Mkt1003X Chapter 2 Company And Marketing Strategy: Partnering To Build Customer Relationships

Front 1

strategic planning

Back 1

the process of developing and maintaining a strategic fit between the organization's goals and capabilities and its changing market opportunities

Front 2

mission statement

Back 2

a statement of the organization's purpose - what it wants to accomplish in the larger environment

Front 3

business portfolio

Back 3

the collection of businesses and products that makes up the company

Front 4

portfolio analysis

Back 4

the process by which management evaluates the products and businesses that make up the company

Front 5

growth-share matrix

Back 5

a portfolio-planning method that evaluates a company's strategic business units in terms of their market growth rate and relative market share

Front 6

product/market expansion grid

Back 6

a portfolio-planning tool for identifying company growth opportunities through market penetration, market development, product development, or diversification

Front 7

market penetration

Back 7

a strategy for company growth by increasing sales of current products to current market segments without changing the product

Front 8

market development

Back 8

a strategy for company growth by identifying and developing new market segments for current company products

Front 9

product development

Back 9

a strategy for company growth by offering modified or new products to current market segments

Front 10

diversification

Back 10

a strategy for company growth through starting up or acquiring businesses outside the company's current products and markets

Front 11

downsizing

Back 11

reducing the business portfolio by eliminating the products or business units that are not profitable or that no longer fit in the company's overall strategy

Front 12

value chain

Back 12

the series of departments that carry out value-creating activities to design, produce, market, deliver, and support a firm's products

Front 13

value delivery network

Back 13

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

Front 14

marketing strategy

Back 14

the marketing logic by which the business unit hopes to achieve its marketing objectives

Front 15

market segmentation

Back 15

dividing a market into smaller groups with distinct needs, characteristics, or behaviors who might require separate products or marketing mixes

Front 16

market segment

Back 16

a group of consumers who respond in a similar way to a given set of marketing efforts

Front 17

market targeting

Back 17

the process of evaluating each market segment's attractiveness and selecting one or more segments to enter

Front 18

positioning

Back 18

arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers

Front 19

differentiation

Back 19

actually differentiating the market offering to create superior customer value

Front 20

marketing implementation

Back 20

the process that turns marketing strategies and plans into marketing actions to accomplish strategic marketing objectives

Front 21

marketing control

Back 21

the process of measuring and evaluating the results of marketing strategies and plans and taking corrective action to ensure that objectives are achieved

Front 22

marketing audit

Back 22

a comprehensive, systematic, independent, and periodic examination of a company's environment, objectives, strategies, and activities to determine problem areas and opportunities and to recommend a plan of action to improve the company's marketing performance

Front 23

return on marketing investment

Back 23

the net return fro a marketing investment divided by the costs of the marketing investment