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BUSML 3250 Chapter 2 Exam Questions and Answers
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BUSML 3250 Chapter 2 Exam Questions and Answers
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BUSML 3250 Chapter 2 Exam Questionsand Answers
Strategic planning - Answer-process of developing and maintaining a strategic fit
between the organization's goals and capabilities and its changing marketing
opportunities
Mission statement - Answer--statement of the organization's purpose
-what it wants to accomplish in the larger environments
Business portfolio - Answer-collection of businesses and products that make up the
company
Portfolio analysis - Answer-process by which management evaluates the produces and
businesses that make up the company
Product/market expansion grid - Answer-portfolio planning tool for identifying company
growth opportunities through market penetration, market development, product
development, or diversification
Market penetration - Answer-company growth by increasing sales of current products to
current market segments without changing the product
Market development - Answer-company's growth by identifying and developing new
market segmentation for current company products
Product development - Answer-company growth by offering modified or new products to
current market segments
Diversification - Answer-company growth through starting up or acquiring businesses
outside the company's current products and markets
Value chain - Answer-series of internal departments that carry out value-creating
activities to design, produce, market, deliver, and support a firm's products
Value delivery network - Answer-network made up of the company, its suppliers,
distributors, and customers who partner with each other to improve the performance of
the entire system
Marketing strategy - Answer-marketing logic by which the company hopes to create
customer value and achieve profitable customer relationships
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