Marketing Chapter 2 : Strategic Planning For Competitive Advantage

Front 1

Strategic Planning

Back 1

The Managerial process of creating and maintaining a fit between the organization's objectives and resources and evolving market opportunities.

Front 2

Planning

Back 2

The process of anticipating future events and determining strategies to achieve organizations objectives in the future.

Front 3

Marketing Planning

Back 3

Designing activities relating to marketing objective and the changing market environment

Front 4

Marketing Plan

Back 4

A written document that acts as a guidebook of marketing activities for the marketing manager.

Front 5

Mission Statement

Back 5

A statement of the firm's business based on a careful analysis of benefits sought by present and potential customers and an analysis of existing and anticipating environmental conditions.

Front 6

Marketing Myopia

Back 6

Defining a business in terms of goods and services rather than in terms of benefits that customers seek.

Front 7

Strategic Business Unit (SBU)

Back 7

A subgroup of a single business or collection of related businesses within the larger organization.

Front 8

Marketing Objectives

Back 8

A statement of what is to be accomplished through market activity.

Front 9

SWOT Analysis

Back 9

Identifying internal strengths (S) and Weaknesses (W) and also examining external opportunities (O) and threats (T)

Front 10

Environmental Scanning

Back 10

Collection and interpretation of information about forces, events, and relationships in the external environment that may affect the future of the organization or the implementation of the marketing plan,

Front 11

Competitive Advantage

Back 11

The set of unique features of a company and its products that are perceived by the target market as significant and superior to the competition.

Front 12

Cost Competitive Advantage

Back 12

Being the low-cost competitor in an industry while maintaining satisfactory profit margin.

Front 13

Experience Curves

Back 13

Curves that show costs declining at a predictable rate as experience with a product increases

Front 14

Product/Service Differentiation

Back 14

The provision of something that is unique and valuable to the buyers beyond simply offering a lower price than the competition's

Front 15

Niche Competitive Advantage

Back 15

The advantage achieved when a firm seeks to target and effectively serve a small segment of the market.

Front 16

Sustainable Competitive Advantage

Back 16

An advantage than cannot be copied by the competition.

Front 17

Market Penetration

Back 17

A marketing strategy that tries to increase market share among existing customers.

Front 18

Market Development

Back 18

A marketing strategy that entails attracting new customers to existing products.

Front 19

Product Development

Back 19

A marketing strategy that entail the creating of new products for current customers.

Front 20

Diversification

Back 20

A strategy of increasing sales by introducing new products into new markets.

Front 21

Portfolio Matrix

Back 21

A tool for allocating resources among products or strategic business units on the basis of relative market share and market growth rate.

Front 22

Star

Back 22

In the portfolio matrix, a business unit that is a fast-growing market leader.

Front 23

Cash Cow

Back 23

In the portfolio matrix, a business unit that usually generates more cash than it needs to maintain its market share.

Front 24

Problem Child (question mark)

Back 24

In the portfolio matrix, a business unit that shows rapid growth but poor profit margins.

Front 25

Dog

Back 25

In the portfolio matrix, a business unit that has a low growth potential and a small market share.

Front 26

Marketing Strategy

Back 26

The activities of selecting and describing one or more target markets and developing and maintaining a marketing mix that will produce mutually satisfying exchanges with target markets.

Front 27

Market Opportunity Analysis (MOA)

Back 27

The description and estimation of the size and sales potential of market segments that are of interest to the firm and the assessment of key competitors in these market segments.

Front 28

Marketing Mix

Back 28

A unique blend of product, place, promotion, and pricing strategies designed to produce mutually satisfying exchanges with a target market.

Front 29

four P's

Back 29

Product
Place
Promotion
Price
Together these make up the marketing mix.

Front 30

Implementation

Back 30

The process that turns a marketing plan into action assignment and ensures that these assignments are executed in a way that accomplished the plan's objectives.

Front 31

Evaluation

Back 31

Gauging the extent to which the marketing objectives have been achieved during the specified time period.

Front 32

Control

Back 32

Provides the mechanisms for evaluating marketing results in light of the plan's objectives and for correcting actions that do not help the organization reach those objectives within budget guidelines

Front 33

Marketing Audit

Back 33

A thorough, systematic, periodic evaluation of the objectives, strategies, structure, and performance of the marketing organization.