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24 Cards in this Set
- Front
- Back
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Strategic planning
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The company's game plan for long-run survival and growth that makes the most sense given its specific situation, opportunities, objectives, and resources.
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Mission statement
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A statement fo the organization's purpose-what it wants to accomplish in the larger environment.
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Business portfolio
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The collection of businesses and products that make up the company.
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Portfolio analysis
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The process by which management evaluates the products and businesses making up the company.
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Growth-share matrix
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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.
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Product/market expansion grid
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A portfolio-planning tool for identifying company growth opportunities through market penetration, market development, product development, or diversification.
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Market penetration
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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) |
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Market development
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Identifying and developing new markets for its current products.
(Starbucks w/ new geographic markets, expanding into small cities) |
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Product development
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Offering modified or new products to current markets.
(Starbucks has introduced reduced-calorie options & drinks for the non-coffee drinkers) |
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Diversification
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Starting up or buying businesses outside of its current products and markets.
(Starbucks purchased Hear Music and now the starbucks entertainment division) |
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Downsizing
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Reducing the business portfolio by eliminating products or business units that are not profitable or that no longer fith the company's overall strategy.
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Value chain
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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) |
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Value-delivery network
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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.
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Marketing strategy
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The marketing logic by which the business unit hopes to achieve its marketing objectives.
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Market segmentation
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Dividing a market into distinct groups of buyers who have distinct needs, characteristics, or behaviors and who might require separate products or marketing programs.
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Market segment
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A group of consumers who respond in a similar way to a given set of marketing efforts.
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Target marketing
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The process of evaluating each market segment's attractiveness and selecting one or more segments to enter.
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Market positioning
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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) |
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Marketing mix
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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) |
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SWOT analysis
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An overall evaluation of the company's strenghs(S), weaknesses(W), opportunities(O), and threats(T).
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Marketing implementation
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The process that turns marketing strategies and plans into marketing actions in order to accomplish strategic marketing objectives.
(addresses the who, where, and how) |
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Marketing control
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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) |
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Marketing audit
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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.
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Return on marketing
(marketing ROI) |
The net return from a marketing investment divided by the costs of the marketing investment.
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