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Marketing Test 1
Marketing test chapter 2
34
Marketing
Undergraduate 2
02/15/2010

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Term
Marketing Management Process (3 parts)
Definition
1. planning marketing activities
2. directing the implementation of the plans
3. Controlling these plans
Term
Strategic Management planning:
Definition
the mangerial process of devloping and maintaining a MATCH between an organization's resources and its market opportunities ***
Term
What is a Marketing Strategy:
Definition
Specifies a target market and a related marketing mix. It is a big picture of what a firm will do in some market.
Term
2 parts of a marketing strategy:
Definition
1. Target Market : a fairly homogenous group of customers to whom a company wishes to appeal
(^ what Honda element did to make the element for people who did activities)
2. Marketing Mix: the controllable variables the company puts together to satisfy this target group
Term
Target marketing versus Mass marketing
Definition
Target marketing says that a marketing mix is tailored to fit some specific target customers WHERE AS mass marketing is the typical production-oriented approach, vaguely aims at everyone
Term
Mass Marketing vs. Mass Marketers
Definition
Mass Marketing : tries to sell to everyone
Mass Marketers: kraft foods or walmart that are aiming at clearly defined target markets (the target markets are just spread out over a lot of people)
Term
What makes up a marketing mix
Definition
THE FOUR P'S
1. Product
2. Place
3. Promotion
4. Price
Term
Product
Definition
concerned with developing the right product for the target, and making decision on branding, packaging, and warranties.
Term
Place:
Definition
Getting the right product ot the target market's place.

Channel of Distribution: is any series or firms that participate in the flow of products from producer to final user or consumer
Term
Promotion:
Definition
1. Personal Selling: involves direct spoken communication between sellers and potential customers
2. Customer Service: personal comm. between a seller and a customer who wants the seller to resolve a problem with a purchase. This usually has to be done along side with mass selling and sales promotion
Term
Mass selling:
Definition
communication with large numbers of customers at the same time.
1. Advertising - *paid form of nonpersonal presentation of ideas, goods, or services by an indentified sponsor.
2. Publicity - any *unpaid form of nonpersonal presentation of ideas, goods, or services.
Term
Sales Promotion:
Definition
Refers to those promotion activities, other than advertising, publicity, and personal selling - that stimulate interesrt, trial, or purchase by final customers or others in the channel. ex. coupons, samples, signs, contests
Term
Strategy jobs must be done together:
Definition
Selecting a target market AND developing a marketing mix are interrelated. Understanding target markets leads to good strategies
Term
The market-oriented strategy planning at Toddler University (shoes)
Definition
The traditionalists
Economy Oriented parents (lower income)
Fashion Conscious
Attentive Parents (fun, fashionable, function)
Term
Marketing Plan (def.)
Definition
A written statement of a marketing strategy AND the time-related details for carrying out the strategy.
Term
What should the marketing plan spell out??
Definition
1. what marketing mix will be offered, to whome, and for how long.
2. What company resources will be needed at what rate
3. what results are expected
And control procedures incase something goes wrong.
Term
More on the Marketing Plan....
Definition
it fills out the marketing strategy
Term
Implementation:
Definition
putting marketing plans into operation
Term
Operation decision:
Definition
short run decisions to help implement strategies
Term
A Control is....
Definition
Analyzing and correcting what you've done. Lets you know when things aren't going the way you expected so you can reevaluate some operations.
Term
Elements of a firm's marketing programs:
Definition
Target Marget + Marketing Mix = Marketing strategy
Marketing strategy + Time-related details and control procedures = Marketing Plan
Marketing Plan + Other marketing plans = A firm's marketing program
Term
Marketing Program...
Definition
blends all of the firm's marketing plans into one "big" plan
Term
A marketing program builds customer equity.. customer Equity is..
Definition
the expected earning stream of a firm's current and prospective customers over some period of time.
Term
Top exectuives expect Marketing managers to...
Definition
develop strategies that consider current and future profitability
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 a competitor's mix
Term
What helps pinpoint the target market...
Definition
Segmenatation - a subgroup of consumers who are similar and could be satisfied with the same marketing mix
Term
Narrowing Down to a superior marketing mix:
Definition
Differentiation:the marketing mix is distinct from and better than what is available from a competitor
Term
SWOT 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, 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
means moving into totally different lines of business, new products and new markets
Term
What should a co. do if the are facing tough competition, thin profit margins and slow sales growh...
Definition
Start fresh in another country where demand for its product is just beg. to grow
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