ch 3

1. Comprehensive: covers all major marketing issues facing an organization and not just trouble spots.

2. Systematic: takes place in an orderly sequence and covers the organization's marketing environment, internal marketing system, and specific marketing activities. The diagnosis is followed by an action plan with both short-term and long-term proposals for improving overall marketing effectiveness.

3. Independent: normally conducted by an inside or outside party that is independent enough to have top management's confidence and to be objective.

4. Periodic: for maximum benefit, should be carried out on a regular schedule instead of only in a crisis.

a statement of the business's value based on a careful analysis of benefits sought by present and potential customers and an analysis of existing and anticipated environmental conditions

1. Setting a marketing plan objectives
Marketing objective (a statement of what is to be accomplished through marketing activities)

2. Target market strategy
market opportunity analysis (MOA)
the description and estimation of the size and sales potential of market segments that are of interest to the business and the assessment of key competitors in these market segments

3. Marketing mix (a unique blend of product, price, place, and promotion, strategies designed to produce mutually satisfying exchanges with a target market)
4P’s: product, price, place, and promotion, which together make up the marketing mix

4. product strategies: The marketing mix focuses on the product offering and strategy, including physical unit, package, warranty, after-sale service, brand name, company image, value, and benefits.

5. pricing strategies: Price is a crucial marketing element, a subconscious value calculation by consumers, and a competitive weapon for organizations, calculating total business revenue by multiplying units sold.

6. place strategies: The focus is on providing products as and when customers desire them, with a focus on ensuring they arrive in usable condition at designated locations.

7. promotion strategies: The promotional mix, encompassing advertising, direct marketing, public relations, sales promotion, personal selling, and digital marketing, effectively promotes conversation and community between companies and customers, boosting sales.

experience curves, efficient labour, government subsidies
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product design, innovations, new service delivery
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CCA

scanning: the collection and interpretation of information about forces, events,and relationships in the external environment that may affect the future of the organization or the implementation of the marketing plan

pentration: A company using the market penetration alternative tries to increase market share among existing customers by selling more of its current products.

market development: a marketing strategy that involves attracting new customers to existing products

product development: a marketing strategy that entails the creation of new products for current customers

Diversification- a strategy of increasing sales by introducing new products into new markets

(Ansoff strategic opportunity matrix table!!!)

Planning: the process of anticipating future events and determining strategies to achieve organizational objectives in the future

Strategic planning: the leadership and managerial process of establishing the organization's objectives and then determining how to achieve them given internal resources and the evolving marketing environment

Strategic business unit (SBU) a subgroup of a single business or a collection of related businesses within the larger organization

Strategic decisions are made at all three levels, whereas tactical decisions are limited to the implementation of marketing plans at the lowest operational level.

The entire set of situational conditions, both internal (strengths and weaknesses) and external (opportunities and threats), within which a business operates

1. corporate strategy: Define the mission statement. Set organizational goals and objectives.

2. set strategic directions: Situation (SWOT) analysis. Portfolio analysis. Identify growth strategies.

1. business strategy: Develop competitive advantage. Identify core competencies.

1. marketing level planning: Identify target markets. Develop the marketing mix.

2. implement, evaluate, control: Marketing audits. Annual marketing plan review

identifying internal environment of strengths (S) and weaknesses (W) as well as external opportunities (O) and threats (T)

internal: financial, management, marketing

external: competitive, regulatory, economic, social, technological

1. core competencies- key unique strengths that are hard to imitate and underlie the functioning of an organization

2. competitive advantage- the set of unique features of a company and its products that are perceived by the target market as significant and superior to the competition

3. cost competitive advantage- being the low-cost competitor in an industry while maintaining satisfactory profit margins

4. experience curves- curves that show costs declining at a predictable rate as experience with a product increases

5. product/service differentiation competitive advantage- the provision of a unique benefit that is valuable to buyers beyond simply offering a low price

6. niche competitive advantage- the advantage achieved when a company seeks to target and effectively serve a single segment of the market

7. Sustainable competitive advantage- an advantage that cant be copied by the competition

1. Implementation: the process that turns a marketing plan into action assignments and ensures that these assignments are executed in a way that accomplishes the plan's objectives

2. Evaluation: gauging the extent to which the marketing objectives have been achieved during the specified period

3. Control provides the mechanisms both for evaluating marketing results in light of the plan's objectives and for correcting actions that do not help the organization reach those objectives within budget guidelines.

4.marketing audit: a thorough, systematic, periodic evaluation of the objectives, strategies, structure, and performance of the marketing organization