Chapter 15 Flashcards

1
Q

Strategic Direction [Definition]

A

What an oganization hopes to achieve, and how they plan to achieve it. All organizations should have a strategic direction

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2
Q

3 Levels of Strategy in an Organization?

A
  1. Corporate Level
  2. Business Unit
  3. Functional Level
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3
Q

Strategy [Definition]

A

An organization’s long-term plan designed to deliver a unique customer experience while achieving organizations goals. Once defined, develop a marketing plan

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4
Q

Purpose of a Business Plan

A

Helps identify SWOT & Develop accurate financial forecasts

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5
Q

Marketing Metric [Definition]

A

measure of quantitative value or trend of marketing activity or result.

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6
Q

Business Plan [Definition]

A

Document to help convey the value to the company

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7
Q

Questions to ask when setting strategic direction

A

Where are we now?
Where do we want to go?
How will we get there?

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8
Q

Business Portfolio Analysis [Definition]

A

Uses quantified performance measures and market growth rates to analyze Firm’s strategic business units as though they are separate investments.

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9
Q

What are the 4 Quadrants of growth/share matrix?

A
  1. Cash Cow
  2. Stars
  3. Question Marks/Problem Children
  4. Dogs
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10
Q

Cash Cow (related to growth/share matrix)

A

Generate large profit, more than they can invest in a product line (high market share, low growth)

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11
Q

Stars (related to growth/share matrix)

A

High share of high growth markets, may need extra to finance rapid growth

High market share + high growth

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12
Q

Question Marks/Problem children (related to growth/share matrix)

A

Low share of high market. Require large injections of cash
Low market share + high market growth

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13
Q

Dogs (related to growth share matrix)

A

Generate enough cash to sustain, but no promise of being real winners
Low market share + low market growth

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14
Q

Market product analysis

A

Viewing growth in terms of new opportunity
- Vertical axis: current market vs. New market
- horizontal axis: current product vs new product

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15
Q

Market penetration [definition]

A

Increasing sales of existing product in existing market

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16
Q

Market development [definition]

A

Selling current products in new market

17
Q

Strategic marketing process [definition]

A

Organization allocating marketing mix resources to reach target audience + reach goals.

18
Q

3 phases of Marketing Plan

A
  1. Planning (where are we now?)
  2. Implementation (where do we want to go?)
  3. Evaluation (how do we get there?)