Marketing's Strategic Role (Ch 3)
Terms
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- What does a corporate strategic plan do?
- Provides guidance for strategic planning at all other organizational levels.
- What does a business strategic plan do?
- Indicates how each business unit in the corporation family expects to compete effectively in the marketplace
- What does a product marketing plan include?
- Both strategic decisions(what to do) and execution decisions(how to do it).
- What is the general strategic planning process?
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1. examine current situation
2. identify potential threats and possibilities
3. set objectives
4. develop strategies
5. execute - What is strategic marketing?
- Marketing activities that affect corporate, business, and marketing strategic plans.
- What is a company's core values?
- The small set of guiding principles that represent the enduring tenants of an organization.
- What is a core purpose?
- Reflects a company's reason for being or its idealistic motivation for doing work.
- What is a market penetration strategy?
- A decision to achieve corporate growth objectives with existing products within existing markets.
- What is a marketing expansion strategy?
- Marketing existing products to new markets.
- What is a product expansion strategy?
- Marketing new products to the same market.
- What is a diversification strategy?
- When a firm expands into new products and new markets.
- What are the basic options of an entry strategy?
- licensing, exporting, joint ventures, and direct investment.
- What is a direct investment?
- Where the marketer invests in production, sales, distribution, or other options in the foreign country.
- What are joint ventures?
- Any arrangement between two or more organizations to market products in an international market.
- What is a standardized marketing strategy?
- A firm develops and impliments the same product, price, promotion, distribution programs in all international markets.
- What is a customized marketing strategy?
- When a firm develops and impliments a different marketing mix for each target market country.
- What is a company's core competency?
- A bundle of skills that are possessed by individuals across the organization.
- What is an SBU?
- Strateic Business Unit. A single product or group of related products that meets a common market need or a group of related needs.
- What is a growth share martrix?
- Classifies the company's portfolio of SBU's into 4 categories, stars, ? marks, cash cows, and dogs.
- What is cross-functional teamwork?
- Sending miltifuncional teams from marketing, manufacturing, engineering, and R&D to visit specific customers regularly.
- What are co-marketing alliances?
- Contractual arrangements between companies offering complementary products in the market place.