Marketing Principles & Concepts Chapter 2
Discipline: Marketing
Type of Paper: Question-Answer
Academic Level: Undergrad. (yrs 3-4)
Paper Format: APA
Pages: 1
Words: 275
Question
Marketing Principles & Concepts Chapter 2
Strategic planning the
process of developing and maintainging a strategic fit between the
organization's goals and capabilities and its changing marketing
opportunities
Mission Statement a statement of the organization's purpose-what it wants to accomplish in the larger environment
Business Portfolio the collection of businesses and products that make up the company.
Portfolio analysis the process by which management evaluates the products and businesses that make up the company
Growth-share matrix a portfolio-planning method that evaluates a company's SBUs in terms of market growth rate and relative market share.
Product/market expansion grid a
portfolio-planning tool for identifying company growth opportunities
through market penetration, market development, product development, or
diversification.
Market penetration company growth by increasing sales of current products to current market segments without changing the product.
market development company growth by identifying and developing new market segments for current company products
Product development company growth by modified or new products to current market segments
diversification company growth through starting up or acquiring businesses outside the company's current products and markets
value chain the
series of internal departments that carry out value-creating activities
to design, produce, market, deliver, and support a firm's products.
Value delivery network a
network composed of the company, suppliers, distributors, and
ultimately, customers who partner with each other to improve the
performance of the entire system in delivering customer value.
Marketing Strategy the marketing logic by which the company hopes to create customer value and achieve profitable customer relationships
Market Segmentation Dividing
a market into distinct groups of buyers who have different needs,
characteristics, or behaviors and who might require separate marketing
strategies or mixes.
Market segment a group of consumers who respoond in a similar way to a given set of marketing efforts
Market targeting the process of evaluating each market segment's attractiveness and selecting on or more segments to enter.
Positioning arranging
for a product to occupy a clear, distinctive, and desirable place
relative to competing products in the minds of target consumers.
Differentiation Actually differentiating the market offering to creat superior customer value.
Marketing Mix The
set of tactical marketing tools-products, price, place, and
promotion-that the firm blends to produce the response it wants in the
target market.
SWOT Analysis Strengths: Internal capabilities that may help a company reach its objectives. Weaknesses: Internal limitations that may interfere with a company's ability to achieve its objectives. Opportunities: External factors that the company may be able to exploit to its advantage. Threats: Current and emerging external factors that may challenge the company's performance.
Marketing Implementation turning marketing strategies and plans into marketing actions to accomplish strategic marketing objectives
Marketing Control measuring
and evaluating the results of marketing strategies and plans and taking
corrective action to ensure that the objectives are achieved.
Marketing return on investment (or Marketing ROI) The net return from a marketing investment divided by the costs of the marketing investiment