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
when a firm provides something unique that is valuable to buyers beyond simply offering a low price
Product/Service differentiation competitive advantage
when a firm seeks to target and effectively serve a small segment of the market
Niche competitive advantage
an advantage that cannot be copied by the competition
Sustainable competitive advantage
a statement of what is to be accomplished through marketing activities. Must be realistic, measurable, Time-specific, & compared to a benchmark
Marketing Objective
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 Strategy
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.
market opportunity analysis (MOA)
a unique blend of product, place, promotion and pricing strategies (four “P”s)
Marketing Mix
the process that turns a marketing plan into action assignments and ensures that these assignment are executed in a way the accomplishes the plan’s objectives
Implementation
Gauging the extent to which the marketing objectives have been achieved during the specified time period.
Evaluation
Provides the mechanisms for evaluating marketing results in light of the plan’s objectives and for correcting actions that do not help the org reach those obj. within budget guidelines.
Control
a thorough, systematic, periodic evaluation of the objectives, strategies, structure, and performance of the marketing organization.
Marketing Audit
