Strategic Marketing Management

advertising agencies
Providers that are contracted by an organisation to develop campaign concepts, as well as to produce and find placements for finished ads.
agent
An individual or organisation employed to provide a specific service.
brand
A distinctive and individual name or logo that is given to a product (or group of products) that distinguishes the products of one company from the products sold by their competitors.
business model
The way a business competes and makes money; for example, Google’s business model is to provide free search services to consumers and then sell search advertising to businesses.
business-to-business (B2B) marketing
Marketing products or services to other businesses rather than to consumers.
campaign
A planned series of advertisements that appear in one or more media over a specific time period. The advertisements often share an idea or theme.
centrally planned economy
An economy that is controlled by the government. Instead of fluctuating with demand, prices are set by the government, which also determines what will be produced, who will produce it and how much they will be paid. Shown to be disastrous for economic growth. North Korea may be the last centrally planned economy in the world, although market economies of countries vary in the degree of government intervention.
consumers
The people or companies who use the service or product.
distribution
Making goods and services physically available to buyers use. This can involve selecting retailers to sell the product and supplying them with the goods.
evidence-based marketing
Marketing in which decisions are based on reliable, generalised knowledge about how the world works, how buyers buy and how market interventions work.
market
The total number of potential buyers for a product or service.
market-based assets
The mental and physical availability that makes a brand easier to buy for more people, in more situations.
market economy
An economy in which consumer demand guides production and prices, and there is competition between privately owned businesses.
market research
The gathering of factual information (often through observations and surveys) about the market – including what buyers think and do, particularly their watching (of advertising), buying and consuming.
market share
The total category sales that are devoted to a particular brand. It can be measured in terms of units sold, volume or dollars.
marketing interventions
The different actions that marketers carry out in order to meet strategic goals and grow their brand; for example, advertising campaigns.
marketing metrics
Measures used to evaluate marketing actions and brand performance, and to inform marketing decisions.
marketing mix
Set of manageable elements in a brand’s marketing plan, adjusted to implement the marketing strategy: product, price, promotion and place.
marketing science
The study of marketing, which seeks to develop scientific laws and patterns that repeat under known conditions.
marketing strategy
The way marketing activities are put together to achieve the organisation’s aims for the brand. Marketing strategy is usually developed by the marketing leaders in consultation with key stakeholders.
mental availability
The likelihood of a brand being noticed and/or thought of in buying situations.
new media
New platforms for communicating with consumers that are typically digital and often linked to the internet; for example, social media sites, podcasts and e-books.
non-profit organisations
Businesses (such as charities) that do not operate with the key purpose of making a profit.
offerings
The different products (and associated benefits) that a company sells. A product offering includes many other features than just the physical product (for example, packaging, service, customer support, design, special features and so on).
physical availability
How often the product or service is literally available in a buying situation.
production department
The area of a business concerned with manufacturing the product.
retail partner
A retailer that has an agreement to stock a company’s products.
retailers
The physical and online stores where the consumer can buy the end product; for example, supermarkets. Retailers buy goods in large quantities from the manufacturer and sell them to many buyers.
sales
Total revenue or number of products sold during a given time frame.
sustainable
Able to be maintained perpetually.
sustainable marketing
Marketing that involves an ongoing analysis of long-term risks in order to ensue that the business model and customer demand is sustainable.
trade
Exchanging one thing for another; buying and selling goods and services.
contingency plan
A plan to be implemented only upon the occurrence of future events other than those in the accepted plan.
corporate planning
Corporate planning is distinct from corporate strategy in that strategy involves the decisions about what to do next in the marketplace, while planning is the methods to go about implementing the strategy.
market objectives
Marketing goals for an organisation, or part of an organisation. They should be specific, measurable, achievable, reasonable and time-based (SMART).
marketing audit
A systematic evaluation of a company’s existing marketing environment, objectives, strategies, programs and organisation, with a view to determining effectiveness and areas for improvement.
marketing plan
A systematic approach to the achievement of strategies and goals. It will usually include at least a SWOT analysis, target markets, objectives, a marketing strategy including action programs, implementation, control and review, and evaluation.
mission statement
A brief statement, no longer than a few sentences, that describes the company’s raison d’être – the reason it exists. It should embody its values and work ethic, and be re-evaluated every few years to reflect changes in the organisation.
SMEs
Small-to-medium enterprises, sometimes known as SMBs (small-to-medium businesses). SMEs far outnumber larger businesses and are often faster to innovate. Definitions vary, but SMEs usually have between ten and 250 employees.
strategic business unit (SBU)
A smaller part of a business but large enough to require its own marketing plan and specific campaigns. SBUs can be part of larger SBUs. For instance, a company might have an SBU for ‘dental care’ and then smaller SBUs for specific brands.
cause-related marketing (CRM)
An alliance between a brand and a charity or cause in order to benefit each.
corporate citizenship
The concept that corporations, like people, have both rights and obligations to the societies within which they exist. Philanthropic behaviour such as support for a charity, cause or artistic enterprise might be regarded as good corporate citizenship.
corporate social responsibility (CSR)
A commitment by business to behave ethically, to contribute to economic development and to improve the quality of life of the workforce, their families, the local community and society at large.
Ethicability®
ethics
The principles of morality (that is, concepts of right and wrong) that influence attitudes and behaviour.
personal selling
Any persuasive communication conducted directly between sellers and potential consumers face to face or orally, with the intention of making a sale.
triple bottom line (TBL or 3BL)
A set of summary business performance measures that report the social and environmental impacts for the period along with the financial results.