MTG 315 CHPT 2
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| competitive advantage | the superior position a product enjoys over competing products if consumers believe it has more value than other products in its category
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| direct owndership | a method of entering an international market in which a domestic firm actively manages a foreign company or overseas facilities
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| diversification | a marketing strategy that seeks to attract new customers by offering new products that are unrelated to the existing products produced by the organization
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| exporting | selling domestically produced products to foreign markets
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| financial projections | a bottom-line estimate of the organization's profiability
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| franchising | a contractual arrangement in which the franchisor provides a franchisee the right to use its name and marketing and operational support in exchange for a fee and, typically, a share of the profits
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| joint venture | an arrangement in which a domestic firm partners with a foreign company to create a new entity, thus allowing the domestic firm to enter the foreign company's market
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| licensing | a legal process in which one firm pays to use or distribute another firm's resources, including products, trademarks, patents, intellectual property, or other proprietary knowledge
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| market | the group of consumers or organizations that is interested in and able to by a particular product
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| market development | a marketing strategy that focuses on selling existing goods and services to new customers
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| market penetration | a marketing strategy that emphasizes selling more of existing goods and services to existing customers
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| market summary | a description of the current state of the market
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| marketing plan | an action-oriented document or playbook that guides the analysis, implementation, and control of the firm's marketing strategy
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| mission statement | a concise affirmation of the firm's long-term purpose
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| multinational company | a firm that operates in two or more countries
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| opportunities | external factors that the firm may be able to capitalize on to meet or exceed its stated objectives
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| positioning | the activities a firm undertakes to create a certain perception of its product in the eyes of the target market
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| product development | a marketing strategy that involves creating new goods and services for existing markets. The stage of new-product development that a firm determines the good/service can be produced in a way that meets customer need and generates profit
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| situation analysis | the systematic collection of data to identify the trends, conditions, and competitive forces that have the potential to influence the performance of the firm and the choice of appropriate strategies
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| strategic planning | the process of thoughfully defining a firm's objectives and developing a method for achieving those objectives
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| strategy | the set of actions taken to accomplish organizational objectives
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| strengths | internal capabilites that help the company achieve its objectives
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| SWOT analysis | an evaluation of the firm's Strengths, Weaknesses, Opportunities, and Threats
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| target market | the group of customers toward which an organization has decided to direct its marketing efforst
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| threats | current and potential external factors that may challenge the firm's short and long term performance
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| weakness | internal limitations that may prevent or disrupt the firm's ability to meet its state objectives
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| BCG Matrix | popular analysis tools to describe the current market; Boston Consulting Group Matrix; includes Stars, Question Marks, Cash cows, and Dogs
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| Stars | large market share, high growth rate
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| Question marks | small market share, high growth rate
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| Cash cows | large market share, low growth rate
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| Dogs | small market share, low growth rate
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| Internal considerations of SWOT Analysis | strengths & weaknesses
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| External considerations of SWOT Analysis | opportunities & threats
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| What three basic characteristics do quality marketing objectives have? | Specific, measurable, and realistic
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| What are the four basic categories of marketing growth strategies? | market penetration, product development, market development, and diversification
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| New market + new product= | diversification
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| Existing market + existing product= | market penetration
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| Existing market + new product= | product development
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| New market + existing product= | market development
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| 4 P's of the marketing mix? | Product, Promotion, Place, and Pricing
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| Sales forecast | many departments rely on a sales forecast, which projects how many units of a product the company expects to sell during a specific time period
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| Expense forecast | The expense forecast is an estimate of the costs the company will incur to create, communicate, and deliver the product
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| Break-even analysis | combines the data provided in the sales and expense forecasts to estimate how much the company needs to sell to cover its expenses
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| Controls section of marketing plans include what three items? | implementation, organizational structure, and contingency planning
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| Marketing strategies in order from lowest risk (w/ low potential return) to highest risk (w/ high potential return) | exporting--licensing--franchising--joint venture--direct ownership
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