Chapter 2 Flashcards
(20 cards)
The process of establishing an organizational mission and formulating goals, corporate strategy, marketing objectives, marketing strategy, and a marketing plan
strategic planning
A plan of action for identifying and analyzing a target market and developing a marketing mix to meet the needs of that market
Marketing strategy
A written document that specifies the activities to be performed to implement and control the organization’s marketing activities
Marketing plan
Things a company does extremely well, which sometimes gives it an advantage over its competition
Core competencies
A combination of circumstances and timing that permits an organization to take action to reach a particular target market
Market opportunity
Temporary periods of optimal fit between the key requirements of a market and the particular capabilities of a company competing in that market
Strategic windows
The result of a company matching a core competency to opportunities it has discovered in the marketplace
Competitive advantage
What are the 4 components of a SWOT analysis?
Strengths,
Weaknesses,
Opportunities
Threats
SWOT analysis
Assessment of an organization’s strengths, weaknesses, opportunities, and threats
A long-term view, or vision, of what the organization wants to become
Mission statement
A statement of what is to be accomplished through marketing activities
Marketing objective
A strategy that determines the means for utilizing resources in the various functional areas to reach the organization’s goals
Corporate strategy
A division, product line, or other profit center within the parent company
Strategic business unit (SBU)
A group of individuals and/or organizations that have needs for products in a product class and have that ability, willingness, and authority to purchase those products
Market
The percentage of a market that actually buys a specific product from a particular company
Market share
A helpful business tool, based on the philosophy that a product’s market growth rate and its market share are important considerations in determining its marketing strategy
Market growth/market share matrix
What defines “a star” in the MSMatrix?
High product-market growth
High relative-market share
What defines “a cash cow” in the MSMatrix?
Low product-market growth
High relative-market share
What defines “a question mark” or “problem child” in the MSMatrix?
High product-market growth
Low relative-market share
What defines “a dog” in the MSMatrix?
Low product-market growth
Low relative-market share
