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.
Quality you can trust: written by students who passed their exams and reviewed by others who've used these revision notes.
No problem! You can straightaway pick a different document that better suits what you're after.
No subscription, no commitments. Pay the way you're used to via credit card and download your PDF document instantly.
“Bought, downloaded, and smashed it. It really can be that simple.”