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45 Cards in this Set

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Define: Strategic planning
The process of developing and maintaining a strategic fit between the organization's goals and capabilities and its changing marketing opportunities
Define: Mission statement
A statement of the organizations purpose--what it wants to accomplish in the larger environment
Define: Business portfolio
The collection of businesses and products that compose the company
Define: Portfolio analysis
A tool management uses to identify and evaluate the businesses that compose the company
Define: Strategic business unit (SBU)
A unit of the company that has its own mission and objectives and that can be planned independently from other company businesses
Define: Growth-share matrix
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.
Define: Product-market expansion grid
A portfolio-planning tool for identifying company growth opportunities through market penetration, market development, product development, or diversification
Define: Market penetration
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
Define: Product development
A strategy for company growth by offering modified or new products to current market segments for current company products
Define: Market development
A strategy for company growth by identifying and developing new market segments for current company products.
Define: Diversification
A strategy for company growth by starting up or acquiring businesses outside the company's current products and markets.
Define: Downsizing
Reducing the business portfolio by eliminating products or businesses that are not profitable or that no longer fit the company's overall strategy.
Define: Value chain
The series of departments that carry out value-creating activities to design, produce, market, deliver, and support a firm's products.
Define: Value delivery network
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
Define: Marketing strategy
The marketing logic by which the company hopes to achieve strong and profitable customer relationships.
Define: Marketing segementation
Dividing a market into distinct groups with distinct needs, characteristics, or behaviour that might need separate products or marketing mixes
Define: Market segment:
A group of potential customers who respond in a similar way to a given set of marketing efforts
Define: Target marketing
The process of evaluating each market segment's attractiveness and selecting the most appropriate ones to enter.
Define: Market positioning
Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the mind of the buyer
Define: Marketing mix
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
Define: Marketing plan
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.
Define: Marketing implementation
The process that turns marketing plans into marketing actions to accomplish strategic marketing objectives.
Define: Marketing control
The process of measuring and evaluating the results of marketing strategies and plans and taking corrective action to ensure that objectives are achieved
Define: Marketing audit
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
If a company has solid operational and long range plans, strategic planning is generally not needed
TRUE OR FALSE
FALSE
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
Companies undertaking strategic planning for future business should always rely on the BCG Growth-Share Matrix
TRUE OR FALSE
FALSE
A single-line-of-business company should nevertheless go through a business unit analysis, whether formally or informally
TRUE OR FALSE
TRUE
A small company servicing a local market generally has no need to consider global business and competition.
TRUE OR FALSE
FALSE
_____________ is the process of developing and maintaining a strategic fit between the organization's goals and capabilities and its changing marketing opportunities.
Strategic planning
A ___________________ is a statement of the organization's purpose ---- what it wants to accomplish in the larger environment
Mission statement
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 _________.
Realistic, specific, market environment, motivating
A business portfolio is the collection of businesses and products that make up the company. The best business portfolio is the one that ________________.
best fits the company's strengths and weaknesses to opportunities in the environment
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.
cash cows
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.
build, hold, harvest, divest
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.
market penetration
________________ 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
market segmentation
The four Ps of the marketing mix are ___________, __________, ____________, and ______________.
product, price, place, and promotion
The four marketing management functions are ________, __________, __________, and _________.
analysis, planning, implementation, and control
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 _____________.
Value chain
A _____________ is the marketing logic whereby the company hopes to achieve its marketing objectives
Marketing strategy
List: The 4 steps in the Marketing Control Process
1. Set Goals
2. Measure performance
3. Evaluate performance
4. Take corrective action
Draw: Product-Market Expansion Grid
Existing New
products products

Existing Market Product
markets penetration develop't

New Market Diversif'n
markets develop't
List and define: the growth-share matrix
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
List the steps in Strategic Planning
1. Defining the company mission
2. Setting company objectives and goals
3. Designing the business portfolio
4. Planning marketing and other functional strategies