Shared Flashcard Set

Details

Exam 1
For a Marketing Management course that covers modules 1, 2, and 4.
18
Marketing
Undergraduate 3
02/20/2012

Additional Marketing Flashcards

 


 

Cards

Term
Strategic Planning
Definition
The process of developing and maintaining a strategic fit between the organizations goals and capabilities and it's changing market opportunities.
Term
Strategic Planning Process
Definition
1) defining a clear cpompany mission.
2) setting supporting company objectives and goals.
3) designing a sound business portfolio
4) planning and coordinating marketing and other functional strategies.
Term
Mission Statement
Definition
The organizations purpose, what it wants to accomplish in the larger environment.
Term
Marketing-Oriented Mission Statement
Definition
Defines the business in terms of satisfying basic customer needs.
Term
Business Portoflio
Definition
The collection of businesses and products that make up the company.
Term
Boston Consulting Group Matrix
Definition
A portfolio planning method that evaluates a company's strategic business units in terms of their market growth rate and relative share.
Term
Stars
Definition
High growth and high share businesses
Term
Cash Cows
Definition
Low growth and high share businesses
Term
Question Marks
Definition
Low-share business units in high growth markets
Term
Dogs
Definition
Low growth and low share businesses
Term
Product/Market Expansion Grid
Definition
A tool for identifying company growth opportunities through market penetration, market development, product development, or diversification.
Term
Market Penetration
Definition
A growth strategy increasing sales to current segments without changing the product
Term
Market Development
Definition
A growth strategy that identifies and develops new market segments for current products
Term
Product Development
Definition
A growth strategy that offers new or modified products to existing market segments
Term
Diversification
Definition
A growth strategy through sleuthing up or acquiring businesses outside the company's current products and markets
Term
Market Segmentation
Definition
The division of a market into distinct groups of buyers who have distinct needs, characteristics, or behavior; and who might require separate products or marketing mixes, dividing a market into small homogenous groups
Term
Market Targeting
Definition
The process of evaluating each market segment's attractiveness and selecting one or more segments to enter
Term
Market Positioning
Definition
The arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products
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