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marketing strategy

(1) a firm's target market, (2) marketing mix, and (3) a method of obtaining a sustainable competitive advantage

sustainable competitive advantage

something the firm can persistently do better than its competitors

operational excellence

involves a firm's focus on efficient operations and excellent supply chain management

product excellence

involves a focus on achieving high-quality products, effective branding and positioning is key

locational excellence

a method of achieving excellence by having a strong physical location and/or Internet presence

marketing plan

a written document composed of an analysis o the current marketing situation, opportunities and threats for the firm, marketing objectives, and strategy specified in terms of the 4 P's, action programs, and projected of pro forma income (and other financial statements)

planning phase

the part of the strategic marketing planning process when marketing executives, in conjunction with other top managers 1) define the mission or vision of business and 2) evaluate the situation by assessing how various players affect the firm's potential

implementation phase

the part of the strategic marketing planning process when marketing managers 1) idnetify and evaluate different opportunities by engaging in segmentation, targeting, and positioning and 2) implement the marketing mix using the 4 P's

control phase

when managers evaluate the performance of the marketing strategy and take any necessary corrective actions

mission statement

broad description of a firm's objectives and the scope of activities it plants to undertake; attempts to answer two main questions: What type of business is it? What does it need to do to accomplish it's goals/objectives?

situation analysis

uses a SWOT analysis that assesses both the internal environment with regard to its strengths and weaknesses and the external environment in terms of its opportunities and threats

STP

segmentation, targeting, and positioning that firms use to identify and evaluate opportunities for increasing sales and profits

market segment

a group of consumers who respond similarly to a firm's marketing efforts

market segmentation

process of dividig the market into groups of customers with different needs, wants, or characteristics--who therefore might appreciate products or services geared especially toward them

target marketing

process of evaluating the attractiveness of various segments and then deciding which to pursue as a market

marketing positioning

involves the process of defining the marketing mix variables so that target customers have a clear, distinct, and desirable understanding of what the product does or represents in comparison with competing products

products

anything that is of value to a consumer and can be offered through a voluntary marketing exchange

metric

measuring system that quantifies a trend, dynamic, or charactertistic

strategic business unit (SBU)

division of the firm itself that can be managed and operated somewhat independently from other divisions and may have a different mission

product line

groups of associated items, such as those that consumers use together or think of as part of a group

market share

% of a market accounted for by a specific entity

relative market share

measure of the product's strength in a particular market, defined as the sales of the focal product divided by the sales achieved by the largest firm in the industry

market growth rate

the annual rate of growth of the specific market in which the product competes

market penetration strategy

growth strategy that employs the existing marketing mix and focuses the firm's efforts on existing customers

market development strategy

growth strategy that employs the existing marketing offering to reach new market segments, domestic or international

product development strategy

growth strategy that offers a new product or service to a firm's current target market

diversification strategy

growth strategy in where a firm introduces a new product or service to a market segment it doesn't currently serve

related diversification

growth strategy where the current target market and marketing mix shares something in common with the new opportunity

unrelated diversification

growth strategy where new business lacks an common elements with the present business

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