Marketing 1 Test
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Strategic Planning | the managerial process of creating and maintaining a fit between the organization’s objectives and resources and the evolving market opportunities
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| What is the goal of strategic planning? | long-run probability and growth
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| Strategic Business Unit (SBU) | a subgroup of a single business or collection of related businesses within the larger organization
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| SBU characteristics | a distinct mission and specific target market, control over its resources, its own competitors, a single business or collection of related businesses, plans independent of the other SBUs in the total organization
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| 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
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| SWOT | identifying internal strengths (S) and weaknesses (W) and also examining external opportunities (O) and threats (T),
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| Ansoff's Opportunity Matrix | matches products with markets, firms can explore the following four options
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| Four options of Ansoff's Opportunity Matrix is | Market penetration, Market development, Product development, and Diversification
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| Market penetration | a marketing strategy that tries to increase market share among existing customers
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| Market development | a marketing strategy that entails attracting new customers to existing products
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| Product development | a marketing strategy that entails the creation of new products for present markets
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| Diversification | a strategy of increasing sales by introducing new products into new markets
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| How do you make a marketing objective? | By setting these objectives: realistic, measurable, time specific, compared to a benchmark
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| What makes a marketing mix? | 4 p’s, product, price, place, and promotion, effective strategic planning – requires – continual attention, creativity, management commitment.
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Created by:
nronning5