Term
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Definition
| statement of the firms business based on a careful analysis of benefits sought by present and potential customers and an analysis of existing and anticipated environmental conditions |
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Term
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Definition
defining a business in terms of goods and services rather than in terms of the benefits customers seek
-business mission statements often suffer from this |
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Definition
| identifying internal strengths and weaknesses & external opportunities and threats |
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Term
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Definition
| collection and interpretation of info about forces, events, and relationships in the external environment that may affect the future of the org or implementation of the mktg plan |
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Term
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Definition
| set of unique features of a company and its products that are perceived by the target market as significant and superior to those of the competition |
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Term
| cost competitive advantage |
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Definition
| being the low-cost competitor in an industry while maintaining satisfactory profit margins |
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Term
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Definition
| curves that show costs declining at a predictable rate as experience with a product increases |
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Term
| product/service differentiation competitive advantage |
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Definition
| the provision of something that is unique and valuable to buyers beyond simply offering a lower price than that of the competition |
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| niche competitive advantage |
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Definition
| the advantage achieved when a firm seeks to target and effectively serve a small segment of the market |
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Term
| sustainable competitive advantage |
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Definition
| an advantage that cannot be copied by the competition |
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Term
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Definition
| a statement of what is to be accomplished through marketing activities |
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Term
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Definition
| the activities of selecting and describing one or more target markets and developing and maintaining a marketing mix that will produce mutually satisfying exchanges with target markets |
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Term
| market opportunity analysis (MOA) |
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Definition
| the description and estimation of the size and sales potential of market segments that are of interest to the firm and the assessment of key competitors in these market segments |
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Term
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Definition
| unique blend of product, place (distribution), promotion, and pricing strategies designed to produce mutually satisfying exchanges with a target market |
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Term
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Definition
| the process that turns a marketing plan into action assignments and ensures that these assignmentsare executed in a way that accomplishes the plan's objectives |
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Term
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Definition
| gauging the extent to which the mktg objectives have been achieved during the specified time period |
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Term
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Definition
| provides the mechanisms for evaluating mktg results in light of the plan's objectives and for correcting actions that do not help the org reach those objectives within budget |
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Term
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Definition
| a thorough, systematic, periodic evaluation of the objectives, strategies, structure, and performance of the mktg org |
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Term
| goal of strategic planning |
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Definition
| long-run profitability and growth |
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Term
| strategic decisions require: |
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Definition
| long-term commitments of resources |
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Term
| strategic business units (SBU) |
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Definition
subgroup of a single business
-each requires own strategy and funding |
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Term
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Definition
| manufacturing facilities, distribution channels, top managers |
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Term
| 3 most common strategic alternatives |
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Definition
1. ansoff's opportunity matrix
2. boston consulting group model
3. general electric model |
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Term
| ansoff's opportunity matrix- market penetration |
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Definition
| increase market share among existing customers |
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Term
| ansoff's opportunity matrix- market development |
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Definition
| attracting new customers to existing products |
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Term
| ansoff's opportunity matrix- product development |
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Definition
| creation of new products for present markets |
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Term
| ansoff's opportunity matrix- diversification |
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Definition
| increasing sales by introducing new products into new markets |
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Term
| boston consulting group model |
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Definition
| uses portfolio matrix to determine future cash contributions/requirements for each SBU |
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Term
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Definition
allocates resources among products or SBUs on the basis of market growth rate and market share
(star, cash cow, problem child, dog) |
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Term
| what is the basis for all mktg strategies and decisions |
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Definition
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Term
| the foundation of any mktg plan |
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Definition
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Term
| performing a SWOT analysis allows firms to identify their: |
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Definition
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