Chapter 2 Flashcards
Strategic planning
The process of developing a strategic fit between a long run survival plan for the company and also growth
Missions statement
The statement of the organization’s purpose
Business portfolio
The collection of businesses and products that make up a company
Portfolio analysis
The process by which management evaluates the products and businesses that make up the company
SBU strategic business unit
A company division, a product line, or sometimes a singular product or brand
Growth share matrix
A portfolio-planning method that evaluates a company’s SBU in terms of market growth rate and relative market share
Product/market expansion grid
A portfolio-planning tool for identifying company growth opportunities through market development. Product development. Or diversification.
Market penetration
Making more sales to current customers without changing its original product
Marketing development
Identifying and developing new markets for its current products
Product development
Offering new products to a current market
Diversification
Starting or buying businesses beyond its current products and market
Value chain
The series of departments in a company that consecutively bring value to a company’s product or service
Value delivery network
The network made up of a company, its suppliers, distribution, and ultimately its customers who partner with each other to improve the performance of the entire system
Marketing strategy
The marketing logic by which the company hopes to create customer value and achieve profitable customer relationships
Market segmentation
Dividing a market into distinct groups of buyers who have different needs characteristics or behaviors and who might require separate products or marketing programs
Market segment
The group of consumers who respond in a similar way to a given set of marketing efforts
Market targeting
Reviewing all the market segments and choosing one
Positioning
Is the image separation a company tries to get from its competitors in order to distinguish itself
Differentiation
Act of differentiating your product to create perceived superior customer value
Marketing mix
Is the set of tactical marketing tools that the firm blends to produce the response it wants in the target market
SWOT
strengths weaknesses opportunities threats analysis
Marketing implementation
Turning marketing strategies and plans into marketing actions to accomplish strategic marketing objectives
Marketing control
Evaluating the results of marketing strategies and plans and taking corrective action to ensure that the objectives are attained
Marketing return on investment
The net return on a marketing investment decided by the cost of marketing investment
