Chapter 2 Terms MKTG 300

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  1. strategic planning
    the managerial process of creating and maintaining a fit between the organization's objectives and resources and the evolving market opportunities
  2. strategic business unit (SBU)
    a subgroup of a single business or collection of related businesses within the larger organization
  3. market penetration
    a marketing strategy that tries to increase market share among existing customers
  4. market development
    a marketing strategy that entails attracting new customers to existing products
  5. product development
    a marketing strategy that entails the creation of new products for present markets
  6. diversification
    a strategy of increasing sales by introducing new products into new markets
  7. portfolio matrix
    a tool for allocating resources among products or strategic business units on the basis of relative market share and market growth rate
  8. star
    in the portfolio matrix, a business unit that is a fast-growing market leader
  9. cash cow
    in the portfolio matrix, a business unit that generates more cash than it needs to maintain its market share
  10. problem child (question mark)
    in the portfolio matrix, a business unit that shows rapid growth but poor profit margins
  11. dog
    in the portfolio matrix, a business unit that has low growth potential and a small market share
  12. planning
    the process of anticipating future events and determining strategies to achieve organizational objectives in the future
  13. marketing planning
    designing activities relating to marketing objectives and the changing marketing environment
  14. marketing plan
    a written document that acts as a guidebook of marketing activities for the marketing manager
  15. mission statement
    a statement of the firm's business based on a careful analysis of benefits sought by present and potential customers and an analysis of existing and anticipated environmental conditions
  16. marketing myopia
    defining a business in terms of goods and services rather than in terms of the benefits customers seek
  17. SWOT analysis
    identifying internal strengths (S) and weaknesses (W) and also examining external opportunities (0) and threats (T)
  18. environmental scanning
    collection and interpretation of information about forces, events, and relationships in the external environment that may affect the future of the organization or the implementation of the marketing plan
  19. competitive advantage
    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
  20. cost competitive advantage
    being the low-cost competitor in an industry while maintaining satisfactory profit margins
  21. experience curves
    curves that show costs declining at a predictable rate as experience with a product increases
  22. product/service differentiation competitive advantage
    the provision of something that is unique and valuable to buyers beyond simply offering a lower price than that of the competition
  23. niche competitive advantage
    the advantage achieved when a firm seeks to target and effectively serve a small segment of the market
  24. sustainable competitive advantage
    an advantage that cannot be copied by the competition
  25. marketing objective
    a statement of what is to be accomplished through marketing activities
  26. marketing strategy
    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
  27. market opportunity analysis (MOA)
    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
  28. marketing mix (four Ps)
    a unique blend of product, place (distribution), promotion, and pricing strategies designed to produce mutually satisfying exchanges with a target market
  29. implementation
    the process that turns a marketing plan into action assignments and ensures that these assignments are executed in a way that accomplishes the plan's objectives
  30. evaluation
    gauging the extent to which the marketing objectives have been achieved during the specified time period
  31. control
    provides the mechanisms for evaluating marketing results in light of the plan's objectives and for correcting actions that do not help the organization reach those objectives within budget guidelines
  32. marketing audit
    a thorough, systematic, periodic evaluation of the objectives, strategies, structure, and performance of the marketing organization
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Chapter 2 Terms MKTG 300
2016-02-08 03:54:50
Exam 1
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