| A | B |
|---|
| strategic planning | managerial process of creating & maintaining a fit between the orgnaization's objectives & resources & evolving market opportunities |
| SBU | stretegic business unit |
| strategic business unit | a subgroup of a single business or collection of related businesses within th elarger organization |
| market penetration | marketing stategy that tries to increase market share among existing customers |
| market development | marketing strategy that tries to increase market share among existing customers |
| product development | marketing strategy that entails the creation of new products for present markets |
| diversification | strategy of increasing slaes by introducing new products into NEW markets |
| portfolio matrix | tool for allocating resources among products or strategic business units on the basis of relative market share & market growth rates |
| star | a business unit that is a fast-growing market leader |
| cash cow | a business unit that generates more cash than it needs to maintain its market share |
| parts of a portfolio matrix | stars,cash cows, problem child |
| parts of a sky | moon and stars |
| problem child | business unit that shows rapid growth butg poor profit margins |
| dog | business unit that has low growth potential & small market share |
| planning | process of anticipating future events & determining strategies to achieve organizational objectives in the future |
| marketing planning | designing activites related to marketing objectives & changing marketing environment |
| marketing plan | written documents that acts as a guidebook of marketing activites for marketing manager |
| mission statement | statement of firm's business based on a careful analysis of benefits sought by present & potential customers & an analysis of existing & anticipated environmental conditdions |
| marketing MYOPIA | defining business in terms of goods & services rather than in terms of the benefits customers SEEk |
| SWOT analysis | identifying intermal strengths S and weaknesses W and also examining external opportunities O and threats T |
| S in SWOT stands for | strengths |
| W in SWOT stands for | weaknesses |
| O in SWOT stands for | opportunities |
| T in SWOT stands for | threats |
| enviornmental scanning | collection & interpretation of info about forces, events & relationships in the external environment that may affect the future of the organization or implementation of the marketing plan |
| competitive advantage | set of unique features of a company and its products that are perceived by the target market as signficiant and superior to thos eof the competition |
| cost competitive advantage | being the low-cost competitor in an industry while maintaining satisfactory profit margins |
| experience curves | curves that show costs declining at a predictable rate as experience with a product increases |
| product/service differentiation competitive advantage | provision of something that is unique and valuable to buyers beyond simply offering a lower price than that of the competition |
| niche competitive advantage | the advantage achieved when a firm seeks to TARGET and effectively serve a SMALL segment of the market |
| sustainable competitive advantage | advantage that CANNOT BE COPIED by the competition |
| marketing objective | statement of waht is to be accompished thru marketing activities |
| marketing strategy | activites of selecting & desribing one or more target markets & developing & maintaining a marketing mix that will produce mutually satisfying echanges with target markets |
| market opportunity analysis | description & estimation of the size & sales potential of market segments that are of interest to the firm and the assessement of key competitors in tehse market segments |
| MOA | market opportunity analysis |
| marketing mix | unique blend of product, lace, promotion, & pricing strategies designed to produce mutually satisfying exchanges with a target market |
| four Ps | product, place, promotion & price |
| the 4 Ps make up | the marketing mix |
| implementation | process that turns a marketing plan into acdtion assignments & ensures that these assignments are executed in a way that accomplishes the plan's objectives |
| evaluation | gauging the extent to which the marketing objecdtives have been achieved durin gthe specified time period |
| control | provides the mechanisms fo revaluating marketing results in light of the plan's objectives and for correcting actions that do not help the organization reach those objecdtive within budget guidelines |
| marketing audit | a thorough, systematic periodic evaluation of the objectives, strategies, strucdture, and performance of the marketing organization |
