-
Cash Cow
in the portfolio matrix, a business unit that generates more cash than it needs to maintain its market share
-
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
-
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
-
cost competitive advantage
being the low–cost competitor in an industry while maintaining satisfactory profit margins
-
diversification
a strategy of increasing sales by introducing new products into new markets
-
dog
in the portfolio matrix, a business unit that has low growth potential and a small market share
-
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
-
evaluation
gauging the extent to which the marketing objectives have been achieved during the specified time period
-
experience curves
curves that show costs declining at a predictable rate as experience with a product increases
-
Four "P"s
product, place, promotion, and price, which together make up the marketing mix
-
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
-
market development
a marketing strategy that entails attracting new customers to existing products
-
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
-
market presentation
a marketing strategy that tries to increase market share among existing customers
-
marketing audit
- a thorough, systematic,
- periodic evaluation of the objectives, strategies, structure, and
- performance of the marketing organization
-
marketing mix
- a unique blend of product,
- place (distribution), promotion, and pricing strategies designed to
- produce mutually satisfying exchanges with a target market
-
marketing myopia
defining a business in terms of goods and services rather than in terms of the benefits customers seek
-
marketing objective
a statement of what is to be accomplished through marketing activities
-
marketing plan
a written document that acts as a guidebook of marketing activities for the marketing manager
-
marketing planning
designing activities relating to marketing objectives and the changing marketing environment
-
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
-
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
-
niche competitive advantage
the advantage achieved when a firm seeks to target and effectively serve a small segment of the market
-
planning
the process of anticipating future events and determining strategies to achieve organizational objectives in the future
-
portfolio matrix
- a tool for allocating
- resources among products or strategic business units on the basis of
- relative market share and market growth rate
-
problem child (question mark)
in the portfolio matrix, a business unit that shows rapid growth but poor profit margins
-
product development
a marketing strategy that entails the creation of new products for present markets
-
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
-
star
in the portfolio matrix, a business unit that is a fast–growing market leader
-
strategic business unit (sbu)
a subgroup of a single business or collection of related businesses within the larger organization
-
strategic planning
- the managerial process of
- creating and maintaining a fit between the organization’s objectives and
- resources and the evolving market opportunities
-
sustainable competitive advantage
an advantage that cannot be copied by the competition
-
SWOT analysis
identifying internal strengths (S) and weaknesses (W) and also examining external opportunities (O) and threats (T)
|
|