CH3 Marketing 116 Word Scramble
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Question | Answer |
Strategic Planning | the managerial process of creating and maintaing a fit between the organizational objectives and rescources and evolving market opportunites |
Planning | the process of anticipating future events and determingin stratgies to achieve organizaitonal objectives in the future |
Marketing Planning | designing activities relating to marketing objectives and the changing marketing environment |
Marketing PLAN | a WRITTEN document that cts as a guidebook of marketing activites for the marketing manager |
Mission Statement | a statement of the firms business based on careful analysis of benefits sought by presnt and potential customers and an analysis of exising and anticpiated environmental condisoins |
marketing myopia | defining a business in terms of goods and services rather than in terms of the benefits that customers seek |
Strategice Business Unit SBU | a subgroup of single business or a collection of related busnesses wihtin the larger organization |
Marketing Objective | a statement of what is to be accomplished through marketing activities |
Environmental Scaning | collecction and interpretation of information about foces, events, and relationships int eh external environment that may affect the future of the organizaiton or the implementation of the marketing plan |
Competitive Advantage | the set of unique fectures of a company that its products that are perceived byt the target market as significant and superieor to the competition |
Cost Competitive Advantage | being the low cost competitor in an industry while maintaingin satisfactory profit margins. |
Experience Curve | curves that show costs declingin at a predictable rate as experience with a product increases |
Product/Service differentiation | the provisoin of a unique benefis that is caluable to buyers beyoind siply offering a low price |
Niche Competitive Advantage | the advantage acheived when a firm seeks to target and effectivly serve a single segment of the market. |
Sustainable Competitive Advantage | an advantage that cannot be copied by the competition |
Portfolio Matrix | a tool for allocatng resources amoung products or strategic business units ont he basis of relative market share and markey growth rate |
Star | fast growing market leader but requires lots of money to finace growth |
Cow | generates more cash than it needs to maintain its markey share |
Problem Child ? | rapid growth with poor profit margins |
Dog | low growth potential and small market share. Harevest or Die |
Market Penetration | strategy to try and increase market share amounst CURRENT customers |
Market Development | attracting new customers to exisitng products |
Product Development | creation of NEW producst for CURRENT customers |
Diversification | increasing sales by creating NEW producst in NEW markets |
Marketing Strategy | the activities of selscitn and describing one or more target markets and developing and mainttiang a marketing mix that will produce mutually satsifying exchanges with target markets |
Market Opportunity Analysis | the desceroiption and estimation of the size and sales potential of marekty segemnts that are of interst to the form and the assesment of key competitors in these market segments. |
Marketing Mix | Product, place, promotion, price desgined to produce mututally satisgying exchanges with a target market |
Implementation | the process that turns a marketing paln into action assoignements and ernsuret hat these assignemtns are executed in a way that accomplishes teh plans objectives |
Evaluation | gauging the extent ot which the marketing objectives have been achieved during the specified time period |
Control | mechanism for evaluating results in light of hte pans objectives and for correcting actionat hat do not help the organizaiton reach those objective within budget guidelines |
Marketing Audit | a thorough systematic period ecaluation of objectives,strategies, structire and performance of the marketing organization |
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rebeccafengler
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