Chapter 2 Flashcards
Define Value Proposition
is a thirty-second “elevator speech” stating the specific benefits a product or service offering provides a buyer
Target Market
group of customers an organization directs/focus its marketing efforts on
Strategic Planning
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.
SWOT
Strengths, Weaknesses, Opportunities, and Threats
Mission Statement
states the purpose of the organization and why it exists.
marketing plan purpose
to get investors
Cost of marketing does not benefit society it…
results in more informed consumers receiving a greater amount of value, then the cost is justified.
Objectives
are what organizations want to accomplish—the end results they want to achieve—in a given time frame.
Strategies
the means to the ends, the game plan, or what a firm is going to do to achieve its objectives.
Tactics
Actions taken to execute strategies.
Market penetration strategies
Selling more of existing products and services to existing customers.
Market development strategies
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.
Joint ventures
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.
Direct investment
Owning a company or facility overseas.
BCG
Boston Consulting Group