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Marketing Ch 3 DSM

Terms in this set (28)

Making decisions about how to best allocate resources across a company's strategic business units (SBUs) to ensure growth for the total organization occurs during which step of strategic planning?
establishing a business portfolio
A process that entails measuring actual performance, comparing this performance with the established marketing objectives, and then making adjustments to the strategies or objectives on the basis of this analysis is a(n) __________.
control
Introducing existing products to new markets is part of a __________ strategy.
market development
What is the first step in market planning?
perform a situation analysis
In the operational planning process, using marketing metrics to monitor how the plan is working is the __________ step.
second
Supervisory managers are charged with the planning in the __________ stage.
operational planning
The __________ step in the strategic planning process is to evaluate the internal and external environment
second
Which of the following describes strategic planning?
a managerial decision process that matches an organization's resources and capabilities to its market opportunities for long-term growth and survival
A market development strategy __________.
introduces existing products to new markets
What is the second step in the operational planning process?
use marketing metrics to monitor how the plan is working
Which growth strategy is designed to increase sales of existing products to current customers, nonusers, and users of competitive brands in served markets?
market penetration
A document that describes the marketing environment, outlines the marketing objectives and strategy, and identifies who will be responsible for carrying out each part of the marketing strategy is known as __________.
a marketing plan
Functional planning is __________.
a decision process that concentrates on developing detailed plans for strategies and tactics for the short term, supporting an organization's long term strategic plan
What is the second step in the strategic planning process?
evaluate the internal and external enviornment
What is a marketing plan?
a document that describes the marketing environment, outlines the marketing objectives and strategy, and identifies who will be responsible for carrying out each part of the marketing strategy
What describes a mission statement?
a description of the overall purpose of the organization and what it intends to achieve in terms of its customers, products, and resources
What happens during the establish the business portfolio step of strategic planning?
decisions are made about how to best allocate resources across a company's strategic business units to ensure growth for the entire company
What is an action plan?
an individual support plan included in a marketing plan that provides the guidance for implementation and control of the various marketing strategies within the plan
The uncontrollable elements outside an organization that may affect its performance either positively or negatively are known as the __________.
external environment
According to the BCG growth-market share matrix, __________ are strategic business units (SBUs) with products that have a dominant market share in high-growth markets.
stars
What is a market penetration strategy?
a growth strategy designed to increase sales of existing products to current customers, nonusers, and users of competitive brands in served markets
According to the BCG growth-market share matrix, question marks are strategic business units (SBUs) with __________.
low market shares in fast-growth markets
What is the third step in the market planning process?
developing marketing strategies
An analysis of an organization's strengths and weaknesses and the opportunities and threats in its external environment is a __________.
SWOT analysis
In operational planning, who is responsible for the planning?
supervisory managers
Seeking to increase sales of existing products to existing markets is part of a __________ strategy
market penetration
Which of the following describes an operational plan?
a plan that focuses on the day-to-day execution of the marketing plan
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