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BA 303 Exam #2
Flashcards for BA 303 Exam #2
| Question | Answer |
|---|---|
| Strategic planning | process of developing and maintaining a strategic fit between organization’s goals and capabilities and its changing marketing opportunities |
| Mission statement | statement of the organization’s purpose- what its wants to accomplish in the larger environment |
| Business portfolio | collection of business and products that make up the company |
| Portfolio analysis | management evaluates the products and businesses making up the company |
| Growth-share Matrix | portfolio-planning method that evaluates a company’s strategic business units in terms of their market growth rate and relative market share |
| Product/market expansion grid | useful for identifying company growth opportunities through market penetration, market development, product development or diversification |
| Value chain | each department carries out value-creating activities to design, produce, market, deliver, and support firm’s products |
| Marketing Strategy | marketing logic by which the company hopes to achieve its marketing objectives |
| Market segmentation | dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors and who might require separate products or marketing programs |
| Target marketing | evaluating each market segment’s attractiveness and selecting one or more segments to enter |
| Market positioning | arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target customers |
| SWOT analysis | evaluates the company’s overall strengths (S), weaknesses (W), opportunities (O), and threats (T) |
| Marketing implementation | process that turns marketing plans into marketing actions in order to accomplish strategic marketing objectives |
| Marketing control | measuring and evaluating the results of marketing strategies and plans and take corrective action to ensure that objectives are achieved |
| Marketing audit | xamination of a company’s environment, objectives, strategies and activities to determine problem areas and opportunities |
| Return on marketing | net return from a marketing investment divided by the costs of the marketing investment |
| Target marketing | evaluating each market segment’s attractiveness and selecting one or more of the market segments to enter |
| Target Market | set of buyers who share common needs or characteristics that the company decides to serve |
| Undifferentiated Marketing | firm ignored market-segment differences and targets the whole market with one offer. |
| Differentiated Marketing | firm targets several market segments and designs separate offers for each |
| Concentrated Marketing (niche marketing) | firm goes after a large share of one or a few smaller segments or niches. Only one or two companies can become successful. |
| Local Marketing | tailoring brands and promotions to the needs and wants of local customer groups |
| Individual marketing | tailoring products and marketing programs to the needs and preferences of individual consumers |
| Brand | name, term, sign, symbol, design that identifies the maker or seller of a product or services |
| Packaging | designing and producing the container or wrapper for a product |
| Product line | group of products that are closely related because they function in a similar manner, are sold to the same customer groups, are marketed through the same types of outlets, or fall within a given price range |
| Product line strength | number or items in the product line |
| Product line stretching | lengthens a product line beyond its current range (ie upward to a higher end, downward to lower end) |
| Product line filling | adding more items within the present range of the line |
| Product mix | (product portfolio) consists of all the product lines and items that a particular seller offers for sale |
| Product mix width | refers to the number of different product lines the company carries |
| Product mix length | refers to the total number of items the company carrier within its product lines |
| Product line depth | refers to the number of versions offered of each product in the line |
| Product Mix: Consistency | how closely related the various product lines are in end use, production requirements, distribution channels, etc. |
| Brand equity | the positive differential effect that knowing the brand name has on customer response to the product or service |
| Brand valuation | the process of estimating the total financial value of a brand |
| Low Level Brand Positioning | Focusing on a brand's physical attributes |
| Strong Brand Positioning | positioned on strong beliefs and values, engage customers on a deep emotional level |
| Manufacturer’s brand | (national brand)Nike, Ford |
| Private brands | store brands, brand created and owned by a reseller of a product or service |
| Cobranding | practice of using the established brand names of two different companies on the same product |
| Line Extensions | using a successful brand name to introduce additional items in a given product category under the same brand name, such as new flavors, forms, colors, added ingredients or package sizes |
| Brand extension | using a successful brand name to launch a new or modified product in a new category |
| Multibrands | introduce additional brands in the same category |
| Drawback | each brand might obtain only a small market share, and none may be very profitable |
| New-product development | development of original products, product improvements, product modifications and new brands through the firm’s own R&D efforts |
| 90 percent | of all new consumer products fail within two years |
| Idea generation | systematic search for new-product ideas |
| Idea Screening | creening new-product ideas in order to spot good ideas and drop poor ones as soon as possible |
| Product concept | detailed version of the idea stated in meaningful consumer terms |
| Concept Testing | testing new-product concepts with a group of target consumers to find out if the concepts have strong consumer appeal |
| Marketing strategy development | designing an initial marketing strategy for a new product based on the product concept |
| Test Marketing | product and marketing program are tested in more realistic market settings |
| Product Life Cycle (PLC) | course of a product’s sales and profits over its lifetime. Involves product development, introduction, growth, maturity and decline |
| Introduction Stage | when the new product is first distributed and made available for purchase |
| Growth Stage | product sales start climbing quickly |
| Maturity Stage | is a period of slowdown in sales growth and profits level off |
| Stages in the Maturity Stage | Modifying the market, modifying the product, modifying the marketing mix |
| Decline Stage | the period when sales fall off and profits drop |
| Product class | (ex. Gasoline powered automobiles) have the longest lifecycles, their sales stay in mature stage for a long time |
| Product form | (ex. SUV) have a standard shaped PLC |
| Style | basic and distinctive mode of expression |
| Fashion | currently accepted or popular style in a given field |
| Fads | fashion that enters quickly, is adopted with great zeal, peaks early and then declines very quickly |
| Stars | high growth, high share business or products. They need heavy investment to finance rapid growth |
| Cash Cows | low-growth, high-share business or products. These are est. and successful SBUs that need less investment to hold their market share. They produce a lot of cash |
| Question Marks | low-share business units in high-growth markets. They require a lot of cash to hold their share |
| Dogs (Pets) | low growth, low share business and products. Generate enough cash to maintain themselves but do not promise to be large sources of cash |
| Market Development | New Markets, Same Products |
| Product Development | Same Markets, Different Products |
Created by:
jmm5149
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