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Marketing Chapter 2
MKT 300
| Term | Definition |
|---|---|
| cash cow | in a portfolio matrix, a business unit that usually generates more cash than it needs to maintain it's market share |
| control | provides the mechanisms for evaluating marketing results in light of the plans objectives and for correcting actions that do not help the organization reach those objectives within budget guidelines. |
| cost competitive advantage | being the low cost competitor in an industry while maintaining satisfactory profit margins |
| diversification | a strategy of increasing sales by introducing new products into new markets |
| dog | in the portfolio matrix, a business unit that has low growth potential and a small marketshare |
| environmental scanning | collection and interpretation of information about forces, events, and relationships in the external environment that may affect the future of the organization or the implementation of the marketing plan. |
| evaluation | gauging the extent to which the marketing objectives have been achieved during the specified time period |
| experience curves | the curves represent data on a chart that show costs declining at a predictable rate as experience with a product increases |
| The four ps | product, place, promotion and price, which together make up the marketing mix |
| implementation | the process that turns a marketing plan into action assignments and ensures that these assignments are executed in a way that accomplishes the plans objectives. |
| marketing development | a marketing strategy that entails attracting new customers to existing products |
| market opportunity analysis (MOA) | the description and estimation of the size and sales potential of market segments that are of interest to the firm and the assessment of key competitors in these market segments. |
| market penetration | a marketing strategy that tries to increase market share among existing customers |
| marketing audit | a thorough systematic, periodic evaluation of the objectives, strategies, structure and performance of the marketing organization |
| marketing mix | a unique blend of product, place, promotion and pricing strategies designed to produce mutually satisfying exchanges with a target market |
| marketing myopia | defining a business in terms of goods and services rather than in terms of the benefits that customers seek |
| marketing objective | a statement of what is to be accomplished through marketing activities |
| marketing plan | a written document that acts as a guidebook of marketing activities for the marketing manager |
| marketing planning | designing activities relating to marketing objectives and the changing marketing environment |
| marketing strategy | the activities of selecting and describing one or more target markets and developing and maintaining a marketing mix that will produce mutually satisfying exchanges with target markets. |
| mission statement | a statement of the firm's business based on a careful analysis of benefits sought by present and potential customers and an analysis of existing and anticipated environmental conditions |
| niche competitive advantage | the advantage achieved when a firm seeks to target and effectively serve a small segment of the market |
| planning | the process of anticipating future events and determining strategies to achieve organizational objectives in the future |
| portfolio model | a tool for allocating resources among products or strategic business units on the basis of relative market share and market growth aka the boston consulting group model |
| problem child ? | in the portfolio matrix, a business unit that shows rapid growth but poor profit margins |
| product/service differentiation competitive advantage | the provision of something that is unique and valuable to buyers beyond simply offering a lower price than the competition's |
| star | in the portfolio matrix, a business unit that is a fast growing market leader |
| strategic business unit (SBU) | a subgroup of a single business or a collection of related businesses or a collection of related businesses within the larger organization |
| strategic planning | the managerial process of creating and maintaining a fit between the organizations objects and resources and evolving market opportunities |
| sustainable competitive advantage | an advantage that cannot be copied by the competition |
| SWOT analysis | identifying internal strengths, weaknesses and examining external opportunities and threats |
| Ansoff's Strategic Opportunity Matrix | market penetration, market development, diversification, product development |
Created by:
jonquil