Strategic Marketing: The Marketing Scope

A strategic plan defines the overall direction and goals of a company, addressing its objectives and resources. It guides how the company will achieve its desired outcomes and is usually developed at the corporate level.

The marketing process involves a series of steps to execute a marketing plan. It includes analyzing resources, setting objectives, developing marketing strategies, implementing actions, and evaluating results.

A marketing strategy is a high-level plan that outlines the overall approach to achieve marketing objectives. It defines target markets, positioning, and overall marketing direction.

Marketing policies are specific guidelines or rules that direct marketing activities. They ensure consistency in marketing decisions and practices.

Cross-selling is a marketing technique where businesses offer complementary products or services to existing customers. For example, a supermarket placing soda next to chips to encourage purchase of both.

An average ticket is a measure of the average amount spent by customers in a single transaction. It can be used to track sales performance and identify opportunities for growth.

A marketing plan is a detailed document outlining the marketing strategy and actions to be taken to achieve marketing objectives. It includes specific tactics, timelines, and budgets.

Corrective action is a process of identifying and addressing problems or deviations from the original plan. It involves analyzing results, making adjustments, and improving the plan.

A marketing plan document that provides a concise overview of the plan's key goals, recommendations, and the rationale behind them.

An in-depth analysis of the market, product, competition, and distribution channels relevant to a particular business or product.

A framework used to identify both internal strengths and weaknesses, and external opportunities and threats that a business faces.

Specific, measurable, achievable, relevant, and time-bound goals that the marketing plan aims to achieve.

The specific tools and tactics used to execute the marketing strategy. Includes product, price, place, and promotion.

A detailed breakdown of the financial resources needed to implement the marketing plan, including costs, expected revenues, and profitability.

The methods and processes used to track and measure the progress and effectiveness of the marketing plan.

Firms that help promote, sell, and distribute products to final buyers. They act as intermediaries between producers and consumers.

Businesses that buy products from manufacturers and sell them to other businesses or consumers without altering them.

Resellers can contribute to a company's image and brand perception. Being available in a high-end store can elevate a brand's image compared to being available in a budget store.

Marketing that focuses on building strong relationships with key suppliers, converting them into partners who collaborate and add value. By treating suppliers as partners, a company can benefit from their expertise and ensure a stable supply chain.

Markets where consumers buy products for their own personal use or consumption. This is also known as B2C (Business to Consumer).

Markets where businesses buy products to use in their operations or for further production or resale. This is also known as B2B (Business to Business).

A specific type of business market where businesses buy products to resell them to other businesses or consumers. Stores, wholesalers, and distributors fall under this category.

Markets where public administrations, institutions, or government agencies buy products for use in providing public services.

The process by which people select, organize, and interpret information from their senses to form a meaningful understanding of the world.

The tendency to pay attention only to information that aligns with our existing beliefs and values.

The tendency to interpret information in a way that confirms our pre-existing beliefs, even if it distorts reality.

The tendency to remember information that is most relevant to our needs, interests, and values.

A change in behavior resulting from experience. Learning involves drives, stimuli, responses, and reinforcement.

A force that motivates an individual to act, like hunger or thirst, that triggers the learning process.

Anything that triggers a response, like seeing an ad or smelling delicious food, that activates the learning process.

Anything that helps guide a response, like a sign pointing to a store, that facilitates the learning process.

The attractiveness of a market segment is determined by factors like the number of competitors, the power of customers, and the power of suppliers. A highly attractive segment has fewer competitors, less powerful customers, and less powerful suppliers.

Companies with limited resources may choose to focus their marketing efforts on a single segment. This allows for a specialized approach and can be especially effective in online niche markets.

Choosing the correct market segment involves assessing its size and structural attractiveness. A market segment that is too large might require resources beyond the company's capabilities.

Mass marketing targets the entire market with a single product and message. It assumes common needs and wants across the consumer base.

Differentiated marketing addresses the distinct needs and wants of different customer segments. It involves creating multiple marketing plans for each segment.

Value creation is the goal of segmenting and targeting. By understanding different customer needs, companies can tailor their offerings to create value and differentiate themselves in the market.

The decision to target specific segments is a trade-off between achieving economies of scale and delivering personalized value. Targeting too broadly may dilute marketing efforts and create inefficiencies.

Economies of scale arise from the ability to produce goods or services more efficiently at a larger scale. However, focusing on specific customer segments may lead to higher production costs.

The set of all potential customers who have an interest in a product or service, regardless of their ability to purchase it.

The set of all potential customers who have an interest, the financial means and access to purchase a product or service.

The specific group of customers within the available market that a company chooses to target with its marketing efforts.

The set of customers who have already purchased a company's product or service.

A strategy that focuses on offering a basic product at a very low price, often sacrificing profit margins to gain market share.

A strategy that aims to offer products or services that are comparable to competitive offerings but at a lower price.

This is a challenging strategy that involves providing higher quality or features at a lower price than competitors. It can be difficult to sustain, as it requires exceptional efficiency and cost management.

A positioning strategy that focuses on offering premium products or services at a price comparable to competitive offerings. This strategy emphasizes features, quality, and branding to justify the price.