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Essentials of Marketing
Chapter 2
26
Marketing
Undergraduate 4
09/12/2010

Additional Marketing Flashcards

 


 

Cards

Term
marketing management process
Definition
the process of
1) planning marketing activities
2) implementing the plans
3) controlling these plans
Term
strategic planning
Definition
the managerial process of developing and maintaining a match between an organization's resources and its market opportunities
Term
target market
Definition
a fairly homogeneous group of customers to whom a company wishes to appeal.
Term
marketing mix
Definition
the controllable variables the company puts together to satisfy the target group
Term
target marketing
Definition
says that a marketing mix is tailored to its specific target customers.
Term
mass marketing
Definition
a typical production-oriented approach--vaguely aims at "everyone" with the same marketing mix.
Term
channel of distribution
Definition
any series of firms that participate in the flow of products from producer to consumer.
Term
personal selling
Definition
involves direct spoken communication between sellers and potential customers.
Term
customer service
Definition
a personal communication between a seller and a customer who wants the seller to resolve a problem with a purchase.
Term
mass selling
Definition
communicating with large numbers of customers at the same time
Term
advertising
Definition
any paid form of nonpersonal presentation of ideas, goods, or services by an identified sponsor.
Term
publicity
Definition
any unpaid form of nonpersonal presentation of ideas, goods, or services.
Term
sales promotion
Definition
promotion activities--other than advertising, publicity, and personal selling--that stimulate interest, trial, or purchase by final customers or others in the channel.
Term
marketing plan
Definition
a written statement of a marketing strategy and the time related details for carrying out the strategy. It should describe:
(1) the marketing mix offerred, to whom and for how long
(2) what company resources will be needed
(3) what results are expected
Term
implementation
Definition
putting marketing plans into operation
Term
operational decisions
Definition
short-term decisions maed to help implement strategies
Term
marketing program
Definition
blends all of a firm's marketing plans in to one "big" plan.
Term
customer equity
Definition
the expected earnings stream of a firm's current and prospective customers over a period of time.
Term
breakthrough opportunities
Definition
opportunities that help innovators develop hard-to-copy marketing strategies that will be very profitable for a long time.
Term
competitive advantage
Definition
when a firm has a marketing mix that the target market sees as better than a competitor's mix.
Term
differentiation
Definition
when a marketing mix is distinct from and better than what is available from a competitor
Term
S.W.O.T. Analysis
Definition
identifies and lists the firm's strengths and weaknesses, and its opportunities and threats.
Term
market penetration
Definition
trying to increase sales of a firm's present products in its present markets--probably through a more aggressive marketing mix.
Term
market development
Definition
trying to increase sales by selling present products in new markets
Term
product development
Definition
offering new or improved products for present markets
Term
diversification
Definition
moving in to totally different lines of business
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