Flashcards
Chapter 3 MRK108
Cards in this deck (33)
- 1Strategic planningManagerial process of creating and maintaining a fit between the organizations objectives and resources and evolving market opportunities.
- 22 Questions of Strategic marketing Management.1. What is the organizations main activity at a particular time?
2. how will the organization reach its goals? - 3PlanningThe process of anticipating future events and determining strategies to achieve organizational objectives in the future.
- 4Marketing planningDesigning activities relating to marketing objectives and the changing marketing environment.
- 5Marketing PlanA written document that acts as a guidebook of marketing activities for the marketing manager.
- 6Elements of a marketing planBusiness mission statement
Objectives
Swot
Target Market
Marketing mix
Control - 7Mission statementA statement of the firm's business based on a careful analysis of benefits sought by present and potential customers and an analysis of existing and anticipated environment condition.
- 8Marketing MyopiaDefining a business in terms of goods and services rather than in terms of the benefits customers seek.
- 9Strategic Business Unit (SBU)A subgroup of a single business or a collection of related businesses within the larger organization.
- 10Marketing ObjectiveA statement of what is to be accomplished through marketing activities.
- 11Swot analysisS=Strengths
W=Weaknesses
O=Opportunities
T=Threats - 12Environmental ScanningCollection and interpretation of information about forces, events, and relationships in the external environment that may affect the future of the organization or the implementation of the marketing plan.
- 13Competitive advantageThe set of unique features of a company and its products that are perceived by the target market as a significant and superior to the competition.
- 14Cost Competitive Advantagebeing the low-cost competitor in an industry while maintaining satisfactory profit margins.
- 15Experience CurvesCurves that show cost declining at a predictable rate as experience with a product increases.
- 16Product/Service differentiation competitive advantageThe provision of a unique benefit that is valuable to buyers beyond simply offering a low price.
- 17Niche competitive AdvantageThe advantage achieved when a firm seeks to target and effectively serve a single segment of the market.
- 18Sustainable competitive advantagean advantage that cannot be copied by the competition.
- 19Portfolio MatrixA tool for allocating resources among products or strategic business units on the basis of relative market share and market growth rate.
- 20StarIn the portfolio matrix, a business unit that is a fast growing market leader.
- 21Cash CowA business unit that usually generate more cash than it needs to maintain market share.
- 22Problem childRapid growth, poor profit margin.
- 23DogLow growth potential, small market share.
- 24Market PenetrationA marketing strategy that tries to increase market share among existing customers.
- 25Market DevelopmentMarketing strategy that involves attracting new customers to existing products.
- 26Product DevelopmentMarketing strategy that entails the creation of new products for current customers.
- 27DiversificationIncreasing Sales by introducing new products into new markets.
- 28Marketing StrategyThe activities of selecting and describing one or more target markets and developing and maintaining a marketing mix that will produce satisfying exchanges with target markets.
- 29MOAThe description and estimation of the size and sales potential of market segments that are interest to the firm and the assessment of key competitors in these market segments.
- 30ImplementationThe process that turns a marketing plan into action assignments and ensures that these assignments are executed in a way that accomplishes the plans objectives.
- 31EvaluationThe extent to which the marketing objectives have been achieved during the specific time period.
- 32ControlProvides the mechanism both for evaluating marketing results in light of the plans objectives and for correcting actions that do not help the organization reach those objectives within budget guidelines.
- 33Marketing AuditA thorough, systematic, periodic, evaluation of the objectives, strategies, structure, and performance of the marketing organization.
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- Flashcards on Chapter 3 MRK108, created by danny_1996 on 17/02/2015.
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