Chapter 2 Flashcards
The managerial process of creating and maintaining a fit between the organization’s objectives and resources and the evolving market opportunities.
Strategic Planning
A subgroup of a single business or a collection of related businesses within the large organization.
Strategic Business Unit
Ansoff’s Strategy Opportunity matrix
- Market Penetration
- Market Development
- Product Development
- Diversification
A marketing strategy that tries to increase market share among existing customers.
Market Penetration
A marketing strategy that entails attracting new customers to existing products.
Market Development
A marketing strategy that entails the creation of new products for current customers
Product Development
A strategy of increasing sales by introducing new products into new markets
Diversification
Written document that acts as a guidebook of marketing for the marketing manager.
Marketing Plan
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.
Mission Statement
Defining a business in terms of goods and services rather than in terms of the benefits that customers seek.
Marketing Myopia
A situational analysis in which a firm identifies its strengths, weaknesses, opportunities and threats
SWOT Analysis
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
Environmental scanning
The set of unique features of a company and its products that is perceived by the target market as significant and superior to the competitions
Competitive Advantage
being the low cost competitor in an industry while maintaining satisfactory profit margins
Cost competitive advantage
shows costs declining at a predictable rate as experience with a product increases
Experience curves
