Term
| 4 P's of the marketing mix |
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Definition
1) Product
2) Place
- distribution locations
3) Promotion
- PR, advertising
4) Price
- what is your goal? profit? mass selling? |
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Term
| Why the 4 P's are helpful |
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Definition
- Logically brings decisions in the four areas together
- Reciprocal relationship among the variables (if you change one of the P's, it's going to affect the other P's)
- Focuses on the target |
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Term
| Issues in strategy planning |
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Definition
- Marketing management (managers plan, implement, and control)
- Marketing strategy (target market, marketing mix)
- marketing plan |
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Term
| Marketing strategy planning |
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Definition
- Evaluate customers, company, and competitors
- SWOT analysis (strengths, weaknesses, opportunity, threats)
- Target market (ex. 80-20 rule)
- Develop marketing mix
- Target marketing vs. mass marketing |
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Term
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Definition
- Target market
- Marketing mix
- Time
- Resources
- Implementation
- Expected results
- Control procedures
- Marketing program: blends marketing plans into one (increasing customer equity) |
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Term
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Definition
- Superior marketing mix
- Understand competitors' marketing mix
- Anticipate and monitor changes in competitor's plans
- Understand the target
- "Breakthrough opportunities" (radically new idea)
- Every brand needs something that makes them unique |
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Term
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Definition
- Markets and products (focus on either or)
- Market penetration
- Market development (current products in new markets)
- Product development (new products to current markets)
- Diversification (new products to new markets) |
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Term
| Why do international marketing? |
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Definition
- Domestic markets are saturated
- Emerging market growth
- Competition will if you don't |
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