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33 Cards in this Set

  • Front
  • Back
Strategic Planning
The Managerial process of creating and maintaining a fit between the organization's objectives and resources and evolving market opportunities.
The process of anticipating future events and determining strategies to achieve organizations objectives in the future.
Marketing Planning
Designing activities relating to marketing objective and the changing market environment
Marketing Plan
A written document that acts as a guidebook of marketing activities for the marketing manager.
Mission Statement
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 anticipating environmental conditions.
Marketing Myopia
Defining a business in terms of goods and services rather than in terms of benefits that customers seek.
Strategic Business Unit (SBU)
A subgroup of a single business or collection of related businesses within the larger organization.
Marketing Objectives
A statement of what is to be accomplished through market activity.
SWOT Analysis
Identifying internal strengths (S) and Weaknesses (W) and also examining external opportunities (O) and threats (T)
Environmental Scanning
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,
Competitive Advantage
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.
Cost Competitive Advantage
Being the low-cost competitor in an industry while maintaining satisfactory profit margin.
Experience Curves
Curves that show costs declining at a predictable rate as experience with a product increases
Product/Service Differentiation
The provision of something that is unique and valuable to the buyers beyond simply offering a lower price than the competition's
Niche Competitive Advantage
The advantage achieved when a firm seeks to target and effectively serve a small segment of the market.
Sustainable Competitive Advantage
An advantage than cannot be copied by the competition.
Market Penetration
A marketing strategy that tries to increase market share among existing customers.
Market Development
A marketing strategy that entails attracting new customers to existing products.
Product Development
A marketing strategy that entail the creating of new products for current customers.
A strategy of increasing sales by introducing new products into new markets.
Portfolio Matrix
A tool for allocating resources among products or strategic business units on the basis of relative market share and market growth rate.
In the portfolio matrix, a business unit that is a fast-growing market leader.
Cash Cow
In the portfolio matrix, a business unit that usually generates more cash than it needs to maintain its market share.
Problem Child (question mark)
In the portfolio matrix, a business unit that shows rapid growth but poor profit margins.
In the portfolio matrix, a business unit that has a low growth potential and a small market share.
Marketing Strategy
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.
Market Opportunity Analysis (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 market segments.
Marketing Mix
A unique blend of product, place, promotion, and pricing strategies designed to produce mutually satisfying exchanges with a target market.
four P's
Together these make up the marketing mix.
The process that turns a marketing plan into action assignment and ensures that these assignments are executed in a way that accomplished the plan's objectives.
Gauging the extent to which the marketing objectives have been achieved during the specified time period.
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
Marketing Audit
A thorough, systematic, periodic evaluation of the objectives, strategies, structure, and performance of the marketing organization.