What are 4 excellence strategies?

Integrated Marketing Communications (IMC) - Represents promotion. Encompasses a variety of communication disciplines such as advertising, sales promotion, social media Metric - A measuring system that quantifies a trend, dynamic, or characteristic. Strategic Business Unit - A division of the firm itself that can be managed, operated somewhat independently from other divisions of the firm. Product Lines - Groups of associated items, such as those that consumers use together Market share - Percentage of a market accounted by a specific entity Relative market share - A measure of the products strength in a particular market, defined as sales of the product divided by the sales of the largest firm in the industry Market growth rate - The annual rate of growth of the specific market in which the product competes. Boston Consulting Group - Portfolio analysis type that requires companies to put products into a 2 by 2 matrix. Axis: Relative market share (top) Market growth rate (left) Stars - (upper left) occur in high growth markets and are high market share products Cash Cows - (Low left) High relative market share, low market growth rate. Make money regardless Dogs - (Low right) Low relative market share, low market growth should probably be let go. No reason to try Question marks - (Top right) Need high amount of resources to gain market share Growth Strategies - Market Penetration Strategy Market development strategy Product development strategy Diversification Strategy Related diversification strategy Market Penetration Strategy -growth strategy that employs the existing marketing mix and focuses on the firm's efforts on existing customers Market development strategy - A growth strategy that employs the existing marketing offering to reach new marketing segments Product development strategy - A GS that offers a new product to the firms already target market Diversification strategy - A GS whereby a firm introduces a new product or service to a market segment it currently does not serve Related diversification - A GS where the current target market and/or marketing mix shares something in common with the new opportunity.