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MKT Chapter 2
| Question | Answer |
|---|---|
| strategic planning | the process of developing and maintaining a strategic fit between the organization's goals and capabilities and its changing market opportunities |
| mission statement | a statement of the organizations purpose-what it wants to accomplish in the larger environment |
| business portfolio | the collection of businesses and products that make up the company |
| portfolio analysis | the process by which management evaluates the products and business that make up the company |
| growth share matrix | a portfolio-planning method that evaluates a companys strategic business units in terms of its market growth rate and relative market share. Stars, cash cows, ?, dogs |
| product/market expansion grid | a portfolio planning tool for identifying company growth opportunities through market penetration, market development, product development, and diversification |
| market penetration | a strategy for company growth by increasing sales of current products to current market segments without changing the product |
| market development | a strategy for company growth by identifying and developing new market segments for current company products |
| product development | a strategy for company growth by offering modified or new products to current market segments |
| diversification | a strategy for company growth through starting up or acquiring businesses outside the company's current products of markets |
| downsizing | reducing the business portfolio by elminiating products or business units that are not profitable or that no longer fit the company's overall strategy |
| value chain | the series of internal departments that carry out calue-creating activities to design, produce, market, deliver, and support a firm's product |
| value delivering network | the network made up of the company, suppliers, distributors, and the customers who partner with each other to improve performance of the entire system |
| marketing strategy | logic by which the company hopes to create customer value and acheive profitable customer relationships |
| market segmentation | dividing the market into distinct groupw of buyers who have different needs, characteristics, or behaviors, and who might require separate marketing programs |
| market segment | a group of consumers who respond in a similar way to a given set of marketing efforts |
| positioning | arranging for a product to occupy a clear, distinctive and desirable products in the minds of target consumers |
| differentiation | actually differentiating the market offering to create superior customer value |
| marketing mix | the set of controllable tactical marketing tools-product, price, promotion, place- that the firm blends to produce the response it wants in the target markets |
| SWOT analysis | an overall evaluation of the companys strengths weakness opportunity and threats |
| marketing implementation | marketing strategies and plans into marketing actions in order to accomplish strategic marketing objectives |
| marketing control | the process of measuringand evaluating the results of marketing strategies and plans and taking corrective action to ensure that objectives are achieved |
| return on marketing investments ROI | the net return from a marketing investments divided by the costs of marketing investment |
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