Ch 3 Flashcards
Planning
The process of anticipating future events and determining strategies to achieve organizational objectives in the future
Strategic Planning
The managerial process of creating and maintaining a fit between the organization’s objectives and resources and evolving market opportunities
Marketing Environment
The entire set of situational conditions, both internal (strengths and weaknesses) and external (opportunities and threats), within which a business operates
Strategic Business Unit (SBU)
A subgroup of a single business or a collection of related businesses within the larger organization
Mission Statement
A statement of a firm’s value based on a careful analysis of benefits sought by present and potential customers and an analysis of existing and anticipated environmental conditions
SWOT analysis
Identifying internal environment of strengths (S) and weaknesses (W) as well as external opportunities (O) and threats (T)
Environmental Scanning
The collection and interpretation of information about forces, events, and relationships in the external environment that may effect the future of the organization or the implementation of the marketing plan
Market Penetration
A marketing strategy that tries to increase market share among existing customers, using existing products
Market Development
A marketing strategy that involves attracting new customers to existing products
Product Development
A marketing strategy that entails the creation of new products for current customers
Diversification
A strategy of increasing sales by introducing new products into new markets
Core Competencies
Key unique strengths that are hard to imitate and underlie the functioning of an organization
Competitive Advantage
The set of unique features of a company and its products that are perceived by the target market as significant and superior to its competition
Cost Competitive Advantage
Being the low-cost competitor in an industry while maintaining satisfactory profit margins
Experience Curves
Curves that show costs declining at a predictable rate as experience with the product increases
Product/service differentiation competitive advantage
The provision of a unique benefit that is valuable to buyers beyond simply offering a low price
Niche competitive advantage
The advantage when a firm seeks to target and effectively serve a single segment of the market
Sustainable competitive advantage
An advantage that cannot be copied by the competition
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
Marketing Objective
A statement of what is to be accomplished through marketing activities
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
Marketing Mix
A unique blend of product, price, place, and promotion strategies designed to produce mutually satisfying exchanges with a target market
Four Ps
Product, price, place, and promotion, which together make up the marketing mix
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
Evaluation
Gauging the extent to which the marketing objectives have been achieved during the specified period
Control
Provides the mechanisms both for evaluating marketing results in light of the plan’s objectives and for correcting actions that do not help those organizations reach those objectives within the budget guidelines
Marketing Audit
A thorough, systematic, periodic evaluation of the objectives, strategies, structure, and performance of the marketing organization
