Details Title: Ch. 1-2 Description: Marketing Management Total Flash Cards: 26 Created: 07/19/2008 20:44:51		New Users: To study from this flashcard set, or to create your own your own study flash cards, REGISTER HERE. Existing Users: CLICK HERE. Additional Marketing Flashcards
Cards in this set: Term Marketing       Definition Identifying and metting human and social needs Term Marketing Mangement Definition The art and science of choosing target markets and getting, keeping, and growing customer through creating, delivering and communicating superior customer value. Term Exchange Definition The core concept of marketing is the process of obtaining a desired product from someone by offering something in return. Term Transaction Definition A trade of values between  two or more parties involving at least two things of value, agreed-upon conditions, a time of agreement and a place of agreement. Term Transfer Definition party A gives something to party B but does not receive anything trangible in return. Term Marketing & Prospect Definition A MARKETER is someone who seeks a response from another party called the PROSPECT Term Holistic Market Definition based on the development, design and implementation of marketing programs, processes, and activities that recognize their breadth and interdependencies. Term Relationship Marketing Definition The aim of building mutually satifsying long-term  relationships with key parties-customer, suppliers, distributors, and other marketing partners-in order to earn and retain their business. Term Intergrated marketing Definition the marketer's task is to devise marketing activities and assemble marketing programs that maximize the ability to create, communicate, and dealiver value for consumers. Term Marketing Network Definition consists of the company and its supporting stakeholders with whom it had built mutually profitable business relationships. Term Value Chain   Definition A tool for identifying ways to create more customer value. Term Value delivery network (Supply Chain) Definition Many companies today partner with specific suppliers and distributors to create a superior Value delivery network (Suppy Chain) Term Core Competency Definition Three Characteristics: 1. It is a source of competivive advantage in that it makes a significant contribution to perceived customer benefits 2. it has applications in a wide variety of markets. 3. it is difficult for competitors to imitate  Term Mission Statement Definition Share with managers, employees, and customers. A clear thoughtful mission statemeant provides  purpose, direction, and opportunity and guides geographically dispersed employees to work independently and collectively toward realizing the organizations' goal. Term Stategic business unit (SBU) Definition 1. It is a single business or collection of related vusinesses that can be planned separately from the rest of the company 2. has its own set of competitors 3. has a manager responsible for strategic planning and profit performance who controls most of the factors affecting profit  Term Organization Definition Consists of its structures, policies, and corporate culture, all of which can become dysfunctional in a rapidly changing business enviroment Term Corporate culture Definition has been defined as "the shared experiences, stories, beliefs, and norms that characterize an organization" Term Scenario Analysis Definition Developing plausible representations of a firm's possible future that make different aassumptions about forces driving the market and include different uncertainties Term Marketing Oppurtunity Definition Area of buyer need and interest in which there is a high probability that the company can profitably satisfy that need Term Market opportunity analysis MOA Definition to determine the attractiveness and success probability of each opportunith by asking five questions Term Enviromental threat Definition Challenge posed by an unfavorable external trend or development that would lead in the absence of defensive marketing action, to lower sales or profit. Term Goal Formulation Definition Once the company has performed a SWOT analysis, it can develop specific goals for the planning period in a process call goal formulaton Term Strategy Definition describes the game plan for achieving those goals Term Strategic group Definition Firms pursuing the same strategy directed to the same target market constitute a strategic group Term Partner Relationship Management, PRM Definition Corporations have begun deeloping organizationsal structures to support these alliances and have come to view the ability to form and manage partnerships as a core skill Term Marketing Plan Definition Is a written document that summarizes what the marketer has learned about the makretplace and how the firm plans to reach its makreting objectives