Shared Flashcard Set

Details

CH:2
Marketing strategy
30
Marketing
Undergraduate 4
10/08/2012

Additional Marketing Flashcards

 


 

Cards

Term
control phase
Definition
the part of the strategic marketing planning process when managers evaluate the performance of the marketing strategy and take any necessary corrective actions.
Term
customer excellence
Definition
involves a focus on retaining loyal custys and excellent customer service
Term
diversification strategy
Definition
a growth strat where a firm intros a new prod or serv to a mkt segment that it doesn't currently serve
Term
implementation phase
Definition
the part of the strategic marketing planning process when marketing managers indentify and eval different opps by engaging in segmentation, targeting, and positioning, (STP) and using the 4 P's
Term
locational excellence
Definition
a method of achieving excellence by having a strong physical location and or internet presence
Term
market development strategy
Definition
a growth strategy that employs that existing mareting offering to reach new market segments, both DOM and int'l
Term
market growth rate
Definition
the annual rate of growth of the specific market in which the product competes
Term
market penetration strategy
Definition
a growth strategy that employs the existing marketing mix and focuses the firm's efforts on existing customers
Term
market positioning
Definition
involves the process of defining the marketing mix variables so that target customers have a clear understanding of what the prod does or reps in comparison with competing prods
Term
market segment
Definition
a group of consumers who respond similarly to a firms marketing efforts
Term
market segmentation
Definition
the process of dividing the market into groups of customers with different needs wants or characteristics -who therefore might appreciate prods or servs geared especially for them
Term
market share
Definition
percentage of market accounted for by a specific entity
Term
marketing plan
Definition
written doc, analysis of current marketing situation, opps and threats for firm, marketing objs and strat specified in terms of the 4 p's, action program, and projected or pro forma income statements
Term
marketing strat
Definition
a firms target market, marketing mix, and method of obtaining a sustainable competitive advantage
Term
metric
Definition
a measure system that quantifies a trend, dynamic, or characteristics
Term
mission statement
Definition
a broad description of a firms obj and the scope of acts it plans to undertake, attempts to answer 2 main q's, what type of bus is it? what does it need to accomplish goals and objs?
Term
operational excellence
Definition
firms focus on efficient operations and excellent supply chain management
Term
planning phase
Definition
a part of strategic marketing planning process when marketing executives in conjunction with other top managers, defines the mission or vision of the business and eval the situation by assessing how various players, both in and out the orgs, affect the firms potential for success
Term
prod development strat
Definition
growth strat that offers a new prod or serv to a firms current target market
Term
prod excellence
Definition
involves a focus a achieving high quality prods, effective branding and positioning is KEY
Term
prod line
Definition
groups of associated items, such as those that consumers use together or think of as part of a group of similar prods
Term
products
Definition
anything of value to the customer
Term
related diversification
Definition
a growth strat where the current target market and or marketing mix shares something in common with the new opp
Term
related market share
Definition
a measure of prods strength in a particular market, defined as the sales of the focal prod divided by the sales achieved by the largest firm in the industry
Term
situational analysis
Definition
2nd step in marketing plan, SWOT
Term
STP
Definition
the processes of segmentation, targeting, and positioning that firms use to identify and evaluate opportunities for increasing sales and profits
Term
strat bus unit (SBU)
Definition
a division of the firm itself that can be managed and operated somewhat independently for other divisions and may have a different mission or objectives
Term
sustainable competitive advantage
Definition
something the firm can persistently do better than its competitors
Term
target market/targeting
Definition
process of eval of the attractiveness of various segmentsand then deciding which to pursue as a market
Term
unrelated diversification
Definition
a growth strat where a new bus lacks any common elements with the present business
Supporting users have an ad free experience!