Chapter 2 Flashcards
1
Q
Managers
A
develop, implement and control plans
2
Q
SWOT
A
Strengths, Weakness, Opportunity, and Threat
3
Q
Mission
A
statement of company purpose, identifying the business the firm wishes to be in; a statement of the firm’s primary areas of product and market focus.
4
Q
Good mission statement
A
Market oriented, builds competencies, not too braod or narrow
5
Q
Market penetration
A
Existing market and product
6
Q
Market development
A
New market existing product
7
Q
Product Development
A
Existing market new product
8
Q
Diversification
A
New market and product
9
Q
Line extension
A
New product same line
10
Q
Flanker brands
A
New product in the same product line but different brand
11
Q
Market segmentation
A
The process of dividing a heterogeneous market into a number of smaller, more homogeneous customer groups, or market segments.
12
Q
Industry Analysis
A
Identify competitors, common operating practices, and identify industry changes
13
Q
Demand Analysis
A
Forecast Company sales, costs, and profits
14
Q
Market positioning
A
process of creating an image
15
Q
Marketing Plans
A
A written summary of marketing objectives, strategies, and specific courses of actions. It includes assignment of personnel, budgets, and timetables.
