- BCG matrix
- Boston Consulting Group’s framework for analyzing an organization’s strategic business units
- business portfolio
- the group of products, services, and business units that a company possesses
- business-level strategy
- outline of the actions and decisions a company plans to take to reach its goals and objectives
- buyer persona
- a semi-fictional representation of your ideal customers based on data and research
- concentric diversification
- the addition of similar products or services to an existing business
- conglomerate diversification
- the development and addition of new products or services that are significantly unrelated to a company’s current offerings
- corporate social responsibility (CSR)
- the concept that a company should integrate social and environmental concerns into its business operations and practices
- corporate-level strategy
- strategy that establishes the overall value of a business through setting strategic goals and motivating employees to achieve them
- customer acquisition cost
- the amount an organization invests in attracting a new customer
- customer lifetime value (CLV)
- an estimate of how much a single customer is worth to a company over their customer life span
- executive summary
- a brief overview of a marketing plan
- functional strategy
- actions and goals assigned to business units that support the overall business strategy
- gap analysis
- an internal analysis of a company or organization to identify and review its inherent deficiencies that may hinder its ability to meet its goals
- goals
- the outcomes one intends to achieve
- horizontal diversification
- the development of new and perhaps even unrelated products or services to market to existing customers so that a company can garner a larger customer base
- key performance indicators (KPIs)
- quantifiable measure gauging a company’s performance against a set of targets, objectives, or competitors
- market development strategy
- a growth strategy that identifies and develops new market segments for current products
- market penetration strategy
- a strategy used when a company focuses on growing its market share in its existing markets
- marketing dashboard
- summarizes important marketing metrics and key performance indicators into easy-to-understand measurements
- marketing ethics
- area of applied ethics dealing with the moral principles behind the operation and regulation of marketing
- marketing metrics
- what marketers use to monitor, record, and measure progress over time; are varied and can change from platform to platform
- mission statement
- action-based statement declaring the purpose of an organization
- objectives
- specific targets to be achieved within a specified period of time
- product development strategy
- complete process of delivering a new product or improving an existing one for customers
- product diversification strategy
- strategy to increase profitability and achieve higher sales volume through new products
- product positioning
- strategic exercise that defines where a product or service fits in the marketplace
- strategic business unit
- a relatively autonomous division of a large company that operates as an independent enterprise with responsibility for a particular range of products or activities
- strategy
- set of plans, actions, and goals that outlines how a business will compete
- SWOT analysis
- identification of internal strengths and weaknesses and external opportunities and threats impacting a business
- vision statement
- aspirational statement that articulates what an organization aims to achieve