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strategic planning

defining the company mission; setting company objectives and goals; designing the business portfolio; planning, marketing and other functional strategies

mission statement

a statement of the organization's purpose (what it wants to accomplish in the larger environment)

mission statement should

market oriented; realistic, specific, fit the market environment, based on its distinctive competencies, motivating

SMART

specific measurable actionable realistic time-bound

marketing plan

written document that provides the outline of the organization's marketing activities; explains how a company will achieve its goals and objectives; serves as a "roadmap" for implementing the marketing strategy

market segmentation

a specific group of consumers with similar needs, purchasing behaviors, and identifying characteristics

benefit (needs-based) segmentation

groups consumes with similar needs; identify demopgraphics, psychographics and usage behaviors that make consumers inside a segment distint from consumers in other segments

product positioning

designing and executing a marketing program to create a particular image of a product relative to competition

compeitive advantage

a company's ability to perform in ways that competitors cannot or will not match, or be at a disadvantage if they try

economies of scale

company can decrease is average unit cost significantly by increasing the number of products produced and sold

economies of scope

company can decrease its average unit cost siginificantly by increasing the range of products produced and sold

company analysis

identify strengths and weaknesses; analyze the history of the company

competitor analysis

consider current and potential competitors; comparison of costs, capabilities, methods and strategies; analyze current data

market attractiveness

analyze the impact of trends in: demographic, sociocultural, economic, techniligical, natural environments

industry attractiveness

size, growth, profitability, concentration, business cycles, technology

porter's 5 forces

how profitable is an (hypothetical) average firm in this industry (or submarket)?; average firm is a good benchmark; how do 5 factors affect the industry profitability?; is fierce proce competition likely?

collaborator analysis

current and potential companies that the focal firm works with to achieve the marketing objectives

direct

costs that can be directly attibuted to what is produced

indirect

costs that are not directly associated with production

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