firm wishes to accomplish in support of the mission and vision. |
| Objectives | specific, measurable, and potentially attainable milestones necessary for a firm to achieve its goals. |
| Strategy | A comprehensive plan stating how the organization will achieve its mission and objectives. |
| Generic Strategy | An overall directional strategy at the business level. |
| Competitive Strategy | An organization-wide strategy designed to increase a firm’s performance within the marketplace in terms of its competitors. |
| Core Competencies | The activities a firm can do exceedingly well. |
| Distinctive competencies | A firm’s core competencies that are superior to those of their competitors. |
| Sustainable Competitive advantage | The resulting advantage a firm has when it invests in distinctive competencies. |
| strategic type | strategic type have a common strategic orientation and a similar combination of structure, culture, and processes consistent with that strategy. |
| first-mover advantage | When a firm introduces a new market offering, thus defining the scope of the competitive marketplace. |
| Situation analysis | An analysis of the macro- and micro-level environment within which a firm’s marketing plan is being developed. |
| SWOT analysis | A convenient framework used to summarize key findings from a firm’s situational analysis into a matrix of strengths, weaknesses, opportunities, and threats. |
| Market Penetration strategies | Strategies designed to involve investing against existing customers to gain additional usage of existing products. |
| Product development strategies | Strategies designed to recognize the opportunity to invest in new products that will increase usage from the current customer base. |
| Diversification strategies | Strategies designed to seize on opportunities to serve new markets with new products. |
| Marketing Control | The process of measuring marketing results and adjusting the firm’s marketing plan as needed. |
| How many Strategic Types are there? | Four strategic types are prospectors, analyzers, defenders, and reactors—depending on a firm’s approach to the competitive marketplace. |
Created by:
mkale
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