Flashcards for BA 303 Exam #2 Flashcards

Terms Definitions
Strategic planning
process of developing and maintaining a strategic fit between organization’s goals and capabilities and its changing marketing opportunities
Mission statement
statement of the organization’s purpose- what its wants to accomplish in the larger environment
Business portfolio
collection of business and products that make up the company
Portfolio analysis
management evaluates the products and businesses making up the company
Growth-share Matrix
portfolio-planning method that evaluates a company’s strategic business units in terms of their market growth rate and relative market share
Product/market expansion grid
useful for identifying company growth opportunities through market penetration, market development, product development or diversification
Value chain
each department carries out value-creating activities to design, produce, market, deliver, and support firm’s products
Marketing Strategy
marketing logic by which the company hopes to achieve its marketing objectives
Market segmentation
dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors and who might require separate products or marketing programs
Target marketing
evaluating each market segment’s attractiveness and selecting one or more segments to enter
Market positioning
arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target customers
SWOT analysis
evaluates the company’s overall strengths (S), weaknesses (W), opportunities (O), and threats (T)
Marketing implementation
process that turns marketing plans into marketing actions in order to accomplish strategic marketing objectives
Marketing control
measuring and evaluating the results of marketing strategies and plans and take corrective action to ensure that objectives are achieved
Marketing audit
xamination of a company’s environment, objectives, strategies and activities to determine problem areas and opportunities
Return on marketing
net return from a marketing investment divided by the costs of the marketing investment
Target marketing
evaluating each market segment’s attractiveness and selecting one or more of the market segments to enter
Target Market
set of buyers who share common needs or characteristics that the company decides to serve
Undifferentiated Marketing
firm ignored market-segment differences and targets the whole market with one offer.
Differentiated Marketing
firm targets several market segments and designs separate offers for each
Concentrated Marketing (niche marketing)
firm goes after a large share of one or a few smaller segments or niches. Only one or two companies can become successful.
Local Marketing
tailoring brands and promotions to the needs and wants of local customer groups
Individual marketing
tailoring products and marketing programs to the needs and preferences of individual consumers
Brand
name, term, sign, symbol, design that identifies the maker or seller of a product or services
Packaging
designing and producing the container or wrapper for a product
Product line
group of products that are closely related because they function in a similar manner, are sold to the same customer groups, are marketed through the same types of outlets, or fall within a given price range
Product line strength
number or items in the product line
Product line stretching
lengthens a product line beyond its current range (ie upward to a higher end, downward to lower end)
Product line filling
adding more items within the present range of the line
Product mix
(product portfolio) consists of all the product lines and items that a particular seller offers for sale
Product mix width
refers to the number of different product lines the company carries
Product mix length
refers to the total number of items the company carrier within its product lines
Product line depth
refers to the number of versions offered of each product in the line
Product Mix: Consistency
how closely related the various product lines are in end use, production requirements, distribution channels, etc.
Brand equity
the positive differential effect that knowing the brand name has on customer response to the product or service
Brand valuation
the process of estimating the total financial value of a brand
Low Level Brand Positioning
Focusing on a brand's physical attributes
Strong Brand Positioning
positioned on strong beliefs and values, engage customers on a deep emotional level
Manufacturer’s brand
(national brand)Nike, Ford
Private brands
store brands, brand created and owned by a reseller of a product or service
Cobranding
practice of using the established brand names of two different companies on the same product
Line Extensions
using a successful brand name to introduce additional items in a given product category under the same brand name, such as new flavors, forms, colors, added ingredients or package sizes
Brand extension
using a successful brand name to launch a new or modified product in a new category
Multibrands
introduce additional brands in the same category
Drawback
each brand might obtain only a small market share, and none may be very profitable
New-product development
development of original products, product improvements, product modifications and new brands through the firm’s own R&D efforts
90 percent
of all new consumer products fail within two years
Idea generation
systematic search for new-product ideas
Idea Screening
creening new-product ideas in order to spot good ideas and drop poor ones as soon as possible
Product concept
detailed version of the idea stated in meaningful consumer terms
Concept Testing
testing new-product concepts with a group of target consumers to find out if the concepts have strong consumer appeal
Marketing strategy development
designing an initial marketing strategy for a new product based on the product concept
Test Marketing
product and marketing program are tested in more realistic market settings
Product Life Cycle (PLC)
course of a product’s sales and profits over its lifetime. Involves product development, introduction, growth, maturity and decline
Introduction Stage
when the new product is first distributed and made available for purchase
Growth Stage
product sales start climbing quickly
Maturity Stage
is a period of slowdown in sales growth and profits level off
Stages in the Maturity Stage
Modifying the market, modifying the product, modifying the marketing mix
Decline Stage
the period when sales fall off and profits drop
Product class
(ex. Gasoline powered automobiles) have the longest lifecycles, their sales stay in mature stage for a long time
Product form
(ex. SUV) have a standard shaped PLC
Style
basic and distinctive mode of expression
Fashion
currently accepted or popular style in a given field
Fads
fashion that enters quickly, is adopted with great zeal, peaks early and then declines very quickly
Stars
high growth, high share business or products. They need heavy investment to finance rapid growth
Cash Cows
low-growth, high-share business or products. These are est. and successful SBUs that need less investment to hold their market share. They produce a lot of cash
Question Marks
low-share business units in high-growth markets. They require a lot of cash to hold their share
Dogs (Pets)
low growth, low share business and products. Generate enough cash to maintain themselves but do not promise to be large sources of cash
Market Development
New Markets, Same Products
Product Development
Same Markets, Different Products
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