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Marketing Management midterm 1
chapters 1, 2, 4, 5, 7, 8, 9
21
Marketing
Undergraduate 3
03/21/2013

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Cards

Term
Marketing
Definition
Marketing is managing profitable customer relationships. The process of marketing is creating value for customers and building strong customer relationships in order to capture value from customers in return.
Term
The marketing process
Definition
1. Understand the marketplace and the customer needs and wants
2. Design a customer-driven marketing strategy
3. Construct an integrated marketing program that delivers superior value
4. Build profitable relationships and create customer delight
5. Capture value from customers to create profits and customer equity
Term
marketing myopia
Definition
The mistake of paying more attention to the SPECIFIC PRODUCTS a company offers than to the BENEFITS AND EXPERIENCES produced by these products.

example: Kodak. went into bankruptcy b/c it focused too much on film industry and not on digital industry. It was in the photography business but thought it was just in the FILM business.
Term
Capturing value from customers to create profit
Definition
How to do: Identify an UNMET need and satisfy that need by identifying a target and creating a product or service.
Term
Value proposition
Definition
The set of benefits a company promises to deliver to satisfy customers.
Term
Marketing Mix (4 P's)
Definition
1. Product
2. Price
3. Place (Distribution)
4. Promotion
Term
Mission statement
Definition
not explicit, should be motivating, but not a sales goal or objective. Focus on the path they are on.
Term
statement of values
Definition
their VALUES and beliefs.
Term
Setting goals and objectives
Definition
Create goals that support mission statement. Then make S.M.A.R.T. objectives to help you reach that goal.
Term
S.M.A.R.T. objectives
Definition
Specific
Measurable
Attainable
Relevant
Timely
Term
Business portfolio
Definition
Collection of business, products, and services that make up the company. This consists of STARS (invest), QUESTION MARKS, CASH COWS (harvest), and DOGS (divest).
Term
Product/market expansion grid
Definition
Market penetration (existing market with existing products), Product development (Existing market, new products), market development (new markets, existing products), diversification (new products, new markets)

Example: Under Armour

Market penetration:
Sell to more men

Market Dev.:
Expand to women/new audience

Product Dev.:
New Products

Diversification:
Leisure wear/gym equipment
Term
Downsizing
Definition
Companies must also develop strategies for downsizing. Eliminating products or business units that are not profitable or no longer fit company. One company's dog can be another company's star (acquisition).
Term
Strategic Planning
Definition
The process of developing a strategic fit between the organization and the changing market needs.
Term
Strategic Planning
Definition
The process of developing a strategic fit between the organization and the changing market needs.
Term
4 product classifications
Definition
1. Convenience
2. Consumables
3. Durable
4. Specialty
Term
Commodity
Definition
Lowest price wins
Term
Monopoly
Definition
Brand value
Term
3 product levels
Definition
1. Core (what is it and what is it used for?)
2. Actual (what are the actual and physical parts of it?)
3. Augmented (what are the additional added benefits that may come along? Not tangible)
Term
Brand pyramid
Definition
Top to bottom:

Brand Essence
Emotional Benefits
Product Benefits
Product Attributes
Term
New Product Development
Definition
1. Idea Generation
2. Idea Screening
3. Concept development and testing
4. Marketing strategy dev.
5. Business analysis
6. Product dev.
7. Test marketing
8. Commercialization
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