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
