Shared Flashcard Set

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MARK Ch. 2
key terms
29
Business
Undergraduate 2
09/20/2013

Additional Business Flashcards

 


 

Cards

Term
business planning
Definition
An ongoing process of making decisions that guides the firm both in the short term and for the long term
Term
business plan
Definition
a plan that includes the decisions that guide the entire organization
Term
business ethics
Definition
rules of conduct for an organization
Term
code of ethics
Definition
Written standards of behavior which everyone in the organization must subscribe
Term
strategic planning
Definition
A managerial decision process that matches an organization's resources and capabilities to its market opportunities for long term growth and survival
Term
strategic business units (SBU)
Definition
individual units within the firm that operate like separate businesses, with each having its own mission, business objectives, resources, managers and competitors
Term
function planning
Definition
A decision process that concentrates on developing detailed plans for strategies and tactics for the short-term, supporting an organization's long-term strategic plan
Term
operational planning
Definition
A decision process that focuses on developing detailed plans for day-to-day activities that carry out an organziations functional plans
Term
mission statement
Definition
A formal statement i an organizations strategic plan that describes the overall purpose of the organization and what it intends to achieve in terms of its customers, products and resources
Term
situation analysis
Definition
An assessment of a firms internal and external environments
Term
internal environment
Definition
The controllable elements inside an organization, including its people, its facilities, and how it does things that influence the operations of the organization
Term
external environment
Definition
The uncontrollable element outside an organization that may affect its performance either positively or negatively
Term
SWOT analysis
Definition
An analysis of an organizations strengths and weaknesses and the opportunities and threats in the external enviro.
Term
business portfolio
Definition
the group of different products or brand owned by an organization and characterized by different income generating and growth capabilities
Term
portfolio analysis
Definition
a mgmt tool for evaluating a firm's business mix and assessing the potential of an organizations strategic business units
Term
BCG growth-market share matrix
Definition
A portfolio analysis model developed by the boston consulting group that asses the potential of successful products to generate cash that a firm can then use to invest in new products
Term
stars
Definition
SBUs with products that have a dominant market share in high-growth markets
Term
cash cows
Definition
SBUs with a dominant market share in a low-growth market
Term
question marks
Definition
SBUs with low market share in fast-growth markets
Term
dogs
Definition
SBUs with a small share of a slow-growth market.
they are businesses that offer specialized products in limited markets that are not likely to grow quickly
Term
market penetration strategy
Definition
growth strategies designed to increase sales of existing products to current customers, nonusers, and users of competitive brands in served markets
Term
market development strategy
Definition
Growth strategies that introduce existing products to new markets
Term
product development strategy
Definition
Growth strategies that focus on selling new products in existing markets
Term
diversification strategies
Definition
Growth strategies that emphasize both new products and new markets
Term
control
Definition
A process that entails measuring actual performance, comparing this performance to the established marketing objectives, and then making adjustments to the strategies or objectives on the basis of this analysis
Term
return on marketing investment (ROMI)
Definition
Quantifying just how an investment in marketing has an impact on the firms success financially and otherwise
Term
action plans
Definition
individual support plans included in a marketing plan that provide the guidance for implementation and control of the various marketing strategies within the plan
Term
operational plans
Definition
plans that focus on the day-today execution of the marketing plan
Term
marketing plan
Definition
A document that describes the marketing environment, outlines the marketing objectives and strategy, and identifies who will be responsible for carrying out each part of the marketing strategy
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