Chapter 2 Marketing Word Scramble

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Question	Answer
Strategic Planning	the managerial process of creating and maintaining a fit between the organization’s objectives and resources and the evolving market opportunities
What is the goal of strategic planning?	long-run probability and growth
Strategic Business Unit (SBU)	a subgroup of a single business or collection of related businesses within the larger organization
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
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
SWOT	identifying internal strengths (S) and weaknesses (W) and also examining external opportunities (O) and threats (T),
Ansoff's Opportunity Matrix	matches products with markets, firms can explore the following four options
Four options of Ansoff's Opportunity Matrix is	Market penetration, Market development, Product development, and Diversification
Market penetration	a marketing strategy that tries to increase market share among existing customers
Market development	a marketing strategy that entails attracting new customers to existing products
Product development	a marketing strategy that entails the creation of new products for present markets
Diversification	a strategy of increasing sales by introducing new products into new markets
How do you make a marketing objective?	By setting these objectives: realistic, measurable, time specific, compared to a benchmark
What makes a marketing mix?	4 p’s, product, price, place, and promotion, effective strategic planning – requires – continual attention, creativity, management commitment.

Created by: nronning5