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Marketing Management Ch 02
Basic Marketing Chapter 2 Vocab
29
Marketing
Undergraduate 3
02/07/2012

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Term
marketing management process
Definition
the process of (1) planning marketing activities, (2) directing the implmentation of the plans and (3) controlling these plans
Term
strategic (management) planning
Definition
the managerial process of developing and maintaining a match between an organizations's resources and its market opportunities
Term
marketing strategy
Definition
specifies a target market and a related marketing mix
Term
target market
Definition
a fairly similar group of customers to whom a company wishes to appeal
Term
marketing mix
Definition
the controllable variables the company puts together to satisfy this target group
Term
Target marketing
Definition
says that a marketing mix is tailored to fit some specific target customers.
Term
Mass marketing
Definition
aims at everyone with the same marketing mix
Term
Channel of distribution
Definition
any series of firms (or individuals) that participate in the flow of products from producer to final user or 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 service by an identified sponsor.
Term
publicity
Definition
any unpaid form of nonpersonal presentation of ideas, goods, or services
Term
sales promotion
Definition
promotion activites- other than advertising, publicity, and personal selling - that stimulate interest, trial, or purchase by final customers or others in the channel
Term
4 Ps
Definition
product place promotion price
Term
marketing plan
Definition
a written statement of a marketing strategy and the time-related details for carrying out the strategy
Term
marketing plan details
Definition
1 what marketing mix will be offered 2 what company resources will be needed at what rate 3 what results are expected
Term
implementation
Definition
putting marketing plans into operation.
Term
operation decisions
Definition
short-run decisions to help implement strategies
Term
marketing program
Definition
blends all of the firm's marketing plans into one "big" plan
Term
Customer equity
Definition
the expected earnings stream (profitability) of a firm's current and prospective customers over some 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
a firm has a marketing mix that the target market sees as better than the competitor's mix
Term
differentiation
Definition
the marketing mix is distinct from and better than what is available from a competitor
Term
S.W.O.T Analysis
Definition
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
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 into totally different lines of business
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