Shared Flashcard Set

Details

Chapter 2
Com 250
20
Business
Undergraduate 2
01/28/2013

Additional Business Flashcards

 


 

Cards

Term
Strategic Planning
Definition
Process of developing/maintaining a "strategic" fit between an organization's goals and capabilities, despite a constantly changing landscape
Term
Strategic Planning Steps
Definition
Define mission statement> set goals (quantify how to follow mission statement)> design a business portfolio> plan marketing and other functional strategies
Term
Mission Statement
Definition
Should answer who, what, when, where, why and be meaningful, specific, and motivating
Term
Strategic Business Units (SBU)
Definition
Key Businesses that make up a company, this can include a company division, product line within a division, or sometimes a single product or brand.
Term
Boston Consulting Group Growth/Share Matrix (BCG)
Definition
Portfolio-planning tool that analyses businesses according to their market growth rate and relative market share. Consists of stars, cash cows, question marks, and dogs
Term
Stars
Definition
High growth, high share, and require heavy investment to finance rapid expansion, however they will slow down and eventually turn into cash cows
Term
Cash Cow
Definition
Low growth, high share established and successful
Term
Limits of BCG Share Matrix
Definition
Time consuming and costly to implement .
Market share and growth can be difficult to determine
Does not suggest consider future plans in new SBU’s
Term
Market Penetration
Definition
Increase sales of current products without changing the product or markets. Improvement in ad's, price, selection, design, etc.
Term
Product market expansion
Definition
Market penetration, market development, product development, and diversification
Term
Value Chain
Definition
Series of value-creating activities to design, produce, market, deliver, and support a firms products.
Term
3 Building Blocks of Marketing Strategy
Definition
Marketing segmentation, targeting, and differentiation/positioning
Term
Marketing Mix- Buyers Perspective
Definition
Customer solution (product), customer cost (price), convenience (place), and communication (promotion)
Term
SWOT analysis
Definition
Used by marketers to summarize a company's strengths, weaknesses, opportunities, and threats.
Term
Marketing Plan
Definition
Annual document outlining the upcoming plans for the year, addresses what and why
Term
Marketing Implementation
Definition
Turns the marketing plan into actions/a program. Addresses who, where, when, and how.
Term
Dogs
Definition
Low growth and low share business units
Term
Question marks
Definition
Low-share of a high growth market
Term
4 Growth Strategies
Definition
Marketing penetration, marketing developing, product development, and diversification
Term
Value and satisfaction should lead to
Definition
Increased customer attraction and retention
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