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defining the company mission; setting company objectives and goals; designing the business portfolio; planning, marketing and other functional strategies
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
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
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
designing and executing a marketing program to create a particular image of a product relative to competition
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
consider current and potential competitors; comparison of costs, capabilities, methods and strategies; analyze current data
analyze the impact of trends in: demographic, sociocultural, economic, techniligical, natural environments
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?
current and potential companies that the focal firm works with to achieve the marketing objectives
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