Marketing ch 2

A portfolio planning approach that examines strategic business units based on their relative market shares and growth rates. Businesses are classified as stars, cash cows, question marks (problem children), or dogs.

A portfolio planning approach that examines a business’ strengths and the attractiveness of industries.

An acronym for strengths, weaknesses, opportunities, and threats, the SWOT analysis is a tool that frames the situational analysis.

Plans developed for each strategic business unit typically have their own mission statement.

Business or offering with a large share of a shrinking market.

When companies hire manufacturers to produce their products in another country.

Plans developed for the corporation as a whole take place at the corporate level.

Owning a company or facility overseas

Offering products that are unrelated to other existing products produced by the organization.

When a firm drops or sells a product or business.

Business or offering with low growth and a low market share.

Sell products to buyers in foreign markets.

Granting an independent operator the right to use your company’s business model, techniques, and trademarks for a fee.

Marketing environmentally safe products and services in a way that is good for the environment.

When a firm lowers investment in a product or business.

An entity that is created when two parties agree to share their profits, losses, and control with one another in an economic activity they jointly undertake.

Sell the right to use some aspect of the production process, trademark, or patent to individuals in foreign markets.

Selling existing products or services to new customers. Foreign markets often present opportunities for organizations to expand. Exporting, licensing, franchising, joint ventures, and direct investment are methods that companies use to enter international markets.

Selling more of existing products and services to existing customers.

A document that is designed to communicate the marketing strategy for an offering. The purpose of the plan is to influence executives, suppliers, distributors, and other important stakeholders of the firm so they will invest money, time, and effort to ensure the plan is a success.

A document that is designed to communicate the marketing strategy for an offering. The purpose of the plan is to influence executives, suppliers, distributors, and other important stakeholders of the firm so they will invest money, time, and effort to ensure the plan is a success.

A person who is paid to shop at a firm’s establishment or one of its competitors’ to observe the level of service, cleanliness of the facility, and so forth, and report his or her findings to the firm.

What organizations want to accomplish (the end results) in a given time frame.

A group of business units owned by a single firm.

An approach to analyzing various businesses relative to one another.

Creating new products or services for existing markets.

Businesses or offerings with a low share of a high-growth market.

An assessment of an organization’s internal and external environments.

Business or offering with high growth and a high market share.

Businesses or product lines within an organization that have their own competitors, customers, and profit centers.

A process that helps an organization allocate its resources under different conditions to accomplish its objectives, deliver value, and be competitive in a market-driven economy.

Actions (means) taken to accomplish objectives.

The group of customers toward which an organization directs its marketing efforts.

A statement that summarizes the key benefits or value for target customers. It explains why customers should buy a product, why stakeholders should donate, or why prospective employees may want to work for an organization.

The group of customers toward which an organization directs its marketing efforts.

A statement that summarizes the key benefits or value for target customers. It explains why customers should buy a product, why stakeholders should donate, or why prospective employees may want to work for an organization.