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27 Cards in this Set

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