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Chp. 2 Marketing

QuestionAnswer
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 making up the company.
Growth-share matrix A portfolio-planning method that evaluates a company's strategic business units in terms of their market growth rate and relative market share. SBUs are classified as stars, cash cows, question marks, or dogs.
Product/market expansion grid A portfolio-planning tool for identifying company growth oppportunities through market penetration, market development, product development, or diversification.
Market penetration A strategy for company growth by increasing sales of current products to current market segments without changing the product.
Market development A strategy for company growth by identifying and developing new market segments for current company products.
Product development A strategy for company growth by offering modified or new products to current market segments.
Diversification A strategy for company growth through starting up or acquiring businesses outside the company's current products and markets.
Downsizing Reducing the business portfolio by eliminating products of business units that are not profitable or that no longer fit the company's overall strategy.
Value chain The series of 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, suppliers, distributors, and ultimately customers who "partner" with each other to improve the performance of the entire system.
Marketing strategy The marketing logic by which the business unit hopes to create customer value and achieve profitable customer relationships.
Market segmentation Dividing a market into distinct groups of buyers who have distinct needs, characteristics, or behavior 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 controllable 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, weaknesses, opportunities, and threats.
Marketing implementation The process that turns marketing strategies and plans into marketing actions in order to accomplish strategic marketing objectives.
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.
Marketing audit Comprehensive,systematic,independent,and periodic examination of a company's enviroment, objectives, strategies, anf activities to determine problem areas and opportunities and to recommend a plan of action to improve the company's marketing performance
Return on marketing investment The net return from a marketing investment divided by the costs of the marketing investment.
Created by: tgrant1
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