MARK 3000 Principles of Marketing - Chapter 2 Review

A collection of flashcards to help review key terms and concepts related to product portfolio management and marketing strategies.

Product Portfolio Management

The process of overseeing a company’s range of products and services to maximize value and mitigate risk.

Product Mix

The complete set of products (goods and services) offered by a firm.

Efficiency in Portfolios

The ability of a portfolio to reduce costs and resource allocation by sharing resources across products.

Risk Diversification

Spreading financial dependence across different product categories, customer segments, and lifecycle stages to minimize risk.

BCG Matrix

A portfolio analysis method that classifies products based on their market share and market growth rate.

Stars

Products with high growth and high market share that require significant investment to maintain their growth.

Cash Cows

Products with low growth but high market share that typically generate more cash than they consume.

Question Marks

Products with high growth potential but low market share that require significant resources to increase market share.

Dogs

Products with low growth and low market share that may need to be phased out unless they serve a strategic purpose.

SWOT Analysis

A framework for analyzing a company’s internal strengths and weaknesses, as well as external opportunities and threats.

Segmentation, Targeting, Positioning (STP)

A marketing approach focusing on dividing a market into segments, targeting specific segments, and positioning products to appeal to those segments.

Marketing Metrics

Quantitative measures used to gauge the performance of marketing strategies and activities.