Helps planners compare internal organizational strengths and weaknesses with

Helps planners compare internal organizational

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Helps planners compare internal organizational strengths and weaknesses with external opportunities and threats Core Competencies: what it does well Strengths (vulnerabilities): cost advantages, financial resources, customer loyalty- internal Weaknesses (constraints) : too narrow product line, lack of management depth, weak image - internal Opportunities (Constraints): add to product line, enter new markets - external Threats (Vulnerabilities): Changing buyer tastes, likely entry of new competitors- external The Strategic Window Limited periods when key requirements of a market and a firms particular competencies best fit together Requires a thorough analysis of: - Current and projected external environmental conditions - Current and projected internal company capabilities - How, whether and when the firm can reconcile environmental conditions and company capabilities Elements of a Marketing Strategy Target market : the group of people toward whom the firm directs its marketing efforts and merchandise - Example: bombardier markets most of their products to business buyers - Diversity plays a critical role: the growing Chinese’s and south Asian population in Canada Marketing mix variables - Marketing mix : blending of the four strategy elements to fit the needs and preferences of a specific target market- The four P’s: product, distribution (place), promotion, pricing Product Strategy: Decisions about what goods or services a firm will offer its customers; also includes decisions about customer service, packaging Distribution Strategy: Planning that ensures that consumers find their products in the proper quantities at the right times and places
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Promotion: Communication link between buyers and sellers. Function of informing persuading and influencing a consumers purchase decision Pricing Strategy: Methods of setting profitable and justifiable prices Strategic Business Units: Key businesses units within diversified firms Strategic Market Share Strategic Growth Opportunity Analysis : An analysis of potential growth opportunities based on existing or new customers and existing or new products Market penetration : a strategy that a company uses when it attempts to build market share by selling existing products to existing customers Marketing Development : when a company tries to attract new customers for its existing products, sometimes by geographic expansion Product Development : when a company develops a new product that it hopes to sell to existing customers Diversification : the most risky, companies attempt to sell new products to new markets that they have little experience with Monday September 16 th 2013 Chapter 3 Environmental Scanning and Environmental Management Environmental Scanning: Process of collecting info about the external marketing environment to identify and interpret potential trends Environmental Management: Attainment of organizational objectives by predicting an influencing the
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