MyMarketingLab Chapter 2

Product development
company growth by offering modified or new products to current market segments.
A mission statement
describes the organization’s purpose—what it wants to accomplish in the larger environment.
Cash cows
low-growth, high-share businesses or products.
A value delivery network
made up of the company, its suppliers, its distributors, and, ultimately, its customers who partner with each other to improve the performance of the entire system.
Question marks
are low-share business units in high-growth markets.
Market Segment
a group of consumers who respond in a similar way to a given set of marketing efforts.
Stars are
high-growth, high-share businesses or prducts
Diversification
company growth through starting up or acquiring businesses outside the company’s current products and markets.
Current marketing situation
describes the target market and the company’s position in it, including information about the market, product performance, competition, and distribution.
Market targeting
the process of evaluating each market segment’s attractiveness and selecting one or more segments to enter.
Marketing Control
measuring and evaluating the results of marketing strategies and plans and taking corrective action to ensure that the objectives are achieved.
Marketing strategy
the marketing logic by which the company hopes to create customer value and achieve profitable customer relationships.
Product/market expansion grid
portfolio-planning tool for identifying company growth opportunities through market penetration, market development, product development, or diversification.
Market development
company growth by identifying and developing new market segments for current company products.
SWOT analysis is
an overall evaluation of a company’s strengths, weaknesses, opportunities, threats
Marketing implementation
turning marketing strategies and plans into marketing actions to accomplish strategic marketing objectives.
Market penetration
company growth by increasing sales of current products to current market segments without changing the product
Strategic planning
process of developing and maintaining a strategic fit between the organization’s goals and capabilities and its changing marketing opportunities.
A value chain
series of internal departments that carry out value-creating activities to design, produce, market, deliver, and support a firm’s products.