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MKT Chapter 2

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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