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mgmt 62200

ch. 1-6 vocab.

QuestionAnswer
Radical Strategy Maybe spectacular sales and profit growth. No customer value achieved. These are acquisition or market department based.
Rational Strategy High short term performance by creating new products. No long term customer relationships.
Robust Strategy Long term steady performance by creating superior customer value and long term customer relationships.
Strategy Marketing seeks to develop effective responses to changing market environments by defining market segments-developing and positioning product offerings for those target markets.
Tactic Marketing as tactics is concerned with the day to day activities of product management, pricing, distribution and marketing communications such as advertising, personal selling, publicity, and sales promotion.
Market Orientation The organizational culture……. that most effectively and efficiently creates the necessary behaviors for the creation of superior value for buyers and, thus, continuous superior performance for the business.
Product Push Alternative Under this approach firms center their activities on their existing products and services and look for ways to encourage, or even persuade, customer to buy.
Customer Led Alternative Under this approach organizations chase their customers at all costs. The goal is to find what customers want and, whatever it is, give it to them.
Resource Based Alternative Under this approach firms base their marketing strategies on equal consideration of the requirements of the market and their abilities to serve it. With this approach a long term view of customer requirements is taken in the context of other market consid
Strategic Intent The vision of where the organization wants to be in the foreseeable future.
Core Strategy Is both a statement of the company’s objectives and the broad strategies it will use to achieve them.
Product Portfolio Portfolio analysis of the various offerings the organization has available on the market.
Drucker’s tomorrow’s breadwinner Investments in the company’s future. Products and services that may not yet be making a strong financial contribution to the company, but that are in growth or otherwise attractive markets and are expected to take over the breadwinning role in the future,
SWOT analysis The organizational strengths and weaknesses brought together through analysis, identifies the most significant factors affecting the organization and market.
Strategic Window The limited amount of time in which a firm’s resources coincide with a particular market opportunity.
Competitive Positioning Is a statement of market targets where the company will compete, and differential advantage, or how the company will compete.
Differential Advantage Can be created out of any of the company’s strengths, or distinctive competencies relative to the competition. Factors in choosing how to create the advantage are that it must be on a basis of value to the customer and should be using a skill of the compa
Cost Leadership Under this strategy the company seeks to obtain a cost structure significantly below that of competitors while retaining products on the market that are in close proximity to competitors offerings. With this above average returns are possible despite heav
Differentiation Creating something that is seen as unique in the market. A company‘s strengths and skills are used to differentiate the company’s offerings from those of its competitors along some criteria that are valued by customers.
Category Management Under this system brand managers report to a category manager, who has total responsibility for an entire product line.
European Union Is a unique economic and political partnership between 27 European countries. It has delivered half a century of peace, stability, and prosperity, helped raise living standards, launched a single European currency, and is progressively building a single E
Grey Market The over 50’s and 60’s group in the developed West.
Youth Market Teenagers and the 20-somethings age groups.
Dynamic Marketing Capabilities The ability to create new marketing resources to identity, respond to and exploit change. Ensuring evolutionary fit between market needs in a dynamic competitive environment and market offers is the essence of effective strategic marketing.
Adaptive Marketing Capabilities The firm’s ability to identify and capitalize on emerging market opportunities. Adaptation implies doing things differently in response to external stimuli.
Global Market The main driving force behind international finance and trade, the exchange or transfer of goods or services between nations.
Sustainable Competitive Advantage A long term competitive advantage that is not easily duplicable or surpassable by the competitors.
Global Positioning Instead of thinking about the domestic market and a portfolio of business and brands think about globalization and focus on core competencies.
Master Brand Strength comes from a brand identity that links all parts of the business.
Breakthrough Technology New technology will underpin every aspect of the marketing process, even the product itself, may seem outlandish.
Balanced Scorecard Evaluating the benefits we deliver to all the stakeholders in the organization.
PLC Premises All products have a limited life span, the life cycles of products follow predictable patterns or phases mostly, that market conditions, opportunities, and challenges vary over the life cycle, and the strategies need to adapt over the life cycle.
Strategic Group Is composed of firms within an industry following similar strategies aimed at similar customers or customer groups.
Environmental Turbulence The amount of change and complexity in the environment of a company, it is fundamental to understanding industries and this technological and marketing uncertainty is not only associated with the emerging stage of an industry.
Specialized Market Occurs when companies within the same market have differing returns on scale.
Fragmented Market Occurs when the market’s requirements are less well defined than the stalemate, volume, or specialized cases.
Strategic Fit Long term strategy adapted to the needs and requirements of the market with the organizational resources suited to the markets in which they operate. The firm must have the organizational resources for implementation of the strategy.
Qualitative Research Emphasis is placed on gaining understanding and depth in data that often cannot be quantified. It is concerned with meaning rather than numbers, usually involving small samples of respondents but probing them in depth for their opinions, motivation, and a
Market Model Is a representation of the markets in which the business operates.
Competitive Benchmarking The process of measuring your company’s strategies and operations against the best in class companies, both inside and outside your own industry.
Competitor Analysis Involves evaluating a series of concentric circles of adversaries, the direct competitors within the strategic group, companies within the industry that are driven to overcome the entry barriers to the strategic group, and the outermost potential entrants
Competitor Strategies What each competitor is trying to do and how they are trying to achieve it. Need to address they target markets, ways they operate in those markets and any type of competitive advantage they convey, and what marketing mix they are using.
Strategic Focus Enables an organization to develop an explicit strategy for growth and define measures to track its effectiveness. Most successful companies attempt to build their strategies on the differential advantage they have over others in the market.
Value Chain Is a chain of activities for a firm operating in a specific industry. Porter identifies 5 primary activities that add value to the final output of a company.
Good Competitor Is a company that has a clear understanding of its own weaknesses and therefore leaves opportunities for others in the market.
Operational Excellence Providing middle of market products at the best price with the least inconvenience.
Product Leadership Offering products that push the boundaries of product and service performance.
Competitive Environment The part of a company’s external environment that consists of other firms trying to win customers in the same market. It is the segment of the industry that includes all immediate rivals.
Marketing Assets The resource endowments the organization has built or acquired over time.
Resource Portfolio A useful summary of the organization’s resources which can be used to highlight areas for attention and development.
Created by: tmalocha on 2011-09-24



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