| Management | The process of planning, implementing, and evaluating the efforts of a group of people working toward a common goal.
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| Planning | The process of deciding now what to do later, including when and how to do it.
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| Strategic planning | The managerial process of matching a firm's resources with its market opportunities over the long run.
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| Strategic window | The limited amount of time in which a firm's resources coincide with a particular market opportunity.
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| Mission | An organization's statement of what customers it serves, what needs it satisfies, and what types of products it offers.
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| Objective | A desired outcome. Same as goal.
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| Strategy | A broad plan of action by which an organization intends to reach its objectives.
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| Tactic | A specific means by which a strategy is implemented.
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| Strategic company planning | The level of planning that consists of (1) defining the organization's mission, (2) analyzing the situation, (3) setting organizational objectives, and (4) selecting appropriate strategies to achieve these objectives.
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| Situation analysis | The act of gathering and studying information pertaining to one or more specified aspects of an organization. Alternatively, a background investigation that helps in refining a research problem.
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| Organizational strategies | Broad plans of action by which an organization intends to achieve its goals and fulfill its mission. These plans are for (1) the total organization in a small, singleproduct company or (2) each SBU in a large, multiproduct or multibusiness organization.
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| Strategic marketing planning | The level of planning that consists of (1) conducting a situation analysis, (2) developing marketing objectives, (3) determining positioning and differential advantage, (4) selecting target markets and measuring market demand, and (5) designing a strategic marketing mix.
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| Situation analysis | The act of gathering and studying information pertaining to one or more specified aspects of an organization. Alternatively, a background investigation that helps in refining a research problem.
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| SWOT assessment | Identifying and evaluating an organization's most significant strengths, weaknesses, opportunities, and threats.
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| Positioning | A product's image in relation to directly competitive products as well as other products marketed by the same company. Alternatively, a firm's strategies and actions related to favorably distinguishing itself from competitors in the minds of selected groups of consumers. Same as product positioning.
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| Differential advantage | Any feature of an organization or brand perceived by customers to be desirable and different from those of the competition.
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| Differential disadvantage | Any feature of an organization or brand perceived by customers to be undesirable and different from those of the competition.
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| Market | People or organizations with needs to satisfy, money to spend, and the willingness to spend the money. Alternatively, any person or group with whom an individual or organization has an existing or potential exchange relationship.
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| Target market | A group of customers (people or organizations) for whom a seller designs a particular marketing mix.
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| Marketing mix | A combination of the four elements-product, pricing structure, distribution system, and promotional activities-used to satisfy the needs of an organization's target market(s) and, at the same time, achieve its marketing objectives.
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| Annual marketing plan | A written document that presents the master blueprint for a year's marketing activity for a specified organizational division or major product.
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| Strategic business unit (SBU) | A separate division for a major product or market in a multiproduct or multibusiness organization.
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| Product-market growth matrix | A planning model that consists of four alternative growth strategies based on whether an organization will be selling its present products or new products to its present markets or new markets.
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| Cannibalization | Situation in which a firm introduces new products to stimulate sales but the profit comes at the expense of other products sold by that firm.
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| BCG matrix | See Boston Consulting Group (BCG) matrix.
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| GE business screen | See General Electric (GE) business screen.
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