Shared Flashcard Set

Details

Marketing
Chapter 2
27
Marketing
Undergraduate 4
02/01/2010

Additional Marketing Flashcards

 


 

Cards

Term

 

 

Marketing Management Process

Definition

the process of 1. planning marketing activities, 2. directing the implementation of the plans, and 3. controlling these plans.

 

 

Term

 

 

Strategic (management) Planning

Definition

the managerial process of developing and maintaining a match between an organization's resources and its market opportunities

- a top-management job; planning for marketing and also production, finance, human resources, and other areas.

Term

 

 

Marketing strategy

Definition

specifies a target market and a related marketing mix

- a big picture of what a firm will do in some market

- two parts: target market and marketing mix

Term

 

 

Target Market

Definition

a fairly homogeneous (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

- typical marketing mix includes some product, offered at a price, with some promotion to tell potential cusotomers about the product, and a way to reach the cusotmer's place

Term

 

 

Target Marketing

Definition

says that a marketing mix is tailored to fit some specific target customers

- "rifle approach"

Term

 

 

Mass Marketing

Definition

the typical production-oriented approach-vaguely aims at "everyone" with the same marketing mix

- assumes everyone is the same

- considers everyone to be a potential customer

- "shotgun approach"

 

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

- this can be very short ex) Geico

- this can be rather lengthy ex) Nestle

Term

 

 

Personal Selling

Definition

involves direct spoken communication between sellers and potential customers

- may happen face-to-face, over the phone or via a videoconference/internet

Term

 

 

Customer Service

Definition

a personal communication between a seller and a customer who wants the seller to resolve a problem with a purchase

- is often a key to building repeat business

- often this personal effort has to be blended with mass selling and sales promotion

Term

 

 

Mass Selling

Definition

communicating with large numbers of customers at the same time

- may involve a wide variety of media, ranging from newspapers and billboards to the internet

Term

 

 

Advertising

Definition

any paid form of nonpersonal presentation of ideas, goods, or services by an identified sponsor

- the main form of mass selling

Term

 

 

Publicity

Definition

any unpaid form of nonpersonal presentation of ideas, goods, or services

- an important form of mass selling

Term

 

 

Sales Promotion

Definition

refers to those promotion activites (other than adervtising, publicity and personal selling) that stimulate interest, trial, or purchase by final customers or other in the channel

- can involve coupons, point-of-purchase material, samples, signs, contests, events, catalogs, novelties, and circulars

Term

 

 

Marketing Plan

Definition

a written statement of a marketing strategy and the time-related details for carring out the strategy

- spells out the the product, the target market, the promotion, the monetary cost, as well as the expected results

- should include control procedures to signal if something is going wrong

Term

 

 

Implementation

Definition

putting marketing plans into operation - has to be done correctly to have your strategy work out as planned

Term

 

 

Operational Decisions

Definition
short-run decisions to help implement strategies
Term

 

marketing program

Definition

blends all of the firm's marketing plans into on "big" plan

Term

 

 

Customer Equity

Definition

is the expected earnings stream of a firm's current and prospective customers over some period of time

- marketing strategy planners should help identify opportunities that will lead to an increase in the firm's customer equity

Term

 

 

Breakthrough Opportunities

Definition

help innovators develop hard-to-copy marketing strategies that will be very profitable for a long time

Term

 

 

Competitive Advantage

Definition

means that a firm has a marketing mix that the target market sees as better than a competitor's mix

- could result from cost cutting in produciton, innovative R&D, more effective purchasing of needed components, or financing for a new distribution facility

- also from a strong sales force, a well-known brand name, or good dealers

Term

 

 

Differentiation

Definition

means that the marketing mix is distinct from and better than what is available from a competitor

- can be as simple as an improved product or faster delivery

Term

 

 

S.W.O.T Analysis

Definition

identifies and lists the firm's strenghs and weaknesses and its opportunities and threats

Term

 

 

Marketing Penetration

Definition

 

 

increase sales of firm's present products in its present markets

- probably through a more aggressive marketing mix

Term

 

 

Marketing Development

Definition

trying to increase sales by selling present products in new markets

- may involve searching for new uses for a product

Term

 

 

Product Development

Definition

offering new or improved products for present markets

- finding new ways to satify customer's needs that are already known

Term

 

 

Diversification

Definition

means moving into totally different lines of business

- perhaps entirely unfamiliar products, markets, or even levels in the production-marketing system

- these opportunites can be very hard to evaluate and even misleading; involves the biggest risk

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