Chapter 2 Marketing Strategies & Plan Slides Review

Front

Define Growth Strategies: ________

Back

Firms consider pursuing various market segments as part of their overall growth strategy.

Front

Fill in the blank: A __________ introduces a new product or service to a market segment that currently is not served.

Back

Diversification strategy.

Front

Define Market Segmentation: ________

Back

Process of dividing the market into groups of customers with different needs, wants, or characteristics.

Front

According to the Growth Strategies matrix, which strategy involves offering new products and services to current markets?

Back

Product Development.

Front

Fill in the blank: A __________ offers a new product or service to a firm’s current target market.

Back

Product development strategy.

Front

What is Market Penetration?

Back

A strategy aimed at increasing sales of existing products in existing markets.

Front

Define Product Development: ________

Back

The process of creating new products to serve existing markets.

Front

What is Diversification Strategy?

Back

A growth strategy where a company introduces new products into new markets.

Front

Explain Focus Strategy: ________

Back

A strategy that targets a specific market segment with tailored products or services.

Front

What is the purpose of Market Development?

Back

To introduce existing products to new markets.