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27 Cards in this Set
- Front
- Back
• Marketing management process (3 steps)
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the process of 1) planning marketing activities and 2) directing the implementation of the plans and 3) controlling these plans
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• Strategic (management) planning:
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the job of planning strategies to guide a whole company/the managerial process of developing and maintaining a match between an organization’s resources and its market opportunities
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• Marketing strategy:
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specifies a target market and a related marketing mix; id a big picture of what a firm will do in some market
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• Target market:
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fairly homogenous (similar) group of customers to whom a company wishes to appeal
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• Marketing mix:
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the controllable variables the company puts together to satisfy this target group
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• Target marketing
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(rifle approach) : when a marketing mix is tailored to fit some specific target customers
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• Mass marketing
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(shotgun approach): the typical production-oriented approach; vaguely aims at everyone with the same marketing mix
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• Channel of distribution:
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any series of firms (or individuals) that participate in the flow of products from producer to final user or consumer
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• Personal selling:
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involves direct spoken communication between sellers and potential customers
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• Customer service:
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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
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• Mass selling:
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communicating with large numbers of customers at the same time. Includes advertising, and publicity
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• Advertising:
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any paid form of nonpersonal presentation of ideas, goods, or services by an identified sponsor
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• Publicity:
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any unpaid form of nonpersonal presentation of ideas, goods, or services
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• Sales promotion:
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refers to the promotion activities--other than advertising, publicity, and personal selling—that stimulate interest, trial, or purchase by final customers or others in the channel. Can involve coupons, Point-of-purchase materials, samples, etc.
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• Marketing plan: (3 things it spells out in detail)
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a written statement of a marketing strategy and the time-related details for carrying out the strategy. Should spell out the following in detail:
o 1) what marketing mix will be offered to whom (target audience) and for how long o 2) what company resources will be needed (cost) at what rate (monthly?) o 3) what results are expected (sales and profit) |
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• Implementation:
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putting marketing plans into operation
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• Operational decisions:
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short-run decisions to help implement strategies
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• Marketing program:
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blends all of the firm’s marketing plans into one “big” plan
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• Customer equity:
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the expected earnings stream (profitability) of a firm’s current and prospective customers over some period of time
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• Breakthrough opportunities:
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opportunities that help innovators develop hard-to-copy marketing strategies that will be very profitable for a long time
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• Competitive advantage:
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means that a firm has a marketing mix that the target market sees as better than a competitor’s mix
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• Differentiation:
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the marketing mix is distinct from and better than what is available from a competitor
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• S.W.O.T.
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analysis: identifies and lists the firm’s strengths and weaknesses and its opportunities and threats. Stands for strength, weaknesses, opportunities, and threats
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• Market penetration:
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trying to increase sales of a firm’s present products in its present markets—probably through a more aggressive marketing mix
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• Market development:
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trying to increase sales by selling present products in new markets
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• Product development:
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offering new or improved products for present markets
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• Diversification:
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moving into totally different lines of businesses—perhaps entirely unfamiliar products, markets, or even levels in the production-marketing system
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