Marketing Vocab Chapter2
Terms
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- Strategic Planning
- the process of developing and maintaining a strategic fit between the organization's goals and capabilities and its changing marketing opportunitie. It involves defining a clear company mission, setting supporting objectives, designing a soun business portfolio, and coordinating functional strategies
- mission statement
- a statement of the organization's purpose
- business portfolio
- the collection of business and products that make up the company
- portfolio analysis
- the process by which management evaluates the products and businesses making upthe company
- growth-share mix
- method that evaluates a company's strategic business units in terms of their market growth rate and relative market share
- product/market expanision grid
- planning tool for identifying company growth opportunities through markert penetration, market development, prodcut development or diversification
- market penetration
- strategy for company growth by increasing sales of current products to current market segments without changing the product
- market development
- a strategy for company growth by identifying and developing new market segments for current products
- product development
- a strategy for company growth by offering modified or new products to current market segments
- diversification
- a strategy for company growth through starting up or acquring businesses outside the company's current products or markets
- marketing strategy
- the marketing logic by which business unit hopes to achieve its marketing objectives
- market segmentation
- dividing a market into distinct groups of buyers who have distinct needs, characteristics, or behavior and who might require seperate products or marketing mixes
- market segment
- a group of consumers who respond in a similar way to a given set of marketing efforts
- target marketing
- process of evaluating each market segment's attractivenss and selecting one or more segments to enter
- market positioning
- arranging for a product to occupy a clear, distincitve and desirable place relative to competing products in the minds of target consumers
- marketing implementation
- process that turns marketing strategies and plans into marketing actions in order to accomplish strategic marketing objectives
- Return on Marketing (ROI)
- net return from a marketing investment divided by the costs of the marketing investment
- Downsizing
- reducing the business portfolio by eliminating products or business units that are not profitable or that no longer fit the company's overall strategy
- marketing audit
- a comprehensive, systematic, independent, and periodic examination of a company's environment, strategies and activiest to determine what needs to be changed to improve marketing performance
- marketing control
- process of measuring and evaluating the results of marketing strategies and plans, and taking corrective action to ensure that objectives are achieved
- marketing mix
- the set of controllable tactical marketing tools--product, price, place, and promoton--that the firm blends to produce the response it wants in the target market
- value chain
- series of departments that carry out value-creating activities to design, produce, market, deliver and support a firm's products
- value-delivery network
- network made up of the company, suppliers, distributors, and ultimately customers who "partner" with each other to improve the performace of the entire system