Lecture 1

• Company-wide Strategic Planning


  The process of developing and maintaining a strategic fit between the organisation's goals and capabilities and its changing marketing opportunities

  
• Marketing Plan


  Outlines how the company intends to create value for target customers in order to capture value in return
• Marketing Strategy


  Specific strategies for target markets, positioning, the marketing mix and marketing expenditure levels

  
• Marketing Mix


  The set of controllable, tactical marketing tools (product, price, place, promotion, people, process and physical evidence) that the firm blends to produce the response it wants in the market

  
• Marketing Management Functions


  Analysis, planning, implementation and control

  
• Marketing Analysis


  Evaluating the company's strengths, weaknesses, opportunities and threats (SWOT/TOWS analysis)
• Marketing Planning


  Deciding on marketing strategies to help the company attain its overall strategic objectives

  
• Marketing Implementation


  The process that turns marketing plans into marketing actions in order to accomplish strategic marketing objectives

  
• Measuring and Managing Return on Marketing Investment

  Assessing return on marketing investment in terms of standard marketing performance measures (brand awareness, sales, market share) and customer-centred measures (customer acquisition, retention, lifetime value, equity)
• Marketing Concepts


  • Production concept
  • Product concept
  • Selling concept
  • Marketing concept
  • Societal marketing concept

  
• Market-oriented Mission


  A mission statement that is defined in terms of satisfying basic customer needs, emphasises the organisation's strengths in the marketplace, and is not stated as making more sales or profits
• Business Portfolio


  The collection of businesses and products (SBUs) that make up the company
• BCG Growth-Share Matrix


  A portfolio-planning tool for identifying company growth opportunities
• Product/Market Expansion Grid


  A portfolio-planning tool for identifying company growth opportunities through market penetration, market development, product development, and diversification
• Market Penetration


  Company growth by increasing sales of current products to current market segments without changing the product
• Market Development


  Company growth by identifying and developing new market segments for current company products
• Product Development


  Company growth by offering modified or new products to current market segments
• Diversification


  Company growth through starting up or acquiring businesses outside the company's current products and markets
• Customer Value-Driven Marketing Strategy

  Understanding customer needs and wants before satisfying them
• Market Segmentation, Targeting, Positioning, Differentiation


  Key elements of a customer value-driven marketing strategy
• An effective marketing program blends all of the marketing mix elements into an integrated marketing program
• Managing the marketing function begins with a complete analysis of the marketing organisation's situation

  
• Marketing planning involves deciding on marketing strategies that will help the company attain its overall strategic objectives

  
• Marketing implementation is the process that turns marketing plans into marketing actions in order to accomplish strategic marketing objectives

  
• Marketers are increasingly using customer-centred measures of marketing impact, such as customer acquisition, customer retention, customer lifetime value, and customer equity