Chapter 2 Flashcards
Cash Cow (PORTFOLIO)
generates more cash than it needs to maintain its marketshare
competitive advantage
SUPERIOR BABY!
control
provides mechanisms for evaluation marketing results
cost competitive advantage
Low cost
diversification
Increase sales by introducing new products into new markets
DOg (PORTFOLIO)
LOW growth potential and a SMALL market share
enviromental scanning
collection of information about foreces, events and relationships in the external environment that may affect the future of the organization or the implementation of the marketing plan
evaluation
GAUGING
experience curves
show costs declining at a predicatable rate as experience with a product increases
Four P’s?
PRODUCT PLACE PROMOTION PRICE -----the marketing mix yo!!!
implementation
turns a marketing plan into action assignments and ensures that these assignments are exectued in a way that ccomplishes the plans obejectives
Market Development
ATTRACTS new customers to existing products
market opportunity analysis (MOA)
the size and sales potential of market segments that are interest to the firm and the assessment of KEY COMPETITORS in these market segments
Market PENETRATION
tries to INCREASE market share among existing customers
marketing audit
systematic evaluation of the objectives, strategies, structure and performance of the marketing organization
marketing mix?
FOUR pS! Product promotion price place
marketing myopia
defining a business in terms of goods or services
marketing objective…what do we gotta do guys?!
what needs to be accomplished through marketing activities?
marketing plan
written document that acts as a guidebook of marketing activites for the marketing manager
marketing planning
designing activites relationg to marketing objectives and the changingn marketing enviroment
Marketing stategy
describing one or more target markets and developing and maintaining a marketing mix that will produce mutually satisfying exchanges with target markets
mission statement
state of the firms business blah blah blah
NICHE competitive advantage
when a firm seeks to target and efectively serve a small segment of a market
portfolio matrix
a tool for allocating resources among products or strategic business units on the basis
problem child (question mark) (PORTFOLIO)
a business unit that shows RAPID GROWTH but poor profit margins!!!
product development
entails the creation of new products for present markets!!
product/service differntiation competitive advantage
something that is UNIQUE and valuable to buyers….by offering a lower price than competitors..
PRICE cHeCK!
Star (PORTFOLIO)
fast growing market leader
strategic business unit (SBU)
subgroup or single business or collection of related businesses withing the larger organization
stragical planning
mangerial process of creating and maintaing
substainable competitive advantage
advantage that cannot be coped by the competition
SWOT analysis
S-internal strengths
W-weaknesses
O-external opportunies
T-Threats
postaudit tasks
profile and make reccomendations
ensure the role
make someone accountable
