Strategic Planning: The process of developing and maintaining a strategic fit between the organization's goals and capabilities and its changing marketing opportunities.
Mission Statement: A statement of the organization's purpose - what it wants to accomplish in the larger environment.
Business Portfolio: The collection of businesses and products that make up the company.
Portfolio Analysis: The process by which management evaluates the products and businesses make up the company.
Growth-Share Matrix: A portfolio-planning method that evaluates a company's strategic business units in terms of their market growth rate and relative market share. SBU's are classified as stars, cash cows, question marks, or dogs.
Product/Market Expansion Grid: a portfolio-planning tool for identifying company growth opportunities through market penetration, market development, product development, or diversification.
Market Penetration: A strategy for company growth by increasing sales of current products to current market segments without changing the product.
Market Development: A strategy for company growth by identifying and developing new market segments for current company products.
Product Development: A strategy for company growth by offering modified or new products to current market segments.
Diversification: A strategy for company growth through starting up or acquiring businesses outside the company's current products and markets.
Downsizing: Reducing the business portfolio by eliminating products of business units that are not profitable or that no longer fit the company's overall strategy.
Value Chain: The series of departments that carry out value-creating activities to design, produce, market, deliver, and support a firm's products.
Value Delivery Network: The network made up of the company, suppliers, distributors, and ultimately customers who "partner" with each other to improve the performance of the entire system.
Marketing Strategy: The marketing logic by which the business unit hopes to create customer value and achieve profitable customer relationships.
Marketing Segmentation: Dividing a market into distinct groups of buyers who have distinct needs, characteristics, or behavior and who might require separate products or marketing programs.
Market Segment: A group of consumers who respond in a similar way to a given set of marketing efforts.
Market Targeting: The process of evaluating each market segment's attractiveness and selecting one or more segments to enter.
Positioning: Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers.
Differentiation: Actually differentiating the market offering to create superior customer value.
Marketing Mix: The set of controllable tactical marketing tools-product, price, place, and promotion-the the firm blends to produce the response it wants in the target market.
SWOT Analysis: An overall evaluation of the company's strengths (S), weakness (W), opportunities (O), and threats(T).
Marketing Implementation: The process that turns marketing strategies and plans into marketing actions in order to accomplish strategic marketing objectives.
Marketing Control: The process of measuring and evaluating the results of marketing strategies and plans and taking corrective action to ensure that objectives are achieved.
Market Audit: A comprehensive, systematic, independent, and periodic examination of a company's environment, objectives, strategies, and activities to determine problem areas and opportunities and to recommend a plan of action to improve the company's marketing performance.
Return on Marketing Investment ( or marketing ROI): The net return from a marketing investment divided by the costs of the marketing investment.