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27 Cards in this Set
- Front
- Back
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utility
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the ability of a good or a service to satisfy a want or need (providing goods and services when consumers want them)
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Value proposition
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the bundle of benefits the product provides to fulfill customer needs and wants
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market
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the consumers willing to buy the product
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Market segmentation
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the process of dividing markets into distinctive groups based on similar sets of needs
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Marketing mix
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4 key areas of decision making-product, place (distribution), promotion, and price (4 Ps)
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Positioning
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the image customers have about a product in relation to the product’s competitors
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Marketing strategy
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1)identify target market 2)tailor marketing mixes that meet their wants and needs 3)develop marketing mixes that reinforce the product’s positioning strategy in the marketplace
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tactical planning
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specifying details that pertain to the organization’s activities for a certain period of time (when a radio station will be at the mall promoting)
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Strategic planning
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the organization’s overall game plan (3-5 yrs)
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Marketing planning
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shorter planning horizon (1 year)
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Build strategy
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the resource allocation strategy with the purpose to improve the SBU’s place in the marketplace
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Maintain strategy
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hold the SBU’s place in the marketplace
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Niche strategy
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the scope of the SBU is more narrowly focused on smaller, more well-defined target markets
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Harvest strategy
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the SBU is primarily used to generate resources to fund other SBUs
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Divest strategy
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goal is to discontinue all investments in an SBU so that resources can be redirected to other SBUs with more potential
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Mission statement
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a guideline for the organization’s decision making for both the short and long term and provides a direction to the strategic planning and marketing planning processes
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SBUs
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strategic business units; facilitate planning and have a clear market focus, an identifiable set of competitors, independent management teams, and SBU-specific operational goals
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Problem child
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an SBU that enjoys rapid growth but is characterized by low market shares and poor profit margins
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Star
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an SBU with high market growth and high market shares
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Cash cow
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an SBU with high market shares but low levels of market growth
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Dog-
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an SBU with low market shares and low market growth rates
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Growth strategies
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market penetration, market development, product development, product diversification
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Market penetration
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sell more of the firm’s existing products to existing markets
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Market development
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sell more of the firm’s existing products to new markets
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Product development
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sell new products to existing markets
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Product diversification
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sell new products to new markets
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SWOT analysis
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strengths, weaknesses, opportunities, threats
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