Chapter 2 Game MC MC MC MC Short Answer 100 100 100 100 100 100 100 100 100 100 100 100 100 200 200 200 200 200 300 300 300 300 300 400 400 400 400 400 500 500 500 500 500
The process of developing and maintaining a strategic fit between the organization’s goals and capabilities and its changing marketing opportunities.
Strategic Planning
A statement of the organization’s purpose-what it wants to accomplish in the larger environment
Mission Statement
They can be a company division, a product line within a division, or sometimes a single product or brand.
SBU – Strategic Business Unit
The Answer is: The BCG Growth Share Matrix classifies SBU’s into 4 categories. What are the four categories and explain what each is?
Stars, Cash Cows, Question Marks, and Dogs
Making more sales to current customers without changing a firm’s products is ___________.
Market Penetration
Dividing a market into distinct groups of buyers who have distinct needs, characteristics or behavior and who might require separate products or marketing programs.
Market Segmentation
The process of evaluating each market segment’s attractiveness and selecting one or more segments to enter.
Market Targeting
Arranging for a product to occupy a clear, distinctive and desirable place relative to competing products in the minds of target consumers.
Positioning
Please completely explain what differentiation means Please completely explain what differentiation means. Why do marketers want to differentiate their product/service from competitors?
Providing and promoting perceived differences between your product and competitors. Marketers do this so consumers have a perceived different value perception of a product.
The text suggests that instead of thinking of selling products, marketers would be wise to take the customer’s view and think of ________. DAILY DOUBLE
Offering Solutions to Problems
What does SWOT stand for?
Strengths Weaknesses Opportunities Threats
The collection of businesses and products that make up the company.
Business Portfolio
Identify and explain each of the 4Ps of marketing.
Product Place Price Promotion
In the BCG approach, ________ are high-share, high-growth businesses or products. They need heavy investment to finance rapid growth. When their growth slows down, they turn into ________. DAILY DOUBLE
In the BCG approach, STARS are high-share, high-growth businesses or products. They need heavy investment to finance rapid growth. When their growth slows down, they turn into CASH COWS.
_____ are low-growth, high share businesses or products _____ are low-growth, high share businesses or products. They generate a lot of cash that the firm uses to pay its bills and support other SBUs that need investment.
Cash Cows
A portfolio planning method that evaluates a company’s strategic business units in terms of their market share. SBU’s are classified as stars, cash cows, question marks and dogs.
BCG Growth Share Matrix
Reducing the business portfolio by eliminating products or business units that are not profitable or that no longer fit the company’s overall strategy.
Downsizing
A strategy for company growth through starting up or acquiring businesses outside the company’s current products and markets.
Diversification
The network made up of the company, suppliers, distributors and ultimately customers who “partner” with each other to improve the performance of the entire system.
Value Delivery Network
The process that turns marketing strategies and plans into marketing actions in order to accomplish strategic marketing objectives.
Marketing Implementation
Why is it important for a company’s marketing strategies and culture to be aligned?
What are some problems with matrix approaches?
Explain why, according to the authors of your text, the four Ps concept of the marketing mix takes a seller’s view of the market, not the buyer’s view. How should marketers consider the buyer’s view?
What role does the marketing mix play in positioning?
In SWOT analysis, what is the difference between a weakness and a threat?