Strategic Planning in Marketing: Terms and Concepts, Quizzes of Principles of Marketing

Download Strategic Planning in Marketing: Terms and Concepts and more Quizzes Principles of Marketing in PDF only on Docsity! TERM 1 Strategic Planning DEFINITION 1 Process of developing and maintaining a strategic fit between organization's goals and capabilities and its changing marketing opportunities what and why TERM 2 Mission Statement DEFINITION 2 statement of organization's purpose--> what it wants to accomplish in the larger environment TERM 3 4 Steps of Strategic Planning DEFINITION 3 Define company's mission Set objectives and goals Design business portfolio Develop functional plans TERM 4 Business Portfolio DEFINITION 4 Collection of businesses and products that make up company TERM 5 Portfolio Analysis DEFINITION 5 Process by which management evaluates products and businesses that make up company TERM 6 BCG Growth-share Matrix DEFINITION 6 Portfolio-planning method that evaluates company's strategic business units in terms of its market growth rate and relative market share Star- need heavy investments to finance rapid growth Cash Cow- provide lots of cash Question Mark- either build into stars or phase out Dog- get rid of TERM 7 Product/Market Expansion Grid DEFINITION 7 Portfolio-planning tool for identifying company growth opportunities Market Penetration- increase sales of current products to current market w/o changing products Market Development- identify new market segments for current products Product Development- offer modified/new products to current market segments Diversification- acquiring business outside company's current products and markets TERM 8 Downsizing DEFINITION 8 Reducing business portfolio by eliminating products or business units that are not profitable or that no longer fir the company's overall strategy TERM 9 Value Chain DEFINITION 9 Series of internal departments that carry out value-creating activities to design, produce, market, deliver, and support firm's products TERM 10 Value Delivery Network DEFINITION 10 Network made up of company, suppliers, distributors, and customers who partner with each other to improve performance of entire system