Marketing ch 2

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Author:
gabo
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169796
Filename:
Marketing ch 2
Updated:
2012-09-09 14:00:40
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Strategic Planning
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key terms
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  1. Boston Consulting Group (BCG) matrix
    A portfolio planning approach that examines strategic business units based on their relative market shares and growth rates. Businesses are classified as stars, cash cows, question marks (problem children), or dogs.
  2. General Electric (GE) approach
    A portfolio planning approach that examines a business’ strengths and the attractiveness of industries.
  3. SWOT analysis
    An acronym for strengths, weaknesses, opportunities, and threats, the SWOT analysis is a tool that frames the situational analysis.
  4. business level plans
    Plans developed for each strategic business unit typically have their own mission statement.
  5. cash cow
    Business or offering with a large share of a shrinking market.
  6. contract manufacturing
    When companies hire manufacturers to produce their products in another country.
  7. corporate level plans
    Plans developed for the corporation as a whole take place at the corporate level.
  8. direct investment
    Owning a company or facility overseas
  9. diversification strategy
    Offering products that are unrelated to other existing products produced by the organization.
  10. divest
    When a firm drops or sells a product or business.
  11. dog
    Business or offering with low growth and a low market share.
  12. export
    Sell products to buyers in foreign markets.
  13. franchising
    Granting an independent operator the right to use your company’s business model, techniques, and trademarks for a fee.
  14. green marketing
    Marketing environmentally safe products and services in a way that is good for the environment.
  15. harvest
    When a firm lowers investment in a product or business.
  16. joint venture
    An entity that is created when two parties agree to share their profits, losses, and control with one another in an economic activity they jointly undertake.
  17. license
    Sell the right to use some aspect of the production process, trademark, or patent to individuals in foreign markets.
  18. market development strategy
    Selling existing products or services to new customers. Foreign markets often present opportunities for organizations to expand. Exporting, licensing, franchising, joint ventures, and direct investment are methods that companies use to enter international markets.
  19. market penetration strategy
    Selling more of existing products and services to existing customers.
  20. marketing plan
    A document that is designed to communicate the marketing strategy for an offering. The purpose of the plan is to influence executives, suppliers, distributors, and other important stakeholders of the firm so they will invest money, time, and effort to ensure the plan is a success.
  21. mission statement
    A document that is designed to communicate the marketing strategy for an offering. The purpose of the plan is to influence executives, suppliers, distributors, and other important stakeholders of the firm so they will invest money, time, and effort to ensure the plan is a success.
  22. mystery shopper
    A person who is paid to shop at a firm’s establishment or one of its competitors’ to observe the level of service, cleanliness of the facility, and so forth, and report his or her findings to the firm.
  23. objectives
    What organizations want to accomplish (the end results) in a given time frame.
  24. portfolio
    A group of business units owned by a single firm.
  25. portfolio planning approach
    An approach to analyzing various businesses relative to one another.
  26. product development strategy
    Creating new products or services for existing markets.
  27. question marks or problem children
    Businesses or offerings with a low share of a high-growth market.
  28. situation analysis
    An assessment of an organization’s internal and external environments.
  29. star
    Business or offering with high growth and a high market share.
  30. strategic business unit (SBU)
    Businesses or product lines within an organization that have their own competitors, customers, and profit centers.
  31. strategic planning process
    A process that helps an organization allocate its resources under different conditions to accomplish its objectives, deliver value, and be competitive in a market-driven economy.
  32. strategies
    Actions (means) taken to accomplish objectives.
  33. target market
    The group of customers toward which an organization directs its marketing efforts.
  34. value proposition
    A statement that summarizes the key benefits or value for target customers. It explains why customers should buy a product, why stakeholders should donate, or why prospective employees may want to work for an organization.
  35. target market
    The group of customers toward which an organization directs its marketing efforts.
  36. value proposition
    A statement that summarizes the key benefits or value for target customers. It explains why customers should buy a product, why stakeholders should donate, or why prospective employees may want to work for an organization.

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