Term
|
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
|
Definition
| involves a focus on retaining loyal custys and excellent customer service |
|
|
Term
|
Definition
| a growth strat where a firm intros a new prod or serv to a mkt segment that it doesn't currently serve |
|
|
Term
|
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
|
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
|
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
|
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
|
Definition
| a group of consumers who respond similarly to a firms marketing efforts |
|
|
Term
|
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
|
Definition
| percentage of market accounted for by a specific entity |
|
|
Term
|
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
|
Definition
| a firms target market, marketing mix, and method of obtaining a sustainable competitive advantage |
|
|
Term
|
Definition
| a measure system that quantifies a trend, dynamic, or characteristics |
|
|
Term
|
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
|
Definition
| firms focus on efficient operations and excellent supply chain management |
|
|
Term
|
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
|
Definition
| growth strat that offers a new prod or serv to a firms current target market |
|
|
Term
|
Definition
| involves a focus a achieving high quality prods, effective branding and positioning is KEY |
|
|
Term
|
Definition
| groups of associated items, such as those that consumers use together or think of as part of a group of similar prods |
|
|
Term
|
Definition
| anything of value to the customer |
|
|
Term
|
Definition
| a growth strat where the current target market and or marketing mix shares something in common with the new opp |
|
|
Term
|
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
|
Definition
| 2nd step in marketing plan, SWOT |
|
|
Term
|
Definition
| the processes of segmentation, targeting, and positioning that firms use to identify and evaluate opportunities for increasing sales and profits |
|
|
Term
|
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
|
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 |
|
|
