Principles of Marketing, Ch 2 – Flashcards
Flashcard maker : Jaxon Wilson
Planning
the process of anticipating events and determining strategies to achieve organizational objectives.
marketing plan
A written document that acts as a guidebook of marketing activities for the marketing manager
mission statement
answers the question, “What business are we in, and where are we going?”
Marketing myopia
This occurs when a business is defined in terms of goods and services rather than by the benefits customers seek from it.
strategic business units
Subgroups of a single business or a collection of related businesses within a larger organization
SWOT or Situational Analysis
a study conducted by an organization to identify its internal strengths and weaknesses and also examine external opportunities and threats.
Strengths and Weaknesses
internal elements of the SWOT analysis
Opportunities and Threats
external elements of the SWOT analysis
competitive advantage
The set of unique features of a company and its products that are perceived by the target market as significant and superior to the competition
Three types of competitive advantage
Cost, product/service differentiation, niche market
market penetration
a strategy of increasing market share for present products in existing markets.
market development
a strategy that attempts to attract new customers to existing products.
product development
a strategy that creates new products for present markets.
diversification
the strategy of increasing sales by introducing new products into new markets.
Star
This category in the Boston Consulting Group’s portfolio matrix is a market leader and growing fast
Cash Cow
This category in the Boston Consulting Group’s portfolio matrix generates more than it needs to maintain its market share
Problem Child
This category in the Boston Consulting Group’s portfolio matrix shows rapid growth but poor profit margins
Dog
This category in the Boston Consulting Group’s portfolio matrix has low growth potential and a small market share
Marketing Mix
the unique blend of product, distribution, promotion, and pricing strategies designed to produce mutually satisfying exchanges with a target market.
Evaluation
the process of gauging the extent to which marketing objectives have been achieved during a specified time period.
