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Flashcards in Chapter 3 Deck (32)
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1
Q

business planning

A

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

2
Q

business plan

A

plan that includes the decisions that guide the entire organization

3
Q

market plan

A

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
Q

strategic planning

A

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

5
Q

strategic business units (SBU’s)

A

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

6
Q

functional planning

A

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
Q

market planning

A

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
Q

operational planning

A

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

9
Q

mission statement

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

10
Q

situation analysis

A

assessment of a firm’s internal and external environments

11
Q

internal environment

A

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

12
Q

external environment

A

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

13
Q

SWOT analysis

A

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

14
Q

business portfolio

A

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

15
Q

portfolio analysis

A

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

16
Q

BCG growth-market share matrix

A

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
Q

stars

A

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

18
Q

cash cows

A

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

19
Q

question marks

A

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

20
Q

dogs

A

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
Q

market penetrating strategies

A

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

22
Q

market development strategies

A

growth strategies that introduce existing products to new markets

23
Q

product development strategies

A

growth strategies that focus on selling new products in existing markets

24
Q

diversification strategies

A

growth strategies that emphasize both new products and new markets

25
Q

control

A

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
Q

activity metrics

A

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

27
Q

outcome metrics

A

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

28
Q

return on marketing investment (ROMI)

A

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

29
Q

action plans

A

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
Q

leading indicators

A

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
Q

lagging indicators

A

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

32
Q

operational plans

A

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