MKT 2

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Author:
akoskey
ID:
175789
Filename:
MKT 2
Updated:
2012-10-05 18:42:46
Tags:
marketing
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Description:
Chapter 2
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  1. marketing planning
    implementing planning activities devoted to achieving marketing objectives
  2. strategic planning
    process of determiningand organizations primary objectives and adopting courses of action that will achieve these objectives
  3. tactical planning
    planning that guides the implementation of activities specified by the strategic plan
  4. porters five forces
    identifies five competitive forces that influence planning strategies: threat of new entrants, bargaining power of buyers, bargaining power of suppliers, threat of substitutes, and rivalry among competitors
  5. first mover strategy
    theory advocating that the company first to offer a product in the marketplace will be the long term market winner
  6. second mover strategy
    theory that advocates observing closely the innovations of first movers and then improving on them to gain advantage in the market place
  7. SWOT analysis
    review that helps planners compare internal strengths and weaknesses and extrenal opportunities and threats
  8. target market
    group of people toward whom the firm aims its marketing efforts and ultimately its merchandise
  9. elements of a marketing strategy
    • marketing mix
    • target market
  10. marketing mix
    blending of the four startegy elements - product, place, pricing, promotion - to fit the needs of a specific target market
  11. BCG matrix
    places strategic business units in chart that plots market share with growth rate
  12. rule of three 
    meaning that in any industry the three strongest most efficient companies dominate between 70 and 90 % of the competitive market

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