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MKT Midterm 2,3,4,5,

MKT300 ch2,3,4,5

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 is 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 is a major activity in strategic planning whereby management evaluates the products and businesses that make up the company.
Downsizing is when a company must prune, harvest, or divest businesses that are unprofitable or that no longer fit the strategy.
Marketing strategy the marketing logic by which the company hopes to create customer value and achieve profitable customer relationships.
Market segmentation is the division of a market into distinct groups of buyers who have different needs, characteristics, or behaviors and who might require separate products or marketing mixes.
Market segment is a group of consumers who respond in a similar way to a given set of marketing efforts.
Market targeting is the process of evaluating each market segment’s attractiveness and selecting one or more segments to enter.
Market positioning the arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers.
Differentiation begins the positioning process.
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.
What are the 4 P's of Marketing Mix? Product, price, place, promotion
T/F Marketing Analysis utilizes the SWOT Analysis (Internal: Strengths, weaknesses) External (opportunities, threats) T
What are the Parts of Market Planning/Parts of a Marketing Plan? Executive summary, marketing situation, threats and opportunities, objectives and issues, marketing strategy, action programs, budgets, controls.
Created by: JanaAum
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