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MKTG 350 Midterm CH 2
Chapter 2
29
Marketing
Undergraduate 3
10/17/2011

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Cards

Term
strategic planning
Definition
process of developing and maintaing a strategic fit between the organization's goals and capabilities and its changing marketing opportunities
Term
mission statement
Definition
a statement of the organization's purpose
Term
business portfolio
Definition
collection of businesses and products that make up the company
Term
portfolio analysis
Definition
process where management evaluates the products and businesses that make up the company
Term
SBU
Definition
strategic business unit: can be a company division, product line within division, or a single product or brand
Term
Growth share matrix
Definition
portfolio-planning method that evaluates a company's SBU's in terms of its market growth rate and relative market share. here, SBUs are classified as stars, cash cows, question marks or dogs
Term
product/market expansion grid
Definition
a portfolio-planning tool for identifying company growth opportunities through market penetration, market development, products development, or diversification
Term
market penetration
Definition
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
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 internal departments that carry out value-creating activities to design, produce, market, deliver, and support a firm's products
Term
value delivery network
Definition
network made up of the company, suppliers, distributors, and ultimately the customers who partner with each other to improve the performance of the entire system
Term
marketing strategy
Definition
the marketing logic by which the company hopes to create customer value and achieve profitable customer relationships
Term
mktg strategy(continued)
Definition
company decides which customers it will serve(segmentation and targeting) and how it will serve them (differentiation and positioning)
Term
market segment
Definition
a group of customers who respond in a similar way to a given set of marketing efforts
Term
market targeting
Definition
process of evaluating each market segment's attractiveness and selecting on or more segments to enter
Term
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
differentiation
Definition
actually differentiating the market offering to create superior customer value
Term
Marketing Mix
Definition
set of controllable, tactical marketing tools that the firm blends to produce the response it wants in the target market. PRODUCT, PRICE, PLACE, PROMOTION
Term
product
Definition
goods and services combination the company offers to the target market. variety, quality, design, features, brand name, packaging, services
Term
price
Definition
amount customers pay for the product. list price, discounts, allowances, payment period, credit terms
Term
promotion
Definition
activities that communicate the merits of the product and persuade target customers to buy it. advertising, personal selling, sales promotion, public relations
Term
place
Definition
includes company activities that make the product available to target consumers. channels, coverage, assortments, locations, inventory, transportation, logistics
Term
SWOT analysis
Definition
an overall evaluation of the company's strengths(s), weaknesses(w), opportunities (o), and threats(t)
Term
managing the marketing effort
Definition
analysis, planning, implementation, and control
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
ROI
Definition
return on investment
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