Term
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Definition
| identifies a firm's target markets, a related marketing mix, and the bases on which the firm plans to build a sustainable competitive advantage. |
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Term
| sustainable competitive advantage |
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Definition
| an advantage over the competition that is not easily copied and thus can be maintained over a long period of time. |
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Term
| Macro strategies for developing |
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Definition
| customer excellence, operational excellence, product excellence, locational excellence |
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Term
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Definition
| focuses on retaining loyal customers and excellent customer service |
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Term
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Definition
| achieved through efficient operations and excellent supply chain and human resources management |
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Definition
| having products with high perceived value and effective branding and positioning. |
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Term
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Definition
| having a good physical location and internet presence |
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Term
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Definition
| a written document composed of an analysis of the current marketing situation, opportunities and threats for the firm, marketing objectives and strategy specified in terms of the four P's, action programs, and projected or proforma income statements. |
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Term
| 3 major phases of the marketing plan |
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Definition
| planning, implementation, control |
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Term
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Definition
| marketing executives and other top managers define the mission and/or vision of the business. |
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Term
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Definition
| marketing managers identify and evaluate different opportunities by engaging in STP |
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Term
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Definition
| segmentation, targeting, positioning |
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Term
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Definition
| entails evaluating the performance of the marketing strategy using marketing metrics and taking any necessary corrective actions. |
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Term
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Definition
| a broad description of a firm's objectives and the scope of activities it plans to undertake. |
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Term
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Definition
| Strengths, weaknesses, opportunities, threats |
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Term
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Definition
| Cultural, demographic, social, technological, economic, and political forces |
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Term
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Definition
| consumers who respond similarily to a firm's marketing efforts |
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Term
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Definition
| the process of dividing the market in to groups of customers with different needs, wants, or characteristics - who therefore might appreciate products or services geared especially for them |
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Term
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Definition
| aiming marketing efforts toward a specific segment |
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Term
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Definition
| defining the marketing mix variables so that target customers have a clear, distinctive, desirable understanding of what the product does or represents in comparison with competing products |
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Term
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Definition
| measuring system that quantifies a trend, dynamic, or characteristic; explains why things happened and project the future |
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Term
| strategic business unit (SBU) |
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Definition
| a division of the firm itself that can be managed and operated somewhat independently from other divisions that may have a different mission or objective. |
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Term
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Definition
| the percentage of a market accounted for by a specific entity and is used to establish the product's strength in a particular market. |
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Term
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Definition
| provides managers with a product's relative strength, compared to that of the largest firm in the idustry |
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Term
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Definition
| annual rate of growth of the specific market in which the product competes; measures how attractive a particular market is. |
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Term
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Definition
| high growth market and high product shares |
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Term
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Definition
| low growth market and high market share |
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Term
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Definition
| high growth markets and low market shares |
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Term
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Definition
| low growth markets and low market shares |
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Term
| market penetration strategy |
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Definition
| employs the existing marketing mix and focuses the firms efforts on existing customers |
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Term
| market development strategy |
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Definition
| employs the existing marketing offering to reach new market segments, whether domestic or international |
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Term
| product development strategy |
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Definition
| offers a new product or service to a firm's current target market |
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Term
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Definition
| introduces a new product or service to a market segment that currently is not being served |
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Term
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Definition
| the current target market and/or marketing mix shares something in comon with the new opportunity |
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Term
| unrelated diversification |
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Definition
| the new business lacks any common elements with the present business |
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