MKTG 302 ch1

business definition
Determining what business an organization is in.
define a business by the type of customers it wishes to serve, the particular needs of those customer groups it wishes to satisfy, and the means or technology by which the organization will satisfy these customer needs.
business mission
a mission underscores the scope of an organization’s operations apparent in its business definition and reflects management’s vision of what the organization seeks to do
business goals & objectives
Goals or objectives convert the organization’s mission into tangible actions and results that are to be achieved, often within a specific time frame.
distinctive competency
Distinctive competency describes an organization’s unique strengths or qualities, including skills, technologies, or resources that distinguish it from other organizations.
organizational growth opportunities
Three questions help marketing managers decide whether certain environmental opportunities represent viable organizational growth opportunities:
• What might we do?
• What do we do best?
• What must we do?
S.W.O.T.
SWOT analysis is a formal framework for identifying and framing organizational growth opportunities. SWOT is an acronym for an organization’s Strengths and Weaknesses and external Opportunities and Threats.
product-market strategies
Product-market strategies consist of plans for matching an organization’s existing or potential offerings with the needs of markets, informing markets that the offerings
marketing mix
A marketing mix typically encompasses activities controllable by the organization. These include the kind of product, service, or idea offered (product strategy), how it is communicated to buyers (communication strategy), the method for distributing the offering to buyers (channel strategy), and the amount buyers will pay for the offering (price strategy).
customer value proposition
customer value proposition—a cluster of benefits that an organization promises customers to satisfy their needs.
5 process of strategic marketing management
Strategic marketing management consists of five complex and interrelated processes.
1. Defining the organization’s business, mission, and goals
2. Identifying and framing organizational growth opportunities
3. Formulating product-market strategies
4. Budgeting marketing, financial, and production resources
5. Developing reformulation and recovery strategies
market penetration strategy
A market-penetration strategy dictates that an organization seeks to gain greater dominance in a market in which it already has an offering.

penetration = OLD OLD! existing offer & existing

market development strategy
A market-development strategy dictates that an organization introduce its existing offerings to markets other than those it is currently serving or new markets
= offerings existing & markets new.
product-development strategy
A product-development strategy dictates that the organization create new offerings for existing markets. The approach taken may be to develop totally new offerings (product innovation) to enhance the value to customers of existing offerings ( product augmentation), or to broaden the existing line of offerings by adding different sizes, forms, flavors, and so forth (product line extension).
new offerings
are used in product development strategy.
remember its called new offering development and
= Offering new & markets existing
diversification
Diversification involves the development or acquisition of offerings new to the organization and the introduction of those offerings to public’s not previously served by the organization.
diversification is the NEW NEW! offer new and market new