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MARKETING REVIEWER: TOPIC 1, 2,3 > TOPIC 3 > Flashcards

TOPIC 3 Flashcards

1
Q

The process of developing and maintaining a strategic fit between the organization’s goals and capabilities and it’s changing marketing opportunities.

A

Strategic Planning

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2
Q

A statement of the organization’s purpose- what it “wants to accomplish” in the larger environment.

A

Mission Statement

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3
Q

A mission statement asks…

A

• What is our business?
• Who is our customers?
• What do consumers value?
•What should our business be?

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4
Q

A formal summary of the aims and values of a company, organization, or individual. “Reason for being”

A

Mission Statement

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5
Q

A ___ mission statement is essential for effectively establishing objectives and formulating strategies.

A

Clear

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6
Q

MSC: Who are the firm’s ____?

A

Customers

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7
Q

MSC: What are the firm’s major _____ or _____?

A

Products or Services

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8
Q

MSC: Geographically, where does the form compete?

A

Market

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9
Q

MSC: is the firm technologically current?

A

Technology

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10
Q

MSC: is the firm committed to growth and financial soundness?

A

Concern for survival, growth, and profitability

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11
Q

MSC: What are the basic beliefs, values, aspirations, and ethical priorities of the firm?

A

Philosophy

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12
Q

MSC: firm’s distinctive competence or major competitive advantage?

A

Self Concept

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13
Q

A company’s road map, indicating both what the company wants to BECOME.

A

Vision statement

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14
Q

Is the collection of businesses and products that make up the company.

A

Business Portfolio

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15
Q

Business Portfolio has a 2 steps:

A
  • Analyzing the current business Portfolio.
  • Shaping the future portfolio
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16
Q

Portfolio Analysis is the process which the management ______ the product and businesses.

A

Evaluates

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17
Q

Can be a company division, a product line within a division, or sometimes a single product/brand.

A

Strategic Business Units (SBU)

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18
Q

Who made the growth matrix? Start, ??, cash cow, and dog.

A

Ansoff’s growth matrix

19
Q

Matrix: High, High

A

Star

20
Q

Matrix: High, Low

A

Question Mark

21
Q

Matrix: Low, High

A

Cash Cow

22
Q

Matrix: Low, Low

A

Dog

23
Q

Analyzing Current Business Portfolio:
Build, Hold, Harvest, Divest.

A
  1. Increase Market Share
  2. Preserve Market Share
  3. Increase Short-Term Cash flow
  4. Sell or Liquidate
24
Q

Enumerate: Developing Startegies For Growth

A

Market Penetration
Market Development
Product Development
Diversification

25
Q

T or F: Market Development - Making more sales to CURRENT customers WITHOUT CHANGING ITS PRODUCTS.

A

F: Market Penetration

26
Q

Develop new Market for its current products

A

Marketing Development

27
Q

Offering modified or new products to current markets.

A

Product Development

28
Q

New Products for New Market

A

Diversification

29
Q

A group of Consumers who responds in a similar way to a given set of marketing effort

A

Market Segment

30
Q

Evaluating each segment’s attractiveness and selecting one or more segments to enter.

A

Targeting

31
Q

Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products IN THE MINDS OF TARGET CONSUMERS.

A

Positioning

32
Q

The 4c’s

A

Customer Solution
Customer Cost
Convenience
Communication

33
Q

Marketing Function: Finding opportunities, Avoiding Threats, Understanding Strengths, Analyzing Weaknesses.

A

Analysis

34
Q

Marketing Function: Marketing Plan

A

Planning

35
Q

Analysis: internal capabilities

A

Strength

36
Q

Analysis: Internal Limitations

A

Weaknesses

37
Q

Analysis: External Factors (Advantage)

A

Opportunity

38
Q

Analysis: Current and Emerging external factors.

A

Threats

39
Q

Marketing Function: Plans are turned into action with day to day activities.

A

Implementation

40
Q

Marketing Function: Evaluation of the results of marketing strategy.

A

Control

41
Q

Identify: 4 Marketing Function

A

Analysis
Planning
Implementation
Control

42
Q

Enumerate the 3:
Customer Driven Marketing strategy

A

Market Segment
Targeting
Positioning

43
Q

Enumerate: Marketing Functions

A

Analysis
Planning
Implementation
Control

MARKETING REVIEWER: TOPIC 1, 2,3 (5 decks)

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