Chapter 3 Flashcards Preview

Mgmt 105 > Chapter 3 > Flashcards

Flashcards in Chapter 3 Deck (32):
1

business planning

ongoing process of making decisions that guides the firm both in the short and long term

2

business plan

plan that includes the decisions that guide the entire organization

3

market plan

document that describes the marketing environment, outlines the marketing objectives and strategy, and identifies how the company will implement and control the strategies embedded in the plan

4

strategic planning

managerial decision process that matches an organization's resources and capabilities to its market opportunities for long-term growth

5

strategic business units (SBU's)

individual units within the firm that operate like separate businesses, with each having its own mission, business objectives, resources, managers, and competitors

6

functional planning

decision process that concentrates on developing detailed plans for strategies and tactics for the short term, supporting an organization's long-term strategic plan

7

market planning

functional planning marketers do; market planning typically includes both a broad 3-5 year marketing plan to support the firm's strategic plan and a detailed annual plan for the coming year

8

operational planning

decision process that focuses on developing detailed plans for day-to-day activities that carry out an organization's functional plans

9

mission statement

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

10

situation analysis

assessment of a firm's internal and external environments

11

internal environment

controllable elements inside an organization, including its people, its facilities and how it does things that influence the operations of the organization

12

external environment

uncontrollable elements outside an organization that may affect its performance either positively or negatively

13

SWOT analysis

analysis of an organization's strengths and weaknesses and the opportunities and threats in its external environment (Strengths, Weakness, Opportunities, and Threats)

14

business portfolio

group of different products/brands owned by an organization and characterized by different income-generating and growth capabilities

15

portfolio analysis

management tool for evaluating a firm's business mix and assessing the potential of an organization's strategic business units

16

BCG growth-market share matrix

portfolio analysis model developed by the Boston Consulting Group that assess the potential of successful products to generate cash that a firm can then use to invest in new products

17

stars

SBU's with products that have a dominant market share in high-growth markets

18

cash cows

SBU's with a dominant market share in a low-growth-potential market

19

question marks

SBU's with low market shares in fast-growth markets

20

dogs

SBU's with a small share of a slow-growth market; business that offer specialized products in limited markets that are not likely to grow quickly

21

market penetrating strategies

growth strategies designed to increase sales of existing products to current customers, nonusers, and users of competitive brands in served markets

22

market development strategies

growth strategies that introduce existing products to new markets

23

product development strategies

growth strategies that focus on selling new products in existing markets

24

diversification strategies

growth strategies that emphasize both new products and new markets

25

control

process that entails measuring actual performance, comparing this performance to the established marketing objectives, and then marking adjustments to the strategies or objectives on the basis of this analysis

26

activity metrics

metrics focused on measuring and tracking specific activities taken with a firm that are part of different marketing processes

27

outcome metrics

metrics focused on measuring and tracking specific events identified as key business outcomes that result from marketing processes

28

return on marketing investment (ROMI)

quantifying just how an investment in marketing has an impact on the firm's success, financially and otherwise

29

action plans

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"

30

leading indicators

performance indicators that provide insight into the performance of current efforts in a way that allows a marketer to adjust relevant marketing activities (hopefully) resulting in performance improvements against the current action plan

31

lagging indicators

performance indicators that provide insight into the performance of an action plan based on outcomes realized

32

operational plans

plans that focus on the day-to-day execution of the marketing plan; operational plans include detailed directions for the specific activities to be carried out, who will be responsible for them, and time lines to accomplish the task