Card Set Information
5 characteristics of strategic business units. (DCIAP)
1. Distinct mission and specific target market
2. Control over its resources
3. Its own competitors
4. Single business or a collection of related businesses
5. Plans independent of other SBUs
4 parts of Ansoff's opportunity matrix. (MMPD)
1. Market penetration
2. Market development
3. Product development
Section of Ansoff's matrix that involves increasing market share among existing customers.
Section of Ansoff's matrix that involves attracting new customers to existing products.
Section of Ansoff's matrix that involves creating new products forpresent markets.
Section of Ansoff's matrix that involves introducing new products into new markets.
The process of anticipating future events and determining strategies to achieve organizational objectives in the future.
Designing activities relating to marketing objectives and the changing marketing environment.
A written document that acts as a guidebook of marketing activities for the marketing.
4 parts of the marketing mix. (PDPP)
5 parts of a marketing plan. (BSOMI)
1. Business mission statement
2. Situation/SWOT analysis
4. Market strategy
5. Implementation evaluation
The creation and implementation of a complete marketing plan will allow the organization to...
achieve marketing objectives and succeed.
The marketing plan is only as good as the... it contains and the..., ..., and... that went into its creation.
information, effort, creativity, thought
The business mission profoundly affects the..., ..., and...
firm’s long-run resource allocation, profitability, survival.
Business mission statements that are stated too narrowly suffer from...
Business mission statements that are stated too... suffer from marketing myopia.
What parts of SWOT analysis are internal?
1. Strengths (S)
2. Weaknesses (W)
What parts of SWOT analysis are external?
What is SWOT an acronym for?
"Strengths" in SWOT, are...
the things a company does well.
"Weaknesses" in SWOT, are...
the things a company doesn't do well.
"Opportunities" in SWOT, are...
conditions in the external environment that favor strengths.
"Threats" in SWOT, are...
conditions in the external environment that do not relate to existing strengths or favor areas of current weakness.
When using SWOT analysis, what 6 organization resources are being looked at? (PMFCET)
1. Production costs
2. Marketing skills
3. Financial resources
4. Company or brand image
5. Employee capabilities
Designing a marketing strategy is based on what six major environmental forces? (SDETPC)
3 types of competitive advantage. (CPN)
2. Product differentiation
A 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.
Having a cost competitive advantage means being the... in an industry while maintaining...
low-cost competitor, satisfactory profit margins
Which is the most conservative quadrant in Ansoff's matrix.
Which is the most risky quadrant in Ansoff's matrix.
8 sources of cost reduction. (EENGPRPN)
1. Experience curves
2. Efficient labor
3. No-frills products
4. Government subsidies
5. Product design
7. Product innovation
8. New service delivery methods
Type of competitive advantage that exists when a firm provides something that is unique and valuable to buyers beyond simply offering a lower price than that of the competition.
5 examples of product differentiation. (BSPIS)
1. Brand names
2. Strong dealer network
3. Product reliability
Type of competitive advantage that seeks to target and effectively serve a single segment of the market.
A niche competitive advantage is used by... with...
small companies, limited resources.
A niche competitive advantage may be used in a... market.
The "Goal" is to build a... competitive advantage.
An advantage that cannot be copied by the competition.
Sustainable competitive advantage
A firm that has successfully achieved a competitive advantage will... from its rivals.
stake out a unique position
7 sources of sustainable competitive advantage. (PCLETC)
6. Customer service
A statement of what is to be accomplished through marketing activities.
4 characteristics of a good marketing objective. (RMTC)
3. Time specific
4. Compared to a benchmark
5 functions of a good marketing objective. (CPMFF)
1. Communicates MM philosophy
2. Provides management direction
3. Motivates employees
4. Forces executives to clarify their thinking
5. Forms a basis for control
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.
Target market strategy
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.
Marketing Opportunity Analysis
3 steps in completing a target market strategy. (SAS)
1. Segment the market
2. Analyze the market
3. Select one or more target markets
A unique blend of product, place (distribution),promotion, and pricing strategies designed to produce mutually satisfying exchanges with a target market.
What are the 4 P's that are found in the marketing mix?
3 examples of "Product." (TIS)
1. Tangible goods
"Place" includes all activities from... to...
raw materials, finished products
"Place" deals with..., where and when customers want them.
"Place" involves ensuring products arrive in... at designated places when...
usable condition, needed.