Chapter 2 - Strategic Planning for Competitive Advantage -...

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Chapter Two: Strategic Planning for Competitive AdvantageTerms:Strategic Planning (14):The managerial process of creating and maintaining a fit between the organization’s objectives and resources and the evolving market opportunitiesStrategic Business Unit (SBU) (15):A subgroup of a single business or collection of related businesses within the larger organizationMarket Penetration (16):A marketing strategy that tries to increase market share among existing customersMarket Development (16):A marketing strategy that entails attracting new customers to existing productsProduct Development (16):A marketing strategy that entails the creation of new products for present marketsDiversification (16):A strategy of increasing sales by introducing new products intonew marketsPortfolio Matrix (17):A tool for allocating resources among products or strategic business units on the basis of relative market share and market growth rateStar (18):In the portfolio matrix, a business unit that is a fast-growing market leaderCash Cow (18):In the portfolio matrix, a business unit that generates more cash than it needs to maintain its market shareProblem Child (Question Mark) (18):In the portfolio matrix, a business unit that shows rapid growth but poor profit marginsDog (18):In the portfolio matrix, a business unit that has low growth potential and a small market sharePlanning (20):The process of anticipating future events and determining strategies to achieve organizational objectives in the futureMarketing Planning (20):Designing activities relating to marketing objectives and the changing marketing environmentMarketing Plan (20):A written document that acts as a guidebook of marketing activities for the marketing managerMission Statement (21):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
Marketing Myopia (21):Defining a business in terms of goods and services rather than in terms of the benefits customers seekSWOT Analysis (22):Identifying internal strengths (S) and weaknesses (W) and alsoexamining external opportunities (O) and threats (T)Environmental Scanning (22):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 planCompetitive Advantage (22):A set of unique feature of a company and its

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