1. Cash Cow
    in the portfolio matrix, a business unit that generates more cash than it needs to maintain its market share
  2. competitive advantage
    • a set of unique features of a
    • company and its products that are perceived by the target market as
    • significant and superior to the competition
  3. control
    • 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
  4. cost competitive advantage
    being the low–cost competitor in an industry while maintaining satisfactory profit margins
  5. diversification
    a strategy of increasing sales by introducing new products into new markets
  6. dog
    in the portfolio matrix, a business unit that has low growth potential and a small market share
  7. environmental scanning
    • 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
  8. evaluation
    gauging the extent to which the marketing objectives have been achieved during the specified time period
  9. experience curves
    curves that show costs declining at a predictable rate as experience with a product increases
  10. Four "P"s
    product, place, promotion, and price, which together make up the marketing mix
  11. implementation
    • the process that turns a
    • marketing plan into action assignments and ensures that these
    • assignments are executed in a way that accomplishes the plan’s
    • objectives
  12. market development
    a marketing strategy that entails attracting new customers to existing products
  13. market opportunity analysis (moa)
    • 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
  14. market presentation
    a marketing strategy that tries to increase market share among existing customers
  15. marketing audit
    • a thorough, systematic,
    • periodic evaluation of the objectives, strategies, structure, and
    • performance of the marketing organization
  16. marketing mix
    • a unique blend of product,
    • place (distribution), promotion, and pricing strategies designed to
    • produce mutually satisfying exchanges with a target market
  17. marketing myopia
    defining a business in terms of goods and services rather than in terms of the benefits customers seek
  18. marketing objective
    a statement of what is to be accomplished through marketing activities
  19. marketing plan
    a written document that acts as a guidebook of marketing activities for the marketing manager
  20. marketing planning
    designing activities relating to marketing objectives and the changing marketing environment
  21. marketing strategy
    • 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
  22. mission statement
    • 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 anticipated
    • environmental conditions
  23. niche competitive advantage
    the advantage achieved when a firm seeks to target and effectively serve a small segment of the market
  24. planning
    the process of anticipating future events and determining strategies to achieve organizational objectives in the future
  25. portfolio matrix
    • a tool for allocating
    • resources among products or strategic business units on the basis of
    • relative market share and market growth rate
  26. problem child (question mark)
    in the portfolio matrix, a business unit that shows rapid growth but poor profit margins
  27. product development
    a marketing strategy that entails the creation of new products for present markets
  28. product/service differentiation competitive advantage
    the provision of something that is unique and valuable to buyers beyond simply offering a lower price than the competition’s
  29. star
    in the portfolio matrix, a business unit that is a fast–growing market leader
  30. strategic business unit (sbu)
    a subgroup of a single business or collection of related businesses within the larger organization
  31. strategic planning
    • the managerial process of
    • creating and maintaining a fit between the organization’s objectives and
    • resources and the evolving market opportunities
  32. sustainable competitive advantage
    an advantage that cannot be copied by the competition
  33. SWOT analysis
    identifying internal strengths (S) and weaknesses (W) and also examining external opportunities (O) and threats (T)
Card Set
Marketing Ch2