marketing an introduction chapter 2 – Flashcards
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strategic planning
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the process of developing and maintaining a strategic fit between the organization's goals and capabilities and its changing marketing opportunities
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mission statement
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a statement of the organization's purpose- what it wants to accomplish in the larger environment
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business portfolio
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the collection of businesses and products that make up the company
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portfolio analysis
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the process by which management evaluates the products and businesses making up the company
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growth-share matrix
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a portfolio-planning method that evaluates a company's strategic business units in terms of their market growth rate and relative market share. SBUs are classified as stars, cash cows, question mark, or dogs
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product-market expansion grid
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a portfolio-planning tool for identifying company growth opportunities trough market penentration, market development, product development, or diversification
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market penetration
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a strategy for company growth by increasins sales of current products to current markets segments without changing the product. existing market, existing product
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market development
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a strategy for company growth by indentifying and developing new market segments for current company product. new market, existing product
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product development
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a strategy for company growth by offering modified or new products to current market segments. existing market, new product
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diversification
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a strategy for company growth through starting up of acquiring businesses outside the company's current product and markets. new product, new market
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downsizing
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reducing the business portfolio by eliminating products of business units that are not profitable or that no longer fit the company's overall strategy
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value chain
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the serie of departments that carry out value-creating activities to design, produce, market, deliver, and support a firm's products
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value delivery network
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the network made up of the company, suppliers, distributors, and ultimately customers who ' partner'' with each other to improve the performance of the entire system
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marketing strategy
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the marketing logic by which business unit hopes to create customer value and achieve profitable customer relationships
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market segmentation
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dividing a market into distinct groups of buyers who have same needs, characteristics, or behavior and who might require separate products or marketing programs
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market segment
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a groups of consumers who respons in a similar way to a given set of marketing efforts
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market targeting
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the process of evaluating each market segment's attractiveness and selecting one or more segments to enter
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positioning
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arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers
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differentiation
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actually differentiating the market offerings to create superior customer value
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marketing mix
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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.
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SWOT analysis
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an overall evaluation of the company's SWOT
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marketing implementation
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the process taht turns marketing strategies and plans into marketing actions in order to accomplish strategic markting objectives
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marketing control
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the process of measuring and evaluating the results of marketing strategies and plans and taking corrective action to ensure that objectives are achieved
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marketing audit
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a comprehensive, systematic, independent and periodic examination of a company's environment, objectives, strategies, and activities to determine problem areas and opportunities and to recommend a plan of action to improve the company's marketing performance
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Return on marketing investment ( ROI )
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Net return ( from a marketing investment ) : Costs ( of the marketing investment )
