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POM Flashcards

1
Q

Is the process of developing and maintaining a strategic fit between the organizations goals and capabilities and its changing marketing opportunities

A

Strategic Planning

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2
Q

Steps in strategic planning

A
  1. Defining the company mission
  2. Setting company objectives and goals
  3. Designing the business portfolio
  4. Planning marketing and other functional strategies
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3
Q

Is the organizations purpose, what it wants to accomplish in the larger environment

A

Mission Statement

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4
Q

Defines the business in terms of satisfying basic customer needs.

A

Market-oriented mission statement

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5
Q

are specific and measurable results companies hope to maintain as their organization grows. It acts as a compass for the company, dictating how the organization should allocate strengths, weaknesses and opportunities that may be available.

A

Business objectives

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6
Q

are a brand’s define goals. They outline the intentions of marketing team, provide clear direction for team members to follow, and offer information for executives to review and support. It is a pivotal part of a marketing strategy.

A

Marketing objectives

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7
Q

is the collection of business and products that make up the company.

A

Business portfolio

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8
Q

is a major activity in strategic planning whereby management evaluates the products and businesses that make up the company

A

Portfolio Analysis

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9
Q

is a growth strategy increasing sales to current market segments without changing the product

A

Market penetration

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10
Q

is a growth strategy that identifies and develop new market segments for current products.

A

Market Development

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11
Q

is a growth strategy that offers new or modified products to existing market segments.

A

Product Development

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12
Q

is a growth strategy through starting up or acquiring businesses outside the company’s current products and market.

A

Diversification

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13
Q

is the reduction of the business portfolio by eliminating products or business units that are nor profitable or that no longer fit the company’s overall strategy.

A

Downsizing

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14
Q

is a series of departments that carry out value-creating activities to design, produce, and market, deliver, and support a firm’s products.

A

Value chain

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15
Q

is made up of the company, suppliers, distributors, and ultimately customers who partners with each other’s to improve performance of the entire system.

A

Value delivery network

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16
Q

is the division of a market into distinct groups of buyers who have different needs, characteristics or behavior and who might require separate products or marketing mixes.

A

Market segmentation

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17
Q

is a group of consumers who responds in a similar way to a given set of marketing efforts.

A

Market segment

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18
Q

is the process of evaluating each market segment’s attractiveness and selecting one or more segments to enter.

A

Market targeting

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19
Q

is the arranging for a product to occupy a clear. Distinctive, and desirable place relative to competing products in the minds of the target consumer.

A

Market positioning

20
Q

is the set of controllable tactical marketing tools- products, price, place, and promotion- that the firm blends to produce the response it wants in the target market.

A

Marketing mix

21
Q

is a process that consists of analyzing current situation and information about marketing opportunities, forecasting and establishing planning premises, selecting target markets, determining marketing objectives, designing and developing marketing strategy.

A

Planning

22
Q

is the process that turns marketing plans into marketing actions to accomplish strategic marketing objectives

A

Implementing

23
Q

is the measurements and evaluation of results and the taking of corrective action as needed to ensure the objectives are achieved’

A

Controlling

24
Q

involves checking ongoing performance against an annual plan and taking corrective action as needed.

A

Operating control

25
Q

involves looking at whether the company’s basic strategies are well matched to its opportunities.

A

Strategic control

26
Q

the net return from marketing investment divided by the cost of the marketing investment. Marketing roi provides a measurement of the profits generated by investments in marketing activities.

A

Marketing ROI

27
Q

is a combination of internal and external environmental forces and factors that influences the business operation of a business and its ability to serve its customers.

A

Marketing environment

28
Q

consists of the actors close to the company that affect its ability to serve its customers, the company, marketing intermediaries, customers markets, competitors, and publics

A

Microenvironment

29
Q

is a legal entity formed by a group of individuals to engage in and operate a business - commercial or industrial- enterprise

A

The Company

30
Q

is a person or entity that provides the resources to an entity for them to produce goods and services. It is treated as a partner to provide customer value.

A

Suppliers

31
Q

helps the company to promote, sell and distribute its products to final buyers.

A

Marketing Intermediaries

32
Q

is a business that provides similar products or services to your business. Firms must gain strategic advantage by positioning their offers against competitors’ offerings.

A

Competitors

33
Q

refers to any group that has an actual or potential interest in or impact on an organization’s ability to achieve its objectives.

A

Publics

34
Q

is an individual or business that purchases another company’s good and services.

A

Customer

35
Q

are important because they drive revenues; without them, business cannot continue to exist.

A

Customer

36
Q

is a set external factors or forces, not controlled by the company, which influences is development. It is mainly includes demographics, economics, natural, cultural, technological, legal or political elements.

A

Macroenvironment

37
Q

is the study of human populations- size, density, locations, race, occupation, and other statistics like age, and gender

A

Demography

38
Q

involves people, and people make up markets. Demographic trends shift in age, family structure, geographic population, educational characteristics, and population diversity.

A

Demographic environment

39
Q

consist of factors that affect consumer purchasing power and spending patterns.

A

Economic environment

40
Q

offerings a financially cautious buyers with greater value by providing the right combination of quality and service at a fair price.

A

Value marketing

41
Q

includes natural resources that are needed as inputs by marketers of that are affected by marketing activities

A

Natural environment

42
Q

refers to the state of science and technology in the country and related aspects such as rate of technological progress, institutional arrangement for development and application of new technologies.

A

Technological environment

43
Q

includes laws, government agencies, and pressure groups that influence or limit various organization and individuals in a given society.

A

Political environment

44
Q

consist of institutions and other forces that affect a society’s basic values, perceptions, and behaviors. Cultural factors strongly affect people think and how they consume. So marketers are keenly interested in the cultural.

A

Cultural environment

45
Q

are persistent and are passed on from parents to children and are reinforced by schools, churches, businesses, and government.

A

Core beliefs and values

46
Q

are more open to change and include people’s views of themselves, others, organization, society, nature and the universe.

A

Secondary beliefs and values

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