Marketing 3350 Chapter 3 – Flashcards
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Of the three levels of business​ planning, the most​ long-range portion is​ ________.
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Strategic Planning
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When a firm has multiple products and services to​ market, it often creates individual units in distinct business​ areas, which are referred to as​ ________.
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Strategic Business Units
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A​ ________ is a document that describes the marketing​ environment, outlines the marketing objectives and​ strategy, and identifies who will be responsible for carrying out each part of the marketing strategy.
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Marketing Plan
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​________ refers to a managerial decision process that matches an​ organization's resources and capabilities to its market opportunities for​ long-term growth and survival.
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Strategic Planning
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​________ is the second level of planning that involves developing detailed plans for strategies and tactics for the short​ term, supporting an​ organization's long-term strategic plan.
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Functional Planning
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​________ is the third level of planning in which focus is placed on​ day-to-day execution and include detailed​ annual, semiannual, or quarterly plans.
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Operational Planning
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A marketing manager uses portfolio analysis to determine how to manage different​ products, brands, and SBUs the firm has. The category that is known as a​ ________ offers the greatest profits that can be used to fund other​ products, brands, and SBUs.
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cash cow
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Which growth strategy do marketers employ to increase sales with existing products to existing markets such as current users and​ ex-users?
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market penetration
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In step 2 of the strategic planning​ process, a firm conducts a​ ________, which enables the organization to develop strategies that make use of what the firm does best in seizing opportunities for​ growth, while at the same time avoiding external threats that might hurt the​ firm's sales and profits.
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SWOT Analysis
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In the first step of the strategic planning​ process, a firm creates a​ ________, which is a formal statement in an​ organization's strategic plan that describes the overall purpose of the organization and what it intends to achieve in terms of its​ customers, products, and resources.
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Mission Statement
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Marvel Entertainment would be considered a​ ________ on​ Disney's BCG​ growth-market share matrix because it creates films such as The Avengers that dominant market share and generate large​ revenues, but require large amounts of funding to keep up with production and promotion demands.
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Star
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If Dannon were to aggressively promote its Activia yogurt with probiotics in an effort to increase sales of existing products to existing markets such as current​ users, nonusers, and users of competing brands within a​ market, the company would be using a​ ________ strategy.
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market penetration
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Step 2 in the marketing planning process involves​ ________, which is specific to the​ firm's brands,​ sizes, product​ features, and other​ marketing-mix elements.
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setting marketing objectives
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Developing the marketing​ program, also known as​ a(n) ________, includes assigning responsibility for each part of the​ plan, developing a​ timeline, creating a marketing​ budget, and then measuring and controlling the program.
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action plan
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​________ is step 4 of the market planning process. At this​ stage, a firm assesses the potential demand for its productsdash-and decides whether it is able to create a sustainable competitive advantage in the marketplace.
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select a target market and the best marketing mix strategy
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In step 1 of the market planning​ process, a firm​ ________ by analyzing the marketing environment.
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develops a marketing strategy
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A company on​ ________ of the market planning process sets marketing objectives that are specific to the​ firm's brands,​ sizes, product​ features, and other related marketing mix elements.
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step 2
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A company on​ ________ of the market planning process is focused on implementing the marketing plan and setting the controls to monitor the progress of the plan compared to the marketing objectives.
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step 4
