Marketing Exam I Ch 02

Front 1

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

Back 1

Strategic Planning

Front 2

The process of anticipating future vents and determining strategies to achieve organizational objectives in the future.

Back 2

Planning

Front 3

Designing activities relating to marketing objectives and the changing marketing environment.

Back 3

Marketing Planning

Front 4

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

Back 4

Marketing Plan

Front 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 anticipated environmental conditions.

Back 5

Mission Statement

Front 6

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

Back 6

Marketing Myopia

Front 7

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

Back 7

Strategic Business Unit (SBU)

Front 8

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

Back 8

SWOT Analysis

Front 9

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.

Back 9

Environmental Scanning

Front 10

A statement of what is to be accomplished through marketing activities.

Back 10

Marketing Objective

Front 11

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

Back 11

Competitive Advantage

Front 12

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

Back 12

Cost Competitive Advantage

Front 13

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

Back 13

Experience Curves

Front 14

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

Back 14

Product/Service Differentiation Competitive Advantage

Front 15

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

Back 15

Niche Competitive Advantage

Front 16

An advantage that cannot be copied by the competition.

Back 16

Sustainable Competitive Advantage

Front 17

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

Back 17

Market Penetration

Front 18

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

Back 18

Market Development

Front 19

A marketing strategy that entails the creation of new products for present markets.

Back 19

Product Development

Front 20

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

Back 20

Diversification

Front 21

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

Back 21

Portfolio Matrix

Front 22

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

Back 22

Star

Front 23

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

Back 23

Cash Cow

Front 24

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

Back 24

Problem Child (Question Mark)

Front 25

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

Back 25

Dog

Front 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.

Back 26

Marketing Strategy

Front 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.

Back 27

Market Opportunity Analysis (MOA)

Front 28

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

Back 28

Marketing Mix

Front 29

Product
Place
Promotion
Price

Back 29

4 Ps of the Marketing Mix

Front 30

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

Back 30

Implementation

Front 31

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

Back 31

Evaluation

Front 32

Provides that 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.

Back 32

Control

Front 33

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

Back 33

Marketing Audit

Front 34

A broad plan to guide decisions and behavior of employees in an organization. Think long-term.

Back 34

Strategy

Front 35

Short run actions performed by managers or employees to execute a marketing plan.

Back 35

Tactic

Front 36

Market Penetration, Product Development, Market Development, Diversification.

Back 36

Growth Strategies

Front 37

Star, Cash Cow, Problem Child, Dog

Back 37

The Boston Consulting Group Matrix