MGMT 105 Final Exam TermsEssential
Marketing Terms for MGMT 105: Your
Final Exam Companion
Business Planning ✔✔An ongoing process of making decision that guides the firm both in short
term and in the long term.
Market Planning ✔✔Document that describes the marketing environment, outlines the
marketing objectives and strategies, and identifies who will be responsible for carrying out each
part of the marketing strategy.
Functional Planning ✔✔Developing detailed plans for strategies and tactics for the short term,
supporting an organizations long term strategic plan.
Bigger picture planning
Operational planning ✔✔A decision process that focuses on developing detailed plans for day
to day activities that carry out an organizations functional plans.
DAY TO DAY planning that helps achieve the big picture plan (AKA functional planning)
Strategic planning ✔✔Matches an organizations resources and capabilities to its market
opportunities for long term growth.
Strategic Business Growth Units (SBU's) ✔✔Individual units within the firm that operate like
separate businesses, with each having its own mission, business, objectives, resources,
managers, and competitors.
, Mission Statement ✔✔A formal statement in an organization's strategic plan that describes the
overall purpose of the organization and what it intends to achieve in terms of its customers,
products, and resources.
Situational Analysis ✔✔An assessment of a firm's internal and external environments.
SWOT Analysis ✔✔An analysis of an organization's strengths and weaknesses and the
opportunities and threats in its external environment.
Action Plan ✔✔Individual support plans included in a marketing plan that provide the guidance
for implementation and control of the various marketing strategies within the plan. Action plans
are sometimes referred to as "marketing programs."
Portfolio Analysis ✔✔A management tool for evaluating a firm's business mix and assessing the
potential of an organization's strategic business units.
BCG growth-market share matrix ✔✔A portfolio analysis model developed by the Boston
Consulting Group that assesses the potential of successful products to generate cash that a firm
can then use to invest in new products.
Product Development Strategies ✔✔Growth strategies that focus on selling new products in
existing markets.
Market Penetration Strategies ✔✔Increasing sales of existing products to current customers,
nonusers, and users of competitive brands in served markets.
Diversification Strategies ✔✔Growth strategies that emphasize both new products and new
markets.
Marketing Terms for MGMT 105: Your
Final Exam Companion
Business Planning ✔✔An ongoing process of making decision that guides the firm both in short
term and in the long term.
Market Planning ✔✔Document that describes the marketing environment, outlines the
marketing objectives and strategies, and identifies who will be responsible for carrying out each
part of the marketing strategy.
Functional Planning ✔✔Developing detailed plans for strategies and tactics for the short term,
supporting an organizations long term strategic plan.
Bigger picture planning
Operational planning ✔✔A decision process that focuses on developing detailed plans for day
to day activities that carry out an organizations functional plans.
DAY TO DAY planning that helps achieve the big picture plan (AKA functional planning)
Strategic planning ✔✔Matches an organizations resources and capabilities to its market
opportunities for long term growth.
Strategic Business Growth Units (SBU's) ✔✔Individual units within the firm that operate like
separate businesses, with each having its own mission, business, objectives, resources,
managers, and competitors.
, Mission Statement ✔✔A formal statement in an organization's strategic plan that describes the
overall purpose of the organization and what it intends to achieve in terms of its customers,
products, and resources.
Situational Analysis ✔✔An assessment of a firm's internal and external environments.
SWOT Analysis ✔✔An analysis of an organization's strengths and weaknesses and the
opportunities and threats in its external environment.
Action Plan ✔✔Individual support plans included in a marketing plan that provide the guidance
for implementation and control of the various marketing strategies within the plan. Action plans
are sometimes referred to as "marketing programs."
Portfolio Analysis ✔✔A management tool for evaluating a firm's business mix and assessing the
potential of an organization's strategic business units.
BCG growth-market share matrix ✔✔A portfolio analysis model developed by the Boston
Consulting Group that assesses the potential of successful products to generate cash that a firm
can then use to invest in new products.
Product Development Strategies ✔✔Growth strategies that focus on selling new products in
existing markets.
Market Penetration Strategies ✔✔Increasing sales of existing products to current customers,
nonusers, and users of competitive brands in served markets.
Diversification Strategies ✔✔Growth strategies that emphasize both new products and new
markets.
