Term
| What three things does Marketing Strategy identify? |
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Definition
- Firm's target market
- Related marketing mix--Their four P's
- bases upon which the firm plans to build a sustainable competitive advantage
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Term
| What are the four P's of marketing? |
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Definition
- Product
- Price
- Place
- Promotion
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Term
| Sustainable Competitive Advantage |
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Definition
| advantage over the competition that is not easily copied, and thus can be maintianed over a long period of time |
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Term
| What are the four overarching macro strategies that focuso n aspects of the marketing mix? |
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Definition
- Customer excellence
- Operational excellence
- Product excellence
- Locational excellence
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Term
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Definition
| Focuses on retaining loyal customers and excellent customer service |
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Term
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Definition
| Acheived through efficient operations and excellent supply chain and human resource management |
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Term
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Definition
| Having products with high perceived value and effective branding and positioning |
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Term
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Definition
| Having a good physical location and Internet presence |
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Term
| What are different methods for retaining Customer Excellence? |
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Definition
- Retaining Loyal Customers
- Customer Service
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Term
| What are some ways to retain Operational Excellence? |
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Definition
- Efficient Operations
- Excellent Supply Chain Management and Strong Supplier Relations
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Term
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Definition
| A written document composed of analysis of the current marketing situation, opportunities and threats for the firm, marketing objects and strategy specified in terms of the four Ps, action programs and project or proforma income statenents. |
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Term
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Definition
| Marketing executives and top management define the mission and/or vision of the business |
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Term
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Definition
| Marketing managers identify and evaluate different opportunties by engagin in a process known as segmentation, targeting, and positioning (STP) |
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Term
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Definition
| entails evaluating the performance of the marketing strategy using marketing metrics and taking any necessary corrective actions |
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Term
| List the steps of the Marketing Plan |
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Definition
- Define the Business Mission
- Conduct a Situational Analysis using SWOT
- Identifying and evaluating opportunites using STP
- Implement Marketing Mix and Allocate Resources
- Evaluate Performance using Marketing Metrics
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Term
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Definition
| Broad description of a firm's objectives and the scope of activities it plans to undertake, attempts to answer two main questions: What type of business are we? and What do we need to do to accomplish our goals and objectives? |
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Term
| Sustainable Competitive Advantage |
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Definition
| namely, something the firm can persistently do better than its competitors |
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Term
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Definition
| using SWOT analysis that assess both the internal environment |
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Term
| STP is used to identify what? |
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Definition
| STP is used to identify and evaluate opportunities for increasing sales and profits. |
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Term
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Definition
| Segmentation, Targeting, and Positioning |
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Term
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Definition
| The process of separating different types of people in the market so they can more easily be marketed to.... (made up definition) |
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Term
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Definition
| Consists of consumers who respond similarly to a firm's marketing efforts |
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Term
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Definition
| Process of dividing the market into groups of customers with different needs, wants or characteristics who therefore might appreciate products or services geared especially for them. |
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Term
| Target Marketing/ Targeting |
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Definition
| After a firm has identified the various market segments it might pursue, it evaluates each segment's attractiveness and decides which to pursue |
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Term
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Definition
| The process of defining the marketing mix variables so that target customers have a clear, distinctive, desirable understanding of what the product does or represents in comparison with competing products |
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Term
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Definition
| a firm determines the costs of producing or providing its product and then adds a fixed amount above that total to arrive at the selling price |
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Term
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Definition
| Firm prices below, at or above its competitor's offerings |
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Term
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Definition
| firm first determines the perceived value of the product from the customer's point of view and then prices accordingly |
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Term
| What are some different Marketing Metrics? |
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Definition
| Performance objectives and metrics, financial performance metrics, portfolio analysis, |
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Term
| What are common methods to assess Financial Performance Methods? |
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Definition
| revenues, sales, profits, etc |
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Term
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Definition
| Strategic business unit; Portfolio analysis typically is performed at SBU, though managers also can use it to analyze brands or even individual items |
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Term
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Definition
| the percentage of a market accounted for by specific entity, and is used to establish the product's strength in a particular market |
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Term
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Definition
| this provides managers with a product's relative strength, compared to that of the largest firm in the industry |
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Term
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Definition
| The vertical axis is the market growth rate, or the annual rate of growth of the specific market in which it competes |
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Term
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Definition
| Occur in high-growth markets and are high market share products |
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Term
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Definition
| are in low-growth markets but are high market share products |
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Term
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Definition
| appear in high-growth markets but have relatively low market shares |
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Term
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Definition
| Low-growth markets and have relatively low market shares |
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Term
| Market penetration strategy |
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Definition
| employs the existing marketing mix and focuses the firm's efforts on existing customers |
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Term
| Market Development Strategy |
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Definition
| employs the existing marketing offering to reach new market segments, whether domestic or international |
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Term
| Product Development Strategy |
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Definition
| offers a new product or service to a firm's current target market |
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Term
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Definition
| introduces a new product or service to a market segment that currently is not served |
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Term
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Definition
| integrates information obtained as part of the situation and opportunity analysis steps of the marketing plan to better understand the potential performance outcomes associated with different marketing mix applications |
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Term
| What are the five steps to Scenario Planning? |
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Definition
- Assess Strengths and Weaknesses
- Assess Opportunities and Threats
- Identify Different Scenarios
- Apply the Marketing Mix to the different scenarios
- assess the profitability of each scenario
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