Chapter 3 - 3rd edition Flashcards
The process of anticipating future events and determining strategies to achieve organizational objectives in the future
Planning
The managerial process of creating and maintaining a fit between the organization’s objectives and resources ad evolving market opportunities
Strategic Planning
a subgroup of a single business of a collection of related businesses within the larger organization
Strategic Business Unit
A statement of the film’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
Identifying SWOT
Situation Analysis
The 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
A tool for allocating resources among products or strategic business units on the basis of relative market share and market growth rate
Portfolio Matrix
In the portfolio matrix, a business unit that is a fast growing market leader
Star
In the portfolio matrix, a business unit that usually generates more cash than it needs to maintain its market share
Cash Cow
in the portfolio matrix, a business unit that shows rapid growth but poor profit margins
Problem Child
In the portfolio matrix, a business unit that has low growth potential and a small market share
Dog
A marketing strategy that tries to increase market share among existing customers
Market Penetration
a marketing strategy that involves attracting new customers to existing products
Market Development
A marketing strategy that entails the creation of new products for current customers
Product Development