Chapter 2 Flashcards

1
Q

Define Value Proposition

A

is a thirty-second “elevator speech” stating the specific benefits a product or service offering provides a buyer

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2
Q

Target Market

A

group of customers an organization directs/focus its marketing efforts on

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3
Q

Strategic Planning

A

A process that helps an organization allocate its resources under different conditions to accomplish its objectives, deliver value, and be competitive in a market-driven economy.

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4
Q

SWOT

A

Strengths, Weaknesses, Opportunities, and Threats

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5
Q

Mission Statement

A

states the purpose of the organization and why it exists.

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6
Q

marketing plan purpose

A

to get investors

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7
Q

Cost of marketing does not benefit society it…

A

results in more informed consumers receiving a greater amount of value, then the cost is justified.

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8
Q

Objectives

A

are what organizations want to accomplish—the end results they want to achieve—in a given time frame.

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9
Q

Strategies

A

the means to the ends, the game plan, or what a firm is going to do to achieve its objectives.

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10
Q

Tactics

A

Actions taken to execute strategies.

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11
Q

Market penetration strategies

A

Selling more of existing products and services to existing customers.

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12
Q

Market development strategies

A

focus on entering new markets with existing products. Selling existing products or services to new customers.

Exporting, licensing, franchising, joint ventures, and direct investment are methods that companies use to enter international markets.

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13
Q

Joint ventures

A

An entity that is created when two parties agree to share their profits, losses, and control with one another in an economic activity they jointly undertake.

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14
Q

Direct investment

A

Owning a company or facility overseas.

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15
Q

BCG

A

Boston Consulting Group

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16
Q

Dogs

A

Low market growth, low market share

17
Q

question mark

A

High market growth, low market share

18
Q

stars

A

High market growth, high market share

19
Q

Cash Cow

A

Low market growth, high market share