02 Boone & Kurtz Contemporary Marketing

Front 1

business plan

Back 1

Formal document that outlines a company’s objectives, how they will be met, how the business will achieve financing, and how much money the firm expects to earn.

Front 2

distribution strategy

Back 2

Planning that ensures that consumers find their products in the proper quantities at the right times and places.

Front 3

first mover strategy

Back 3

Theory advocating that the company that is first to offer a product in a marketplace will be the long-term market winner.

Front 4

marketing mix

Back 4

Blending of the four strategy elements—product, distribution, promotion, and pricing—to fit the needs and preferences of a specific target market.

Front 5

marketing plan

Back 5

Detailed description of the resources and actions needed to achieve stated marketing objectives.

Front 6

marketing planning

Back 6

Implementing planning activities devoted to achieving marketing objectives.

Front 7

marketing strategy

Back 7

Overall, companywide program for selecting a particular target market and then satisfying consumers in that market through the marketing mix.

Front 8

mission

Back 8

Essential purpose that differentiates one company from others.

Front 9

planning

Back 9

Process of anticipating future events and conditions and of determining the best way to achieve organizational goals.

Front 10

Porter’s Five Forces

Back 10

Model developed by strategy expert Michael Porter, which identifies five competitive forces that influence planning strategies: the threat of new entrants, the threat of substitute products, rivalry among competitors, the bargaining power of buyers, and the bargaining power of suppliers.

Front 11

pricing strategy

Back 11

Methods of setting profitable and justifiable prices.

Front 12

product strategy

Back 12

Decisions about what goods or services a firm will offer its customers; also includes decisions about customer service, packaging, brand names, and the like.

Front 13

promotion

Back 13

Communications link between buyers and sellers. Function of informing, persuading, and influencing a consumer’s purchase decision.

Front 14

second mover strategy

Back 14

Theory that advocates observing closely the innovations of first movers and then introducing new products that improve on the original offering to gain advantage in the marketplace.

Front 15

spreadsheet analysis

Back 15

Grid that organizes information in a standardized, easily understood format

Front 16

strategic business units (SBUs)

Back 16

Key business units within diversified firms.

Front 17

strategic planning

Back 17

Process of determining an organization’s primary objectives and adopting courses of action that will achieve these objectives.

Front 18

strategic window

Back 18

Limited periods during which the key requirements of a market and the particular competencies of a firm best fit together.

Front 19

SWOT analysis

Back 19

Analysis that helps planners compare internal organizational strengths and weaknesses with external opportunities and threats.

Front 20

tactical planning

Back 20

Planning that guides the implementation of activities specified in the strategic plan.