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54 Cards in this Set
- Front
- Back
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The managerial process of creating and maintaining a fit between the organization's objectives and resources and evolving market opportunities:
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strategic planning
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The process of anticipating future events and determining strategies to achieve organizational objectives in the future:
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planning
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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 anticiptated environmental conditions:
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mission statement
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Designing activities relating to marketing objectives and the changing marketing environment:
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marketing planning
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Defining a business in terms of goods and services rather than in terms of the benefits that customers seek:
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marketing myopia
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A written document that acts as a guidebook of marketing activities for the marketing manager:
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marketing plan
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A subgroup of a single business of collection of related businesses within the larger organization:
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strategic business unit (SBU)
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A statement of what is to be accomplished through marketing activities:
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marketing objective
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Identifying internal strengths (S) and weaknesses (W) and also examining external opportunities (O) and threats (T):
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SWOT analysis
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The 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:
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environmental scanning
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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:
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competitive advantage
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Being the low-cost competitor in and industry while maintaining satisfactory profit margins:
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cost competitive advantage
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Curves that show costs declining at a predictable rate as experience with a product increases:
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experience curves
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The provision of something that is unique and valuable to buyers beyond simply offering a lower price than the competition's:
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product/service differentiation competitive advantage
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The advantage achieved when a firm seeks to target and effectively serve a small segment of the market:
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niche competitive advantage
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An advantage that cannot be copied by the competition:
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sustainable competitive advantage
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A marketing strategy that tries to increase market share among existing customers:
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market penetration
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A marketing strategy that entails attracting new customers to existing products:
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market development
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A marketing strategy that entails the creation of new products for current customers:
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product development
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A strategy of increasing sales by introducing new products into new markets:
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diversification
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A tool for allocating resources among products or strategic business units on the basis of relative market share and market growth rate:
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portfolio matrix
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In the portfolio matrix, a business unit that is a fast-growing market leader:
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star
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In the portfolio matrix, a business unit that usually generates more cash than it needs to maintain its market share:
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cash cow
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In the portfolio matrix, a business unit that shows rapid growth but poor profit margins:
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problem child (question mark)
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In the portfolio matrix, a business unit that has low growth potential and a small market share:
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dog
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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:
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marketing strategy
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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:
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market opportunity analysis (MOA)
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A unique blend of product, place, promotion, and pricing strategies designed to produce mutually satisfying exchanges with a target market:
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marketing mix
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Product, place, promotion, and price, which together make up the marketing mix:
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four Ps
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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:
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implementation
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Gauging the extent to which the marketing objectives have been achieved during the specified time period:
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evaluation
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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:
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controls
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A thorough, systematic, periodic evaluation of the objectives, strategies, structure, and performance of the marketing organization:
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marketing audit
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Compass is the name of a United Kingdom-based catering company that has developed a marketing plan designed to make it the largest caterer in China within the next two decades. As part of its marketing ________, it has already begun serving meals on trains that run between Shanghai and Beijing.
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strategy implementation
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The owner of a company that manufactures preformed concrete trusses needs to make a quick change to his marketing plan to boost sales. Which element of his marketing mix should he change?
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price
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What is the first step for the development of an organization's marketing mix?
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Development of the good or service to be sold
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Flexcar is a car rental agency that is geared for people who take transit or carpool to work but occasionally need to run errands, visit the doctor, or check on a sick child during the work day. The preceding statement describes the ________ for Flexcar.
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target market
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The Danone Group, parent company of the Dannon Company, Inc., is the worldwide leader in water and fresh dairy products. The Dannon Company has a 30 percent share of the growing yogurt market in the United States and actually generates more cash than is needed to maintain its market share. In terms of the portfolio matrix, the Danone Group's Dannon Co. is a:
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cash cow
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The Journal Register Company has expanded the number of weekly newspapers it publishes in the Philadelphia-area to 22. Journal Register Company used ________ to attract new customers.
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market development
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When a pharmaceutical company formulates a drug that has a patent--that is, it cannot legally be copied by a competitor--the company has created a ________ competitive advantage.
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sustainable
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A manufacturer of pet supplies has done consumer research for one of its products, a "doggie boot" that keeps dogs' paws from burning on hot sidewalks in the summer. The company has found that its customers mostly live in the suburbs, have relatively high income, and earn higher than average purchases of pet supplies. This group of customers best describes the company's:
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target market
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For decades, Maytag Appliances has used the advertising icon of the Maytag Man, who is never busy because Maytag appliances hardly ever break down. The advertising emphasizes the reliability of the appliances. Maytag takes advantage of a ________ competitive advantage.
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product/service differentiation
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A SWOT analysis would recognize the enlargement of the European Union (EU) to include more members coupled with the loosening of railroad regulations, and the prospect of seamless cross-border rail operation, as a(n) ________ for the European rail-freight industry.
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opportunity
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A successful camp designed to appeal to children between the ages of 6 and 13 has set as its ________ to increase next summer's attendance by 10 percent.
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marketing objective
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Virginia Beach, once simply a beach resort community, has grown into a thriving, vibrant metropolitan area supported not just by the local military and government but also by industry and retail development. A(n) ________ could be used to identify demographic and technological changes in the area before they become problems for its infrastructure.
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situation analysis
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By defining its business as "running department stores" instead of "providing a range of products and services that deliver value to U.S. families," Sears Roebuck was engaging in:
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marketing myopia
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FONA International has four ________. They are the Sweet Division, which includes its bakery, cereal/grain, dairy, desserts and nutraceutical products; its Confection Division, which produces its chewing gum, chocolate, gummies, hard candy, and taffy; its Savory Division, which manufactures dressings, marinades, meal and meal components, sauces, snacks and soup; and its Beverage Division for the production of alcohol, still, carbonated, functional ready-to-drink, coffee and tea. Each division has its own mission statement and target market.
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strategic business units
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With hospitals nationwide facing budget cuts and slimmer profit margins, Dekalb County's Medical Center decided to cash in on one of the most consistently profitable services--delivering babies. According to the situational analysis, this is a(n):
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opportunity
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In a SWOT analysis, strengths and weaknesses represent the ________ environment and opportunities and threats represent the ________ environment.
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internal, external
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_____ is usually the most flexible, easy-to-change element of the marketing mix.
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Pricing
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A committee that is charged with arranging the delegation of authority and responsibility for marketing strategies, determining a time frame for completion of tasks, and overseeing resource allocation is engaged in:
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implementation
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Peter's Chocolates was the company that first invented and marketed milk chocolate. Because the process could not be patented, the discovery only gave the company a ________ until other companies determined how to manufacture and market chocolate.
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competitive advantage
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With hospitals nationwide facing budget cuts and slimmer profit margins, Dekalb County's Medical Center decided to cash in on one of the most consistently profitable services-delivering babies. It initiated a three-year project to build a $55 million state-of-the-art women's center with 18 labor and delivery suites. When the hospital decided to commit its resources to obstetrics, it was engaging in:
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strategic planning
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The goal of _____ is long-term profitability and growth.
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strategic planning
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