Glossary

Strategic orientations: businesses need to bring varying methods and levels of strategic thought and application.

Strategic vision: a long term perspective; the focus needs to be on the future in both strategy development and the supporting analysis.

Strategic opportunism: strategies that make sense today. The premise is that the market is so dynamic and uncertain that it is not always feasible to aim at a specific future target.

Aaker, DA and Mills, MK 2005, Strategic Market Management: Pacific
Rim Edition, Wiley. pp 5.

Strategic position: specifies how the business it to be perceived relative to its competitors and market by customers, employees and partners. It should differentiate the company from its competitors, and resonate with customers. It should also drive strategic initiatives and the culture and values of the organisation, as well as communication programs.

Aaker, DA and Mills, MK 2005, Strategic Market Management: Pacific
Rim Edition, Wiley. pp 46.

External analysis: involves an examination of the elements external to an organisation that are critical for marketing strategy. The analysis should be purposeful, focusing on the identification of opportunities, threats, trends, strategic uncertainties and strategic choice.

Aaker, DA and Mills, MK 2005, Strategic Market Management: Pacific
Rim Edition, Wiley. pp 50.

Internal analysis: includes a performance appraisal and an examination of organisational strengths, weaknesses, problems, constraints and strategic options, as these relate to product and/or marketing strategy.

Aaker, DA and Mills, MK 2005, Strategic Market Management: Pacific
Rim Edition, Wiley. pp 63.

Trend: An inclination in a particular direction; A tendency; A fad or fashion style; A line drawn on a graph that approximates the trend of a number of disparate points; To have a particular direction; to run; to stretch; to tend; To cause to turn; to bend.

Wiktionary, "Trend", viewed October 14, 2010. http://en.wiktionary.org/wiki/trend

Differentiation strategy: in which a product offering is different from that of one or more competitors in a way that is valued by the customers. The value added should affect customer choice and ultimate satisfaction.

Aaker, DA and Mills, MK 2005, Strategic Market Management: Pacific
Rim Edition, Wiley. pp 198.

Value: 1. relative worth, merit, or importance. 2. the worth of something in terms of the amount of other things for which it can be exchanged or in terms of some medium of exchange. 3. values, Sociology . the ideals, customs, institutions, etc., of a society toward which the people of the group have an affective regard. These values may be positive, as cleanliness, freedom, or education, or negative, as cruelty, crime, or blasphemy.

Dictionary.com, "Value", viewed November 3, 2010. http://dictionary.reference.com/browse/value

Brand equity: a set of assests and liabilities linked to a brand's name and symbol that add to or subtract from the value provided by a product or service to a firm and/or that firm's customers.

Aaker, DA and Mills, MK 2005, Strategic Market Management: Pacific
Rim Edition, Wiley. pp 210.