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24 Cards in this Set

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  • Back
Strategic planning
The company's game plan for long-run survival and growth that makes the most sense given its specific situation, opportunities, objectives, and resources.
Mission statement
A statement fo the organization's purpose-what it wants to accomplish in the larger environment.
Business portfolio
The collection of businesses and products that make up the company.
Portfolio analysis
The process by which management evaluates the products and businesses making up the company.
Growth-share matrix
A portfolio-planning method that evaluates a company's strategic business units in terms of their market grown rate and relative market share. SBUs are classified as stars, cash cows, question marks, or dogs.
Product/market expansion grid
A portfolio-planning tool for identifying company growth opportunities through market penetration, market development, product development, or diversification.
Market penetration
Making more sales to current customers without changing its products.
(Starbucks might add new stores in current market areas to make it easier for more customers to visit)
Market development
Identifying and developing new markets for its current products.
(Starbucks w/ new geographic markets, expanding into small cities)
Product development
Offering modified or new products to current markets.
(Starbucks has introduced reduced-calorie options & drinks for the non-coffee drinkers)
Starting up or buying businesses outside of its current products and markets.
(Starbucks purchased Hear Music and now the starbucks entertainment division)
Reducing the business portfolio by eliminating products or business units that are not profitable or that no longer fith the company's overall strategy.
Value chain
The series of departments that carry out value-creating activites to design, produce, market, deliver, and support a firm's product.
(Each company dept can be thought of as a link in the company's value chain)
Value-delivery network
The network made up of the company, suppliers, distributors, and ultimately customers who "partner" with each other to improve the performance of the entire system.
Marketing strategy
The marketing logic by which the business unit hopes to achieve its marketing objectives.
Market segmentation
Dividing a market into distinct groups of buyers who have distinct needs, characteristics, or behaviors and who might require separate products or marketing programs.
Market segment
A group of consumers who respond in a similar way to a given set of marketing efforts.
Target marketing
The process of evaluating each market segment's attractiveness and selecting one or more segments to enter.
Market positioning
Arranging for a product to occupy a clear, distinctive, and desireable place relative to competing products in the minds of target consumers.
(how you differentiate your product or company in the mind of your prospect)
Marketing mix
The set of controllable tactical marketing tools-product, price, place, and promotion-that the firm blends to produce the respones it wants in the target market.
(four Ps)
SWOT analysis
An overall evaluation of the company's strenghs(S), weaknesses(W), opportunities(O), and threats(T).
Marketing implementation
The process that turns marketing strategies and plans into marketing actions in order to accomplish strategic marketing objectives.
(addresses the who, where, and how)
Marketing control
The process of measuring and evaluating the results of marketing strategies and plans, and taking corrective action to ensure that objectives are achieved.
(four steps)
Marketing audit
A comprehensive, systematic, independent, and periodic examination of a company's environment, objectives, strategies, and activities to determine problem areas and opportunites and to recommend a plan of action to improve the company's marketing performance.
Return on marketing
(marketing ROI)
The net return from a marketing investment divided by the costs of the marketing investment.