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Marketing Definitions
Definitions for Vocabulary-Chapter 2: Basic marketing-A Marketing Strategey Planning Approach, McGraw Hill Publishing Co.
24
Marketing
Undergraduate 3
09/18/2007

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Term
Marketing Management Process
Definition
1. planning marketing activities
2. directing the implementation of the plans
3. controlling these plans
(Keys: planning, implementation, control)
Term
Strategic management planning
Definition
the managerial process of developing and maintaining a match between an orgainzation's resources and its market opportunities
Term
Marketing strategy
Definition
specifies a target maket and a related marketing mix.
-target market: a fairly homogenous group of customers to whom a company wishes to appeal
-marketing mix- the controllable variables the company puts together to satisfy this target group
Term
mass marketing
Definition
the typical production oriented approach; vaugely aims at everyone
Term
The 4 P's
Definition
Product Place Price and Promotion
Term
Channel of Distribution
Definition
any series of firms that participate in the flowe of products from producer to final user or consumer
Term
Personal Selling
Definition
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-is often the key to building repeat business
Term
Mass selling
Definition
communicating with large numbers of customers at the same time. Main form is advertising, followed by publicity
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 presnetation of ideas, goods, or services
Term
Sales Promotion
Definition
refers to those 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
written statement of a marketing strategy and the time-related details for carrying out the strategy
Should include
1. What makreting mix will be offered
2. what company resources will be needed and at what rate
what results are expected
Term
Implementation
Definition
putting marketing plans into operation
Term
operational decisions
Definition
short-run decisions to help implement strategies
Term
marketing program
Definition
bblends all of the firm's marketing plans into one big plan, which becomes the responsibility of the whole company
Term
Customer Equity
Definition
the expected profitability of a firm's current and prospecitve customers over some period of time
Term
breakthrough opportunites
Definition
opportunites that help innovators develop hard to copy marketing strategies that will be very profitable for a long time
Term
Differentiation
Definition
the makreting mix is distinct from and better than what is availiable from a competitior
Term
S.W.O.T. analysis
Definition
Identifies and lists the firm's strenghts and weaknesses and its opportunities and threats; helps the manager focus on a strategy that takes advantage of the firm's opportunities and strenghts while avoiding its weaknesses and threats to its success
Term
Market Penetration
Definition
an attempt to increase sales of a firm's present products in its present markets-probably through a more aggressive marketing mix
Term
Market Development
Definition
an attempt to increase sales by selling present productggs in new markets
Term
Product development
Definition
offering new or improved products for present markets
Term
Diversification
Definition
moving into totally different lines of business, such as unfamiliar products, markets, or even levels in the prodction-marketing system
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