Study your flashcards anywhere!

Download the official Cram app for free >

  • Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off

How to study your flashcards.

Right/Left arrow keys: Navigate between flashcards.right arrow keyleft arrow key

Up/Down arrow keys: Flip the card between the front and back.down keyup key

H key: Show hint (3rd side).h key

A key: Read text to speech.a key


Play button


Play button




Click to flip

25 Cards in this Set

  • Front
  • Back
Strategic Planning
The process of developing and maintaining a stategic fit between the organization's goals and capabilities and its changing marketing opportunities. It involves defining a clear company mission, setting supporting objectives, designing a sound business portfolio, and coordinating functional strategies.
Mission Statement
A statement of the organization's purpose--what it wants to ccomplish in the larger environment.
Business portfolio
The collection of businesses that make up the company.
Portfolio analysis
A tool by which management indentifies and evaluates the vcarious businesses making up the company.
Strategic Business Unit (SBU)
A unit of the company that has a separate mission and objectives and that can be planned independently from other company businesses.
Growth-share matrix
A portfolio-planning method that evaluates a company's strategic business units in terms of their market growth rate and relative market share. SBU's 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
A strategy for company growth by increasing sales of current products to current market segments without changing the product.
Market development
A strategy for company growth by indentifying and developing new market segments for current company products.
Product Development
A strategy for company growth by offering modified or new products to current market segments.
A strategy for company growth through starting up or acquiring businesses outside the company's current products and markets.
Reducing the business portfolio by eliminating products or business units that are not profitable or that no longer fit the company's overall strategy.
Partner Relationship Management
Working closely with partners in other company departments and outside the company to jointly bring greater vlue to customers.
Value Chain
The series of departments that carry out value-creating activities to design, produce, market, deliver, and support a firm's products.
Value-delivery market
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 Process
The process of (1) analyzing marketing opportunities, (2) selecting target markets, (3) developing the marketing mix, and (4) managing the marketing effort.
Market Segmentation
Dividing a market ino distinct groups of buyers who have disctinct needs, characteristics, or behavior and who might require separate products or marketing mixes.
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 desirable place relative to competing products in the minds of target consumers.
Marketing Mix
The set of controllable tactical marketing tools--product, price, place, and promotion--that the firm belnds to produce the response it wants in the target market.
Marketing Strategy
The marketing logic by which the business unit hopes to achieve its marketing objectives.
Marketing Implementation
The process that turns marketing strategies and plans into marketing actions in order to accomplish strategic marketing objectives.
Four P's vs. Four C's
Product, Price, Place, Promotion vs. Customer solution, Customer cost, Convenience, Communication
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.
Marketing Audit
A comprehensive, systematic, independaent, and periodic examination of a company's environment, objectives, strategies, and activites to determine problem areas and opportunities and to ecommend a plan of action to improve the company's marketing performance.