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29 Cards in this Set
- Front
- Back
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Strategic Marketing |
The managerial process of creating and maintaining a fit between the organization's objectives and evolving market opportunities. |
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Strategic business unit |
A sub group of a single business or a collection of related businesses within the larger organization
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Market Penetration |
A marketing strategy that tries to increase market share among existing customers
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Market Development |
A marketing strategy that entails attracting new customers to existing products. |
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Product Development |
A marketing strategy that entails the creation of new products for current customers. |
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Diversification |
A strategy of increasing sales by introducing new products into new markets. |
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Portfolio Model |
A toll for allocating resources among products or strategic business units on the basis of relative market share and market growth rate. |
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Star |
In the portfolio matrix, a business unit that is a fast growing market leader. |
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Cash Cow |
generates more cash than needed to maintain its market share |
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Problem Child |
rapid growth but poor profit margins |
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Dog |
low growth potential and a small market share |
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Planning |
anticipating future events
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Marketing Planning |
designing activities realating to marketing objectives and the changing marketing environment |
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Market Plan |
a written doc that acts as a guidebook of marketing activities for the marketing manager
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Marketing Myopia |
defining a business in terms of foods and services rather than in terms of the benefits that customers seek |
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Swot analyses |
strengths, weaknesses, external opportunities, and threats |
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environmental scanning |
info about forces, events, and relationships in the external environment that may affect the future of organization of the implementation of the marketing plan |
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experience curves |
curves represent data on a chart that show costs declining at a predictable rate as experience with a product increases |
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product/service differentiation competitive advantage |
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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niche competitive advantage |
the advantaged achieved when a firm seeks to target and efficiently serve a small segment of the market
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sustainable competitive advantage |
an advantage that cannot be copied by the competition |
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marketing objective |
a statement of what is to be accomplished through marketing activities |
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marketing strategy |
the activities of selecting and describing one or more target markets |
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MOA |
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 markets segments |
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marketing mix |
a unique blend of product, place, promotion, and pricing strategies designed to produce mutually satisfying exchanging with a target market
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four Ps |
product, place, promotion, and price =marketing mix |
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evaluation |
gauging the extent to which the marketing objectives have been achieved during the specified time period |
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control |
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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Marketing Audit |
a thorough, systematic, periodic evaluation of the objectives, strategies, structure, and perfermance of the marketing organization. |
