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CH3 Marketing 116

QuestionAnswer
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
Created by: rebeccafengler
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