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Strategic Marketing in the Business Environment
Terms in this set (54)
a plan guided by questions about future achievements
A feature that makes a product more desirable than its competitors
What is a SWOT analysis?
strengths, weaknesses, opportunities, threats
a short, specific written statement of the reason a business exists and what it wants to achieve
what an organization would like to accomplish in the short and long run
which are 2 internal analysis?
strengths and weakness
which are 2 external analysis?
opportunities and threats
strength in SWOT
positive aspects within control of the firm
negative aspects within the control of the firm
Conditions in the external environment that favor strengths (external)
current and emerging external factors that may challenge the company's performance
4 strategies after SWOT analysis
aggressive, diversification, turnaround and defensive
establish an attack-minded mentality , growth and expansion
a strategy of increasing sales by introducing new products into new markets
take care of business at home before embarking on any actions in an enticing external marketplace
many internal weaknesses and many external threats
product market growth matrix
market penetration, product development, market development, diversification
a marketing strategy that tries to increase market share among existing customers
the creation of new products for present markets
attracting new customers to existing products
increasing sales by introducing new products into new markets
current market, current product
current product, new market
new product, current market
new product, new market
A company sees that their current target market wants a different product than they already sell. Which strategy would the company pursue?
A company detects that a different market than they are currently targeting is interested in their product. Which strategy would t he company pursue?
which strategy is a company following when a company acts on an analysis it has conducted that pointed to producing a new product for a new market?
what do companies determine by using the product-market growth matrix?
what strategy to pursue to grow their business
A formal, written document that directs a company's activities for a specific period of time
a company's plan that identifies how it will use marketing to achieve its goals
an assessment of a firm's internal and external environments
specific, measurable, short-term expectations
The broad, long-term accomplishments an organization wishes to attain
make more of, develop new
reduce, raise or remain the same
make more or less widely accessible
reach market with message
marketing plan loop order
collect data, analyze data, develop strategy, determine target market, establish tactics and insert controls and implementation
What does tactics include and describe?
the activities related to the marketing mix
what does every good marketing plan need to properly succeed?
A new start-up has a good product but they don't have a marketing team with much experience. Which of the following would describe this factor?
Nike's mission statement says: "To bring inspiration and innovation to every athlete in the world". What does this statement identify?
their source of differentiation
What zone is a company in when it doesn't have a competitive strategy?
what would a marketer NOT consider when looking for opportunities and threats?
A tech start-up with an extremely talented and experienced team saw several opportunities in the marketplace for a new app they designed and decided to go ahead to market. What best describes their strategy?
Which market-product growth strategy was Lay's practicing when it brought out a new potato chip flavored with Swiss Chalet sauce?
Which market-product growth strategy is a smoothie company practicing when it starts doing more advertising to college students to increase demand for their smoothies?
Which market-product growth strategy is Tim Hortons practicing by opening restaurants for the first time in London, England?
Which market-growth strategy was Virgin Airlines practicing when they decided to go into the communications industry by offering mobile phone service?
What should a marketing strategy focus on?
What is an external environmental analysis?
A company includes this statement in its marketing plan: "30-second radio advertisements will be bought on KXY Radio station and aired from October 10 to October 31 in the morning time slot." Which part of a marketing plan is this an example of?
What should be the first step of a marketing plan?
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