Strategy Basics
The long-term course of action designed to deliver a unique customer experience while achieving an organization's goals.
What is strategy?
The statement of the organization's scope or direction, often identifying its customers, markets, products, technology, and values.
What is a mission statement?
When asking 'Where are we now?', these three 'C's are examined to understand the organization's current situation.
What are customers, competencies, and competitors?
An approach that uses quantified performance measures and market growth rates to evaluate
strategic business units as separate investments.
what is business portfolio analysis?
The three phases of the strategic marketing process used to allocate marketing mix resources and reach target markets.
What are planning, implementation, and evaluation?
The organizational level that directs overall strategy for the entire organization.
What is the corporate level?
Targets an organization aims to achieve within a specific time frame, such as profit, sales, market share, quality, or customer satisfaction.
What are goals or objectives?
Taking stock of the firm's or product's past performance, where it is now, and where it is headed, often using SWOT.
What is a situational analysis?
The four types of SBUs in the BCG growth–share matrix: high-share/high-growth, low-
share/high-growth, high-share/low-growth, and low-share/low-growth.
What are stars, question marks, cash cows, and dogs?
The step in the planning phase that is based on market segmentation and involves setting
market and product goals, selecting target markets, and determining competitive
advantages.
What is Step 2: market–product focus and goal setting?
The three levels that large organizations are divided into for strategy: one directs the whole firm, one handles specific product–market directions, and one covers specialized functions such as marketing and finance.
What are the corporate, business unit, and functional levels?
A theme in a mission that can ignite the loyalty of customers, employees, and others who interact with the organization.
What is an inspirational theme?
An analysis tool that considers internal strengths and weaknesses and external
opportunities and threats.
What is SWOT analysis?
A strategy where Ben & Jerry's sells more of its current super premium ice cream in North America.
What is market penetration?
The step in the planning phase that develops the marketing mix and budget to create a cohesive marketing program.
What is Step 3: the marketing program?
A computer-based display of key marketing metrics used to track progress toward a marketing objective.
What is a marketing dashboard?
Examples include profit, sales, market share, quality, customer satisfaction, employee welfare, and social responsibility.
What are types of organizational goals?
Four types of analysis that SWOT leads to in the chapter: one each for the industry, competitors, the company, and customers.
What are industry, competitor, company, and customer analyses?
A strategy where Ben & Jerry's sells a new product, such as frozen yogurt, in its current North American market.
What is product development?
The four elements of the marketing mix that make up a cohesive marketing program.
What are product, price, promotion, and place?
People such as employees, customers, owners, governments, and communities who are affected
by what a company does and how well it performs.
Who are stakeholders?
A gap that exists when actual marketing results are less than planned results, and managers must decide how to respond.
What is a planning gap?
Special distinguishable capabilities that make an organization stand out from its rivals.
What are competencies?
A strategy where a Ben and Jerry's sells a new product, such as breakfast cereal, in a new market like China.
What is diversification?
Detailed day-to-day operational decisions essential to the overall success of marketing strategies.
What are marketing tactics?