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28 Cards in this Set
- Front
- Back
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What is strategic planning? |
The process of developing and maintaining a strategic fit between the organisation's goals and capabilities and its changing market opportunities |
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What is a business portfolio? |
The collection of businesses and products that make up the company |
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What is portfolio analysis? |
The process by which management evaluates the products and businesses that make up a company |
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What is growth-share matrix? |
A portfolio-planning method that evaluates a company's SBUs in terms of its market growth rate and relative market share |
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What does SBU stand for and what are the four types? |
Strategic business units. |
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Explain! |
* Stars = high-growth, high-share businesses or products * Dogs = low-growth, low-share businesses or products * Question marks = low-share businesses units in high-growth markets |
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What is product/market expansion grid? |
A portfolio-planning tool for identifying company growth opportunities through market penetration, market development, product development or diversification (variation) |
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What is market penetration? |
Company growth by increasing sales of current products to current market segments without changing the product |
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Explain! |
The product/market expansion grid. Used to identifying market growth opportunities |
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What is market development? |
Company growth by identifying and developing new market segments for current company products |
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What is product development? |
Company growth by offering modified or new products to current market segments |
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What does diversification mean? |
Company growth through starting up or acquiring businesses outside the company's current products or markets |
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What is a value chain? |
The series or internal departments that carry out value-creating activities to design, produce, market, deliver and support a firm's products. |
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What is value delivery network? |
The network made up of the company, it's suppliers, its distributors and its customers who partner with each other to improve the performance of the entire system |
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What is marketing strategy? |
The marketing logic by which the company hopes to create customer value and achieve profitable customer relationships |
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Explain! |
Managing marketing strategies and the marketing mix. |
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What is segmentation? |
Dividing a market into distinct groups of buyers who have different needs, characteristics or behaviour and who might require separate products or marketing programs |
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What is a marketing segment? |
A group of consumers who respond in a similar way to a given set or marketing efforts |
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What is marketing targeting? |
The process of evaluating each market segment's attractiveness and selecting one or more segments to enter |
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What is positioning? |
Arranging for a product to occupy a clear, distinctive and desirable place relative to competing products in the minds of target consumers |
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What is differentiation? |
Actually differentiating the market offering to create superior customer value |
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What is the marketing mix? |
The set of tactical marketing tools: products, price, place and promotion, that the firm blends to produce the response it wants in the target market |
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What are the 4 Ps of the Marketing mix? |
* Product - variety, quality, design, brand name.. * Place - channels, locations, inventory, transportation.. |
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What is a SWOT-analysis? |
An overall evaluation of the company's strengths, weaknesses, opportunities and threats |
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Explain! |
A SWOT-analysis = the analysis of the company's situation |
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What is marketing implementation? |
Turning marketing strategies and plans into marketing actions to accomplish strategic marketing objectives |
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What is marketing control? |
Measuring and evaluating the results of marketing strategies and plans and taking corrective action to ensure that the objectives are achieved |
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What does ROI stand for? |
Return on marketing investment = the net return from a marketing investment divided by the costs of the marketing investment |
