Term
| The marketing strategy planning process requires... |
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Definition
| narrowing down to the best opportunities and developing a strategy that gives the firm a competitive advantage and proved target customers with superior customer value |
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Term
| Forces that shape the marketing envirnment fall into either.... |
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Definition
1. the direct market environment
2. the external market environment |
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Term
| Direct market environment: |
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Definition
| includes customers, the company and competitors |
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Term
| The external Market Environment: |
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Definition
1. Economic environment
2. Technological environment
3. Political and legal environment
4. Cultural and social enviornment |
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Term
| The following three objective provide a useful starting point for setting a firm's objectives: |
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Definition
1. Engage in specific activities that will perform a socially and economically useful function
2.Develop an organization to carry on the business and implement its strategies
3. Earn enough profit to survive |
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Term
| Avoid unclear objectives by forming a.. |
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Definition
| Mission statement - which sets out the organization's basic purpose for being. |
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Term
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Definition
| The whole firm must work toward the same objectives and the company objectives should lead to marketing objectives |
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Term
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Definition
| Affects the number and types of competitors the marketing manager must fact and how they may behave |
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Term
| Where most product markets head towards over the long run. Where competitors offer similar products and close marketing mixes. |
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Definition
| Oligopoly - want to avoid. |
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Term
| A competitor-free situation due to such a strong marketing mix. Can be gonvermentally regulated.. |
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Definition
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Term
| Typical competition and a challenging one. A number of diff. firms offer marketing mixes that at least some customers see as different |
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Definition
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Term
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Definition
| an organized approach for evaluating the strengths and weaknesses of current or potential competitors' marketing strategies. Compare the strengths and weaknesses of your current target market and marketing mix with the competitors. |
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Term
| In a comp. analysis,,, first identify potential competitors. Then USUALLY marketing managers narrow the focus on... |
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Definition
| Competitive rivals - firms that will be close competitors |
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Term
| Competitive barries (also considered in a competitive analysis) |
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Definition
| the conditions that will make it difficult, or even impossible, for a firm to compete in a market. |
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Term
| The economic and technological environment: |
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Definition
| Affects the way firms, and teh whole economy, use resources |
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Term
| The economic environment can, and does, change quite rapidly... |
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Definition
| the effects can be far-reaching and require changes in marketing strategy |
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Term
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Definition
| The application of science to convert an economy's resources to output. Affects: opportunities for new products and for new processes |
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Term
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Definition
| an emphasis on a country's interests before everything else. Strong sentiments affect how macro-marketing systems work. these feeling can determine whether a firm can enter markets. |
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Term
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Definition
| North American Free Trade Agreement - regaining cooperations between us, canada, and mexico |
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Term
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Definition
| sets the basic rules for how a business can operate in society |
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Term
| American law encourages.. |
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Definition
| competition between small firms and antimonopoly law and marketing mix planning |
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Term
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Definition
Sherman Act
Clayton Act
Federal Trade Commission Ace
Robinson-Patman Act
Wheeler-Lea Amendment
Antimerger Act
Magnuson-Moss Act |
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Term
| Consumer Product Safety Act: |
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Definition
| 1972, has broad power to set safety standards and can impose penalties for faiure to meet them |
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Term
| Cultural and social environment: |
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Definition
| effects how and why people live and behave as they do... affects customer buying behavior and eventually the economic, political, and legal environments. |
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Term
| Companies screen opportunities on Sustainability: |
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Definition
| the idea that it's important to meet present needs without compromising the ability of future generations to meet their own needs. |
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Term
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Definition
| an organizational unit, within a larger company, that focuses on some product-markets and is treated as a separate profit center. |
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Term
| Some managements handle Strategic Planning for a multiproduct firm with an approach called portfolio management: |
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Definition
| treats alternative products, divisions, or strategic business units as though they were stock investments to be bought and sold using financial criteria. |
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Term
| Main weakness of the portfolio approach: |
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Definition
| neglecting the long run... to keep promises of revenue to higher management. |
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