Midterm Ch. 2 Flashcards
Strategic Planning
The management process of creating and maintaining a fit between the companies objectives and resources and the evolving markets opportunities.
Market Penetration
Increasing Market share among the existing customers.
Market Development
Attracting new customers to existing products.
Product Development
Creating new products for the present market.
Diversification
Introducing new products into new markets.
Marketing Plan
A written document that acts as a guidebook of marketing activities for the marketing manager.
Mission Statement
It is a written document that basically shows what the business stands for and what type of business they are.
Marketing Myopia
Defining a company based on their goods and services rather than on what the customer seeks,
SWOT analysis
S-Strengths
W-Weaknesses
O-Opportunities
T-Threats
Competitive Advantage
Something that gives you an advantage against your competition.
Cost Competitive advantage
When the cost of your product gives you an advantage against your competition.
product/service differentiation competitive advantage
When your product or service acts as an advantage against your competition.
niche competitive advantage
When finding a certain group of people to sell to can be an advantage against your competition.
Marketing Objective
A statement of what is to be accomplished through marketing activities.
Marketing Mix (Four Ps)
Product, Price, Place, and Promotion
Implementation
Setting things into action.
Last three things of the Marketing Plan
- Implementation
- Evaluation
- Control
Marketing Mix (Four Ps)
Product, Place, Promotion, and Price.
Ansoff’s Opportunity Matrix
- Market Penetration
- Product Development
- Market Development
- Diversification
Boston Consulting Group Model
- resources allocation strategies build
- hold
- harvest
- divest
Objectives
objectives should be realistic, measurable, time-specific, and compared to a benchmark
Portfolio Matrix
A tool for allocating resources among products or strategic business units on the basis of relative market share and market growth rate.
Star
In the Portfolio Matrix, a business unit is a fast-growing market leader.
Cash Cow
In the Portfolio Matrix, a business unit generates more cash than it needs to maintain a market share.
problem child (question mark)
In the Portfolio Matrix, a business unit shows rapid growth but poor profit margins.
Dog
In the Portfolio Matrix, a business unit has low growth potential and a small market share.
Marketing Planning
Designing activities relating to marketing objectives and the changing marketing environment.
Experience Curves
Curves that show costs declining at a predictable rate as experience with a product increase.
Sustainable Competitive Advantage
An advantage that the competitors can’t copy.
Marketing Strategy
Selecting one or more target markets and developing and maintaining a marketing mix that will produce mutually satisfying exchanges with target markets.
Marketing Opportunity analysis (MOA)
The description and estimation of the size and sales potential of market segments that are of interest to the firm and the assessments.
Marketing Audit
An evaluation of the objectives, strategies, structure, and performance of the marketing organization.
