Flashcards in Chapter 3 Deck (27):
An ongoing process of making decisions that guides the firm both in the short term and in the long term
A plan that includes the decisions that guide the entire organization
A document that describes the marketing environment, outlines the marketing objectives and strategy, and identifies who will be responsible for carrying out each part of the marketing strategy.
A managerial decision process that matches an organization's resources and capabilities to its market opportunities for long-term growth and survival.
Strategic business units (SBUs)
Individual units within the firm that operates like separate businesses, with each having its own mission, business objectives, resources, managers, and competitors.
A decision process that concentrates on developing detailed plans for strategies and tactics for the short term, supporting an organization's long-term strategic planning
A decision process that focuses on developing detailed plans for day-to-day activities that carry out an organization's functional plans.
A formal statement in an organization's strategic plan that describes the overall purpose of the organization and what it intends to achieve in terms of its customers, products, and resources.
An assessment of a firm's internal and external environments.
The controllable elements inside an organization, including its people, its facilities, and how it does things that influence the operations of the oranization.
The uncontrollable elements outside an organization that may affect its performance either positively or negatively.
An analysis of an organization's strengths and weaknesses and the opportunities and threats in its external environment.
The group of different products or brands owned by an organization and characterized by different income-generating and growth capabilities.
A management tool for evaluating a firm's business mix and assessing the potential of an organization's strategic business units.
BCB growth-market share matrix
A portfolio analysis model developed by the Boston Consulting Group that assesses the potential of successful products to generate cash that a firm can then use to invest in new products.
SBUs with products that have a dominant market share in high-growth markets.
SBUs with a dominant marketing share in a low-growth-potential market.
SBUs with low market shares in fast-growth markets.
SBUs with a small share of a slow-growth market. They are businesses that offer specialized products in limited markets that are not likely to grow quickly.
Market penetration strategies
Growth strategies designed to increase sales of existing products to current customers, nonusers, and users of competitive brands in served markets.
Market development strategies
Growth strategies that introduce existing products to new markets
Product development strategies
Growth strategies that focus on selling new products in existing markets.
Growth strategies that emphasize both new products and new markets.
A process that entails measuring actual performance, comparing, this performance to the established marketing objectives, and then making adjustments to the strategies or objectives on the basis of this analysis.
Return on marketing investment (ROMI)
Quantifying just how an investment in marketing has an impact on the firm's success, financially and otherwise.
Individual support plans included in a marketing plan that provide the guidance for implementation and control of the various marketing strategies within the plan. Action plans are sometimes referred to as"marketing programs"