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33 Cards in this Set
- Front
- Back
Strategic Planning
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The Managerial process of creating and maintaining a fit between the organization's objectives and resources and evolving market opportunities.
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Planning
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The process of anticipating future events and determining strategies to achieve organizations objectives in the future.
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Marketing Planning
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Designing activities relating to marketing objective and the changing market environment
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Marketing Plan
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A written document that acts as a guidebook of marketing activities for the marketing manager.
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Mission Statement
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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 anticipating environmental conditions.
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Marketing Myopia
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Defining a business in terms of goods and services rather than in terms of benefits that customers seek.
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Strategic Business Unit (SBU)
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A subgroup of a single business or collection of related businesses within the larger organization.
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Marketing Objectives
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A statement of what is to be accomplished through market activity.
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SWOT Analysis
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Identifying internal strengths (S) and Weaknesses (W) and also examining external opportunities (O) and threats (T)
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Environmental Scanning
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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,
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Competitive Advantage
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The set of unique features of a company and its products that are perceived by the target market as significant and superior to the competition.
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Cost Competitive Advantage
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Being the low-cost competitor in an industry while maintaining satisfactory profit margin.
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Experience Curves
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Curves that show costs declining at a predictable rate as experience with a product increases
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Product/Service Differentiation
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The provision of something that is unique and valuable to the buyers beyond simply offering a lower price than the competition's
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Niche Competitive Advantage
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The advantage achieved when a firm seeks to target and effectively serve a small segment of the market.
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Sustainable Competitive Advantage
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An advantage than cannot be copied by the competition.
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Market Penetration
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A marketing strategy that tries to increase market share among existing customers.
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Market Development
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A marketing strategy that entails attracting new customers to existing products.
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Product Development
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A marketing strategy that entail the creating of new products for current customers.
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Diversification
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A strategy of increasing sales by introducing new products into new markets.
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Portfolio Matrix
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A tool for allocating resources among products or strategic business units on the basis of relative market share and market growth rate.
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Star
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In the portfolio matrix, a business unit that is a fast-growing market leader.
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Cash Cow
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In the portfolio matrix, a business unit that usually generates more cash than it needs to maintain its market share.
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Problem Child (question mark)
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In the portfolio matrix, a business unit that shows rapid growth but poor profit margins.
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Dog
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In the portfolio matrix, a business unit that has a low growth potential and a small market share.
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Marketing Strategy
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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.
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Market Opportunity Analysis (MOA)
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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.
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Marketing Mix
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A unique blend of product, place, promotion, and pricing strategies designed to produce mutually satisfying exchanges with a target market.
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four P's
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Product
Place Promotion Price Together these make up the marketing mix. |
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Implementation
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The process that turns a marketing plan into action assignment and ensures that these assignments are executed in a way that accomplished the plan's objectives.
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Evaluation
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Gauging the extent to which the marketing objectives have been achieved during the specified time period.
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Control
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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
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Marketing Audit
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A thorough, systematic, periodic evaluation of the objectives, strategies, structure, and performance of the marketing organization.
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