Bus 343 - Midterm 2025/2026 Update

Strategic Planning
the process of developing and maintaining a strategic fit between the organization's
goals and capabilities and its changing marketing opportunities
SWOT analysis
strengths, weaknesses, opportunities, threatsr Read More
marketing strategy
identifies target markets and sets marketing mix choices that focus on those markets to
build a sustainable competitive advantage (Segmentation, Targeting, Positioning)
sustainable competitive advantage
something the firm can persistently do better than its competitors and is not easily
copied and thus can be maintained over a long period of time
Marketing Mix
the set of tactical marketing tools - product, price, place, and promotion - that the firm
blends to produce the response it wants in the target market
Customer Marketing Mix
Customer driven managing tools to influence demand - customer value, customer cost,
convenience, communication
Marketing Plan
A written document composed of an analysis of the current marketing situation,
opportunities and threats for the firm, marketing objectives and strategy specified in
terms of the four Ps, action programs, and projected or pro forma income (and other
financial) statements.
Planning, implementation, and control
The three major phases of the marketing plan.
planning phase
Where marketing executives and other top managers define the mission and objectives
of the business, and evaluate the situation by assessing how various players, both
inside and outside the organization, affect the firm's potential for success.
implementation phase
Where marketing managers identify and evaluate different opportunities by engaging in
a process known as segmentation, targeting, and positioning. They then develop and
implement the marketing mix by using the four Ps.
control phase
the part of the strategic marketing planning process when managers evaluate the
performance of the marketing strategy and take any necessary corrective actions
Mission Statement
A broad description of a firm's objectives and the scope of activities it plans to
undertake; attempts to answer two main questions: What type of business is it? What
does it need to do to accomplish its goals and objectives?
Culture, demographic, social, technological, economic, and political
CDSTEP