Term
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Definition
| Process of developing/maintaining a "strategic" fit between an organization's goals and capabilities, despite a constantly changing landscape |
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Term
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Definition
| Define mission statement> set goals (quantify how to follow mission statement)> design a business portfolio> plan marketing and other functional strategies |
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Definition
| Should answer who, what, when, where, why and be meaningful, specific, and motivating |
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Term
| Strategic Business Units (SBU) |
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Definition
| Key Businesses that make up a company, this can include a company division, product line within a division, or sometimes a single product or brand. |
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Term
| Boston Consulting Group Growth/Share Matrix (BCG) |
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Definition
| Portfolio-planning tool that analyses businesses according to their market growth rate and relative market share. Consists of stars, cash cows, question marks, and dogs |
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Definition
| High growth, high share, and require heavy investment to finance rapid expansion, however they will slow down and eventually turn into cash cows |
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Term
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Definition
| Low growth, high share established and successful |
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Term
| Limits of BCG Share Matrix |
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Definition
Time consuming and costly to implement .
Market share and growth can be difficult to determine
Does not suggest consider future plans in new SBU’s |
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Term
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Definition
| Increase sales of current products without changing the product or markets. Improvement in ad's, price, selection, design, etc. |
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Term
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Definition
| Market penetration, market development, product development, and diversification |
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Term
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Definition
| Series of value-creating activities to design, produce, market, deliver, and support a firms products. |
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Term
| 3 Building Blocks of Marketing Strategy |
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Definition
| Marketing segmentation, targeting, and differentiation/positioning |
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Term
| Marketing Mix- Buyers Perspective |
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Definition
| Customer solution (product), customer cost (price), convenience (place), and communication (promotion) |
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Term
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Definition
| Used by marketers to summarize a company's strengths, weaknesses, opportunities, and threats. |
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Term
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Definition
| Annual document outlining the upcoming plans for the year, addresses what and why |
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Term
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Definition
| Turns the marketing plan into actions/a program. Addresses who, where, when, and how. |
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Definition
| Low growth and low share business units |
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Definition
| Low-share of a high growth market |
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Term
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Definition
| Marketing penetration, marketing developing, product development, and diversification |
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Term
| Value and satisfaction should lead to |
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Definition
| Increased customer attraction and retention |
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