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Marketing Quiz 2
1/27/2016
| Term | Definition |
|---|---|
| Strategic Planning | The process of developing and maintaining a strategic fit between the organization's goals and capabilities and its changing marketing opportunities |
| Mission Statement | A statement of the organization's purpose - what it wants to accomplish in the larger environment |
| Business Portfolio | The collection of businesses and products that make up the company |
| Portfolio Analysis | The process by which management evaluates the products and businesses that make up the company |
| Growth-Share Matrix | A portfolio-panning method that evaluates a company's SBUs in terms of market growth rate and relative market share |
| Product/Market Expansion Grid | A portfolio-planning tool for identifying company growth opportunities through market penetration, market development, product development, or diversification |
| Market Penetration | Company growth by increasing sales of current products to current market segments without changing the product |
| Market Development | Company growth by identifying and developing new market segments for current company products |
| Product Development | Company growth by offering modified or new products to current market segments |
| Diversification | Company growth through starting up or acquiring businesses outside the company's current products and markets |
| Value Chain | The series of internal departments that carry out value-creating activities to design, produce, market, deliver, and support a firm's products |
| Value Delivery Network | The network made up of the company, its suppliers, its distributors, and, ultimately, its customers who partner with each other to improve the performance of the entire system |
| Marketing Strategy | The marketing logic by which the company hopes to create customer value and achieve profitable customer relationships |
| Market Segmentation | Dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate products or marketing programs |
| Market Segment | A group of consumers who respond in a similar way to a given set of marketing efforts |
| Market Targeting | The process of evaluating each market segment's attractiveness and selecting one or more segments to enter |
| Positioning | Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers |
| Differentiation | Actually differentiating the market offering to create superior customer value |
| Marketing Mix | The set of tactical marketing tools - product, price, place, and promotion - that the firm blends to produce the response it wants in the target market |
| SWOT Analysis | An overall evaluation of the company's strengths (S), weaknesses (W), opportunities (O), and threats (T) |
| Marketing Implementation | Turning marketing strategies and plans into marketing actions to accomplish strategic marketing objectives |
| Marketing Control | Measuring and evaluating the results of marketing strategies and plans and taking corrective action to ensure that the objectives are achieved |
| Marketing Return on Investment (or Marketing ROI) | The net return from a marketing investment divided by the costs of the marketing investment |
Created by:
Ljg1237
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