Shared Flashcard Set

Details

NCMA Bk2-2
Book 2, Chapter 2
23
Accounting
Professional
08/08/2008

Additional Accounting Flashcards

 


 

Cards

Term

 

 

 

Marketing Audit

Definition

 

A thorough, systematic, periodic, evaluation of the objectives, strategies structure, adn performance of the marketing organization

4 characteristics:

1) Comprehensive  2) Systematic

3) Independent      4) Periodic

Term

 

 

Four common reascon for failing to achieve the marketing objective

Definition

 

1) Unrealistic marketing objective

2) Inappropriate marketing strategies in the plan

3) Poor implementation

4) Changes in teh environment after the objective was specified and the strategy was implemented.

Term

 

 

Marketing Plan Implementation

Definition

 

"turns marketing plan into action"

- detailed job assignments

- activity descriptions

- timeslines

- budgets

- lots of communication

Term

 

 

 

Marketing Mix

Definition

 

A unique blend of products, place, promotion, and pricing strategies.

 

The four Ps

Term

 

 

 

The market opporunity analysis (MOA)

Definition

 

 

Description and estimation of the size and sales potential of market segements that are of interest to the firm and the assessment of key competitors in those market segments.

Term

 

 

Marketing Strategy

Definition

 

Selecting and describing one or more target markets and developing and maintaining a marketing mix that will produce mutually satisfying exchanges with target markets.

Term

 

 

Strategic Alternatives

 

 *Market development

Definition

 

Attracting new customers to existing products.

 

ex. Mcdonald opened in Russia

Term

 

 

Strategic Alternatives

 

*market penetration

Definition

 

 

Increase market share among existing customers.

 

ex. aggressive advertising of beanie babies happy meals

Term

 

 

Selecting a strategic alternatives

Definition

 

either pursue profits right away or first seek to increase market share and then pursue profits.  In the long run, market share and profitability are compatible goals.

Term

 

 

Strategic Alternatives

 

*product development

Definition

 

creation of new products for present markets.

 

ex. printers were added to Dell's computer lineup.

Term

 

Strategic Alternatives

 

*Diversification

Definition

 

Increasing sales by introducing new products into new markets.

 

ex. steel manufactorer enters monorail business.

Term

 

 

Sustainable competative andvantage.

Definition

 

 

An advantage that connot be copied by the competition.

Term

 

 

Niche Competative Advantage

Definition

 

To target and effectively serve a single segment of the market.

Term

 

 

Product/Service differentiation 

competative advantage

Definition

 

 

Firm provides something unique that is valuable to buyers beyond simply offering a low price.

 

Term

 

 

Cost competative

 

*methods

Definition

1) experience curves

2) efficient labor

3) no-frills goods & services

4) government subsidies

5) product design

6) reengineering

7) product innovations

8) new methods of services delivery

Term

 

 

 

Environmental Scanning

Definition

 

Collection and interpretation of info about forces, events, and relationships in the external environment that may affect the future of the organization or the implementation of the marketing plan.

Term

 

 

 

Cost competative advantage

Definition

 

 

being the low cost competitor in an industry while maintaining satisfactory profit margins.

Term

 

 

 

 

S.W.O.T. Analysis

Definition

 

 

Situational Analysis

 

(s) trengths

(w) eaknesses

(o) pportunities

(t) hreats

Term

 

 

a marketing objective

Definition

 

 

1. objectives should be realistic, measurable, and time specific.

 

2. objective should be consistent with and indicate the priorities of the organization.

Term

 

 

Marketing Myopia

Definition

 

Defining a business in terms of goods and services rather than in terms of the benefits that customer's seek.

Term

 

 

 

Marketing Plan

Definition

 

 

Involves designing activities relating to marketing objectives and the changing marketing environment.

Term

 

 

Mission Statement

Definition

 

A statement of the firm's business based on a careful analysis of benefits sought by present and potential customers and analysis of existing and anticipated environmental conditions.

Term

 

 

Marketing Plan Elements

Definition

 

- defining the business mission & objectives

- performing a situation analysis

- delineating a target market

- establishing components of a marketing mix.

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