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Define + Lists
Chapter 2
28
Marketing
Undergraduate 4
10/01/2007

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Term
strategic planning
Definition
the process of developing and maintaining a strategic fit between the organization's goals and capabilities and its changing marketing opportunities

1. define mission 2. set objectives/goals 3. design business

Term
mission statement
Definition
a statement of the organization's purpose-what it wants to accomplish in the larger environment
Term
business portfolio
Definition
the collection of businesses and products that make up the company
Term
portfolio analysis
Definition
the process by which management evaluates the products and businesses making up the company
Term
growth-share matrix
Definition
a portfolio-planning method that evaluates a company's strategic business units in terms of their market growth rate and relative market share. BOSTON CONSULTING GROUP - FIG. 2.2 PG. 40
Term
SBU
Definition
Strategic Business Units
Term
What are the three developing strategies for growth and downsizing?
Definition
1. Market Penetration
2. Market Development
3. Product Development
Term
Market penetration
Definition
a strategy for company growth by increasing sales of current products to current market segments without changing the product
Term
Market development
Definition
a strategy for company growth by identifying and developing new market segments for current company products
Term
Product development
Definition
a strategy for company growth by offering modified or new products to current market segments
Term
Diversification
Definition
a strategy for company growth through starting up or acquiring businesses outside the company's current products and markets
Term
Fig. 2.3 the product/market expansion grid (pg. 41)
Definition
grid for simplification
Term
Downsizing
Definition
reducing the business portfolio by eliminating products or business units that are not profitable or that no longer fit the company's overall strategy
Term
Value chain
Definition
the series of departments that carry out value-creating activities to design, produce, market, deliver, and support a firm's products
Term
Value delivery network
Definition
the network made up of the company, suppliers, distributors, and ultimately customers to "partner" with each other to improve the performance of the entire system
Term
QSCV
Definition
Quality Service Cleanliness and Value
Term
Market segmentation
Definition
dividing a market into distinct groups of buyers who have distinct needs, characteristics, or behavior and who might require separate products or marketing mixes
Term
Market segment
Definition
a group of consumers who respond in a similar way to a given set of marketing efforts
Term
Target marketing
Definition
the process of evaluating each market segment's attractiveness and selecting one or more segments to enter
Term
Fig. 2.4 IMPORTANT
Definition
circular flow on strategy and marketing mix
Term
Marketing positioning
Definition
arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers
Term
Marketing mix
Definition
the set of controllable tactical marketing tools-Product, Price, Place, Promotion-that the firm blends to produce the response it wants in the target market
Term
4Ps of marketing
Definition
Product, Price, Place, Promotion
Term
4Cs of marketing
Definition
Customer solution, Customer cost, Convenience, Communication
Term
Review contents of Table 2.2
Definition
contents of a marketing plan
Term
Marketing implementation
Definition
the process that turns marketing strategies and plans into marketing actions in order to accomplish strategic marketing objectives
Term
Marketing control
Definition
the process of measuring and evaluating the results of marketing strategies and plans, and taking corrective action to ensure that objectives are achieved
Term
Return on Marketing (Marketing ROI)
Definition
the net return from a marketing investment divided by the costs of the marketing investment
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