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45 Cards in this Set
- Front
- Back
Define: Strategic planning
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The process of developing and maintaining a strategic fit between the organization's goals and capabilities and its changing marketing opportunities
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Define: Mission statement
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A statement of the organizations purpose--what it wants to accomplish in the larger environment
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Define: Business portfolio
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The collection of businesses and products that compose the company
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Define: Portfolio analysis
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A tool management uses to identify and evaluate the businesses that compose the company
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Define: Strategic business unit (SBU)
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A unit of the company that has its own mission and objectives and that can be planned independently from other company businesses
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Define: Growth-share matrix
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A portfolio planning method that evaluates a company's SBUs in terms of their market growth rate and relative market share. SBUs are classified as stars, cash cows, question marks, or dogs.
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Define: Product-market expansion grid
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A portfolio-planning tool for identifying company growth opportunities through market penetration, market development, product development, or diversification
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Define: Market penetration
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A strategy for entering the market with a new product, then focusing efforts on increasing the sales of the product in order to capture market share
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Define: Product development
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A strategy for company growth by offering modified or new products to current market segments for current company products
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Define: Market development
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A strategy for company growth by identifying and developing new market segments for current company products.
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Define: Diversification
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A strategy for company growth by starting up or acquiring businesses outside the company's current products and markets.
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Define: Downsizing
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Reducing the business portfolio by eliminating products or businesses that are not profitable or that no longer fit the company's overall strategy.
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Define: Value chain
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The series of departments that carry out value-creating activities to design, produce, market, deliver, and support a firm's products.
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Define: Value delivery network
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The network made up of the company, suppliers, distributors, and ultimately customers who partner with one another to improve the performance of the entire system
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Define: Marketing strategy
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The marketing logic by which the company hopes to achieve strong and profitable customer relationships.
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Define: Marketing segementation
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Dividing a market into distinct groups with distinct needs, characteristics, or behaviour that might need separate products or marketing mixes
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Define: Market segment:
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A group of potential customers who respond in a similar way to a given set of marketing efforts
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Define: Target marketing
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The process of evaluating each market segment's attractiveness and selecting the most appropriate ones to enter.
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Define: Market positioning
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Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the mind of the buyer
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Define: Marketing mix
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The set of controllable tactical marketing tools--product, price, place, and promotion--that the firm blends to produce the response it wants in the target market
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Define: Marketing plan
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A detailed plan for a business, product, or brand that assesses the current marketing situation and outlines marketing objectives, a marketing strategy, action programs, budgets, and controls.
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Define: Marketing implementation
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The process that turns marketing plans into marketing actions to accomplish strategic marketing objectives.
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Define: Marketing control
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The process of measuring and evaluating the results of marketing strategies and plans and taking corrective action to ensure that objectives are achieved
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Define: Marketing audit
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A comprehensive, systematic, independent, and periodic examination of a company's environment, objectives, strategies, and activities to determine problem areas and opportunities and to recommend a plan of action to improve the company's marketing performance
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If a company has solid operational and long range plans, strategic planning is generally not needed
TRUE OR FALSE |
FALSE
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In order to succeed, companies with a clear mission should nevertheless be prepared to deviate from that mission if market conditions change
TRUE OR FALSE |
TRUE
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Companies undertaking strategic planning for future business should always rely on the BCG Growth-Share Matrix
TRUE OR FALSE |
FALSE
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A single-line-of-business company should nevertheless go through a business unit analysis, whether formally or informally
TRUE OR FALSE |
TRUE
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A small company servicing a local market generally has no need to consider global business and competition.
TRUE OR FALSE |
FALSE
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_____________ is the process of developing and maintaining a strategic fit between the organization's goals and capabilities and its changing marketing opportunities.
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Strategic planning
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A ___________________ is a statement of the organization's purpose ---- what it wants to accomplish in the larger environment
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Mission statement
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Management should avoid making its mission too narrow or too broad. According to this section of the text, missions should be _______, _______, fit the ____________, and be _________.
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Realistic, specific, market environment, motivating
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A business portfolio is the collection of businesses and products that make up the company. The best business portfolio is the one that ________________.
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best fits the company's strengths and weaknesses to opportunities in the environment
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A company can classify all it s SBUs according to a growth-share matrix. Four types of SBUs can usually be identified. The _____________ are low-growth, high-share businesses or products. They produce a lot of cash that is used to support other SBUs.
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cash cows
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Once a company has classified its SBUs, the company must determine what role each will play in the future. The company may choose one of four strategies. These strategies are to _______, _________, __________, or __________ the SBU.
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build, hold, harvest, divest
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When the marketing manager consider growth strategies, __________ would be chosen if the goal of the company wants to make more sales to current customers without changing products.
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market penetration
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________________ is the process of dividing a market into distinct groups of buyers with different needs, characteristics, or behaviour who might require separate products or marketing mixes
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market segmentation
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The four Ps of the marketing mix are ___________, __________, ____________, and ______________.
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product, price, place, and promotion
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The four marketing management functions are ________, __________, __________, and _________.
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analysis, planning, implementation, and control
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When each department with a firm carries out value creating activities to design, produce, market, deliver, and support the firm's products, the department can be thought of as a link in the company's _____________.
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Value chain
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A _____________ is the marketing logic whereby the company hopes to achieve its marketing objectives
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Marketing strategy
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List: The 4 steps in the Marketing Control Process
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1. Set Goals
2. Measure performance 3. Evaluate performance 4. Take corrective action |
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Draw: Product-Market Expansion Grid
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Existing New
products products Existing Market Product markets penetration develop't New Market Diversif'n markets develop't |
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List and define: the growth-share matrix
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1. Stars: high-growth, high share
2. Cash cows: low-growth, high share 3. Question marks: high-growth, low share 4. Dogs: low-growth, low share |
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List the steps in Strategic Planning
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1. Defining the company mission
2. Setting company objectives and goals 3. Designing the business portfolio 4. Planning marketing and other functional strategies |