Term
| Marketing Management Process (3 parts) |
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Definition
1. planning marketing activities
2. directing the implementation of the plans
3. Controlling these plans |
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Term
| Strategic Management planning: |
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Definition
| the mangerial process of devloping and maintaining a MATCH between an organization's resources and its market opportunities *** |
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Term
| What is a Marketing Strategy: |
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Definition
| Specifies a target market and a related marketing mix. It is a big picture of what a firm will do in some market. |
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Term
| 2 parts of a marketing strategy: |
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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 |
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Term
| Target marketing versus Mass marketing |
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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 |
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Term
| Mass Marketing vs. Mass Marketers |
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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) |
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Term
| What makes up a marketing mix |
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Definition
THE FOUR P'S
1. Product
2. Place
3. Promotion
4. Price |
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Term
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Definition
| concerned with developing the right product for the target, and making decision on branding, packaging, and warranties. |
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Term
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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 |
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Term
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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 |
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Term
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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. |
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Term
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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 |
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Term
| Strategy jobs must be done together: |
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Definition
| Selecting a target market AND developing a marketing mix are interrelated. Understanding target markets leads to good strategies |
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Term
| The market-oriented strategy planning at Toddler University (shoes) |
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Definition
The traditionalists
Economy Oriented parents (lower income)
Fashion Conscious
Attentive Parents (fun, fashionable, function) |
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Term
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Definition
| A written statement of a marketing strategy AND the time-related details for carrying out the strategy. |
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Term
| What should the marketing plan spell out?? |
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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. |
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Term
| More on the Marketing Plan.... |
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Definition
| it fills out the marketing strategy |
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Term
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Definition
| putting marketing plans into operation |
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Term
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Definition
| short run decisions to help implement strategies |
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Term
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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. |
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Term
| Elements of a firm's marketing programs: |
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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 |
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Term
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Definition
| blends all of the firm's marketing plans into one "big" plan |
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Term
| A marketing program builds customer equity.. customer Equity is.. |
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Definition
| the expected earning stream of a firm's current and prospective customers over some period of time. |
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Term
| Top exectuives expect Marketing managers to... |
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Definition
| develop strategies that consider current and future profitability |
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Term
| Breakthrough opportunities: |
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Definition
| Opportunities that help innovators develop hard-to-copy marketing strategies that will be very profitable for a long time. |
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Term
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Definition
| A firm has a marketing mix that the target market sees as better than a competitor's mix |
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Term
| What helps pinpoint the target market... |
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Definition
| Segmenatation - a subgroup of consumers who are similar and could be satisfied with the same marketing mix |
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Term
| Narrowing Down to a superior marketing mix: |
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Definition
| Differentiation:the marketing mix is distinct from and better than what is available from a competitor |
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Term
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Definition
| identifies and lists the firm's strengths and weaknesses and its opportunities and threats |
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Term
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Definition
| Trying to increase sales of a firm's present products in its present markets, through a more aggressive marketing mix |
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Term
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Definition
| trying to increase sales by selling Present products in New markets |
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Term
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Definition
| offering New or Improved products for Present markets |
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Term
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Definition
| means moving into totally different lines of business, new products and new markets |
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Term
| What should a co. do if the are facing tough competition, thin profit margins and slow sales growh... |
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Definition
| Start fresh in another country where demand for its product is just beg. to grow |
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