Flashcards for BA 303 Exam #2
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| Strategic planning | process of developing and maintaining a strategic fit between organization’s goals and capabilities and its changing marketing opportunities
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| Mission statement | statement of the organization’s purpose- what its wants to accomplish in the larger environment
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| Business portfolio | collection of business and products that make up the company
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| Portfolio analysis | management evaluates the products and businesses making up the company
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| Growth-share Matrix | portfolio-planning method that evaluates a company’s strategic business units in terms of their market growth rate and relative market share
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| Product/market expansion grid | useful for identifying company growth opportunities through market penetration, market development, product development or diversification
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| Value chain | each department carries out value-creating activities to design, produce, market, deliver, and support firm’s products
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| Marketing Strategy | marketing logic by which the company hopes to achieve its marketing objectives
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| 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
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| Target marketing | evaluating each market segment’s attractiveness and selecting one or more segments to enter
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| Market positioning | arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target customers
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| SWOT analysis | evaluates the company’s overall strengths (S), weaknesses (W), opportunities (O), and threats (T)
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| Marketing implementation | process that turns marketing plans into marketing actions in order to accomplish strategic marketing objectives
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| Marketing control | measuring and evaluating the results of marketing strategies and plans and take corrective action to ensure that objectives are achieved
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| Marketing audit | xamination of a company’s environment, objectives, strategies and activities to determine problem areas and opportunities
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| Return on marketing | net return from a marketing investment divided by the costs of the marketing investment
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| Target marketing | evaluating each market segment’s attractiveness and selecting one or more of the market segments to enter
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| Target Market | set of buyers who share common needs or characteristics that the company decides to serve
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| Undifferentiated Marketing | firm ignored market-segment differences and targets the whole market with one offer.
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| Differentiated Marketing | firm targets several market segments and designs separate offers for each
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| Concentrated Marketing (niche marketing) | firm goes after a large share of one or a few smaller segments or niches. Only one or two companies can become successful.
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| Local Marketing | tailoring brands and promotions to the needs and wants of local customer groups
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| Individual marketing | tailoring products and marketing programs to the needs and preferences of individual consumers
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| Brand | name, term, sign, symbol, design that identifies the maker or seller of a product or services
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| Packaging | designing and producing the container or wrapper for a product
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| Product line | group of products that are closely related because they function in a similar manner, are sold to the same customer groups, are marketed through the same types of outlets, or fall within a given price range
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| Product line strength | number or items in the product line
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| Product line stretching | lengthens a product line beyond its current range (ie upward to a higher end, downward to lower end)
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| Product line filling | adding more items within the present range of the line
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| Product mix | (product portfolio) consists of all the product lines and items that a particular seller offers for sale
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| Product mix width | refers to the number of different product lines the company carries
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| Product mix length | refers to the total number of items the company carrier within its product lines
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| Product line depth | refers to the number of versions offered of each product in the line
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| Product Mix: Consistency | how closely related the various product lines are in end use, production requirements, distribution channels, etc.
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| Brand equity | the positive differential effect that knowing the brand name has on customer response to the product or service
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| Brand valuation | the process of estimating the total financial value of a brand
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| Low Level Brand Positioning | Focusing on a brand's physical attributes
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| Strong Brand Positioning | positioned on strong beliefs and values, engage customers on a deep emotional level
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| Manufacturer’s brand | (national brand)Nike, Ford
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| Private brands | store brands, brand created and owned by a reseller of a product or service
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| Cobranding | practice of using the established brand names of two different companies on the same product
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| Line Extensions | using a successful brand name to introduce additional items in a given product category under the same brand name, such as new flavors, forms, colors, added ingredients or package sizes
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| Brand extension | using a successful brand name to launch a new or modified product in a new category
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| Multibrands | introduce additional brands in the same category
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| Drawback | each brand might obtain only a small market share, and none may be very profitable
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| New-product development | development of original products, product improvements, product modifications and new brands through the firm’s own R&D efforts
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| 90 percent | of all new consumer products fail within two years
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| Idea generation | systematic search for new-product ideas
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| Idea Screening | creening new-product ideas in order to spot good ideas and drop poor ones as soon as possible
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| Product concept | detailed version of the idea stated in meaningful consumer terms
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| Concept Testing | testing new-product concepts with a group of target consumers to find out if the concepts have strong consumer appeal
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| Marketing strategy development | designing an initial marketing strategy for a new product based on the product concept
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| Test Marketing | product and marketing program are tested in more realistic market settings
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| Product Life Cycle (PLC) | course of a product’s sales and profits over its lifetime. Involves product development, introduction, growth, maturity and decline
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| Introduction Stage | when the new product is first distributed and made available for purchase
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| Growth Stage | product sales start climbing quickly
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| Maturity Stage | is a period of slowdown in sales growth and profits level off
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| Stages in the Maturity Stage | Modifying the market, modifying the product, modifying the marketing mix
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| Decline Stage | the period when sales fall off and profits drop
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| Product class | (ex. Gasoline powered automobiles) have the longest lifecycles, their sales stay in mature stage for a long time
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| Product form | (ex. SUV) have a standard shaped PLC
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| Style | basic and distinctive mode of expression
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| Fashion | currently accepted or popular style in a given field
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| Fads | fashion that enters quickly, is adopted with great zeal, peaks early and then declines very quickly
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| Stars | high growth, high share business or products. They need heavy investment to finance rapid growth
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| Cash Cows | low-growth, high-share business or products. These are est. and successful SBUs that need less investment to hold their market share. They produce a lot of cash
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| Question Marks | low-share business units in high-growth markets. They require a lot of cash to hold their share
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| Dogs (Pets) | low growth, low share business and products. Generate enough cash to maintain themselves but do not promise to be large sources of cash
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| Market Development | New Markets, Same Products
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| Product Development | Same Markets, Different Products
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