Ch2 Strategic Planning for Competitive Advantage Flashcards
(33 cards)
in the portfolio matrix, a business unit that generates more cash than it needs to maintain its market share
cash cow
a set of unique features of a company and its products that are perceived by the target market as significant and superior to those of the competition
competitive advantage
provides the mechanisms for evaluating marketing results in light of the plan’s objectives and for correcting actions that do not help the organization reach those objectives within budget guidelines
control
being the low-cost competitor in an industry while maintaining satisfactory profit margins
cost competitive advantage
a strategy of increasing sales by introducing new products into new markets
diversification
in the portfolio matrix, a business unit that has low growth potential and a small market share
dog
collection and interpretation of information about forces, events, and relationships in the external environment that may affect the future of the organization or the implementation of the marketing plan
environmental scanning
gauging the extent to which the marketing objectives have been achieved during the specified time period
evaluation
curves that show costs declining at a predictable rate as experience with a product increases
experience curves
product, place, promotion, and price, which together make up the marketing mix
four Ps
the process that turns a marketing plan into action assignments and ensures that these assignments are executed in a way that accomplishes the plan’s objectives
implementation
a marketing strategy that entails attracting new customers to existing products
market development
the description and estimation of the size and sales potential of market segments that are of interest to the firm and the assessment of key competitors in these market segments
market opportunity analysis (MOA)
a marketing strategy that tries to increase market share among existing customers
market penetration
a thorough, systematic, periodic evaluation of the objectives, strategies, structure, and performance of the marketing organization
marketing audit
a unique blend of product, place (distribution), promotion, and pricing strategies designed to produce mutually satisfying exchanges with a target market
marketing mix
defining a business in terms of goods and services rather than in terms of the benefits customers seek
marketing myopia
a statement of what is to be accomplished through marketing activities
marketing objective
a written document that acts as a guidebook of marketing activities for the marketing manager
marketing plan
designing activities relating to marketing objectives and the changing marketing environment
marketing planning
the activities of selecting and describing one or more target markets and developing and maintaining a marketing mix that will produce mutually satisfying exchanges with target markets
marketing strategy
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
mission statement
the advantage achieved when a firm seeks to target and effectively serve a small segment of the market
niche competitive advantage
the process of anticipating future events and determining strategies to achieve organizational objectives in the future
planning
