Strategic planning involves defining an organization's mission and goals, designing its business portfolio, and developing detailed marketing and departmental plans. It is a key process for identifying opportunities and guiding competitive strategies. The marketing process helps capitalize on opportunities by analyzing markets, selecting target segments, developing the marketing mix, and managing marketing efforts. Key elements include segmentation, target marketing, product positioning, and the "Four Ps" framework. Planning, implementation, control and analysis are core marketing management functions.
15. Limited Brands Limited Brands is committed to building a family of the world's best fashion brands offering captivating customer experiences that drive long-term loyalty and deliver sustained growth for our shareholders.
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18. Strategic Planning BCG Growth-Share Matrix High Relative Market Share High Market Growth Low Market Growth Stars Cash Cows Question Marks Dogs Low Relative Market Share
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21. Strategic Planning Product/Market Expansion Grid Existing Products New Products Existing Markets New Markets Market Penetration Market Development Product Development Diversification
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28. Marketing’s Role in Strategic Planning Provides a Guiding Philosophy Provides Inputs to Strategic Planners Designs Strategies for Reaching Unit’s Objectives
29. The Marketing Process Target Consumers Product Place Price Promotion Marketing Implementation Marketing Planning Marketing Control Marketing Analysis Competitors Marketing Intermediaries Publics Suppliers Demographic- Economic Environment Technological- Natural Environment Political- Legal Environment Social- Cultural Environment
42. Four Marketing Management Functions Planning Develop Strategic Plans Develop Marketing Plans Implementation Carry Out the Plans Marketing Analysis of Company’s Situation Control Measure Results Evaluate Results Take Corrective Action
This is mostly product development where a new product is offered to U.S. consumers. Some may say it is market development because they are beginning to target the health-conscious consumer.
There are several potential answers to this categorization: Starbucks is appealing to the at-home coffee drinking market. This is market development. Some students might argue this is market penetration if it is selling ADDITIONAL coffee to current drinkers. The answer could also be product development where Starbucks is offering coffee in areas where there are no Starbucks retail outlets.