Ba 311 Marketing Chapter 2

Front 1

control phase

Back 1

the part of the strategic marketing planning process when managers evaluate the performance of the marketing strategy and take any necessary corrective actions.

Front 2

customer excellence

Back 2

involves a focus on retaining loyal customers and excellent customer service.

Front 3

diversification strategy

Back 3

a growth strategy whereby a firm introduces a new product or service to a market segment that it does not currently serve.

Front 4

implementation phase

Back 4

the part of the strategic marketing planning process when marketing managers (1) identify and evaluate different opportunities by engaging in segmentation, targeting, and positioning (see STP ) and (2) implement the marketing mix using the four Ps.

Front 5

locational excellence

Back 5

a method of achieving excellence by having a strong physical location and/or Internet presence.

Front 6

market development strategy

Back 6

a growth strategy that employs the existing marketing offering to reach new market segments, whether domestic or international.

Front 7

market growth rate

Back 7

the annual rate of growth of the specific market in which the product competes.

Front 8

market penetration strategy

Back 8

a growth strategy that employs the existing marketing mix and focuses the firm's efforts on existing customers.

Front 9

market positioning

Back 9

involves 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.

Front 10

market segment

Back 10

a group of consumers who respond similarly to a firm's marketing efforts.

Front 11

market segmentation

Back 11

the 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.

Front 12

market share

Back 12

percentage of a market accounted for by a specific entity.

Front 13

marketing plan

Back 13

a written document composed of an analysis of the current marketing situation, opportunities and threats for the firm, marketing objectives and strategy specified in terms of the four Ps, action programs, and projected or pro forma income (and other financial) statements.

Front 14

marketing strategy

Back 14

a firm's target market, marketing mix, and method of obtaining a sustainable competitive advantage.

Front 15

metric

Back 15

a measuring system that quantifies a trend, dynamic, or characteristic.

Front 16

mission statement

Back 16

a 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 is it? What does it need to do to accomplish its goals and objectives?

Front 17

operational excellence

Back 17

involves a firm's focus on efficient operations and excellent supply chain management.

Front 18

planning phase

Back 18

the part of the strategic marketing planning process when marketing executives, in conjunction with other top managers, (1) define the mission or vision of the business and (2) evaluate the situation by assessing how various players, both in and outside the organization, affect the firm's potential for success.

Front 19

product development strategy

Back 19

a growth strategy that offers a new product or service to a firm's current target market.

Front 20

product excellence

Back 20

involves a focus on achieving high-quality products; effective branding and positioning is key.

Front 21

product line

Back 21

groups of associated items, such as those that consumers use together or think of as part of a group of similar products.

Front 22

products

Back 22

anything that is of value to a consumer and can be offered through a voluntary marketing exchange.

Front 23

related diversification

Back 23

a growth strategy whereby the current target market and/or marketing mix shares something in common with the new opportunity.

Front 24

relative market share

Back 24

a measure of the product's strength in a particular market, defined as the sales of the focal product divided by the sales achieved by the largest firm in the industry.

Front 25

situation analysis

Back 25

second step in a marketing plan; uses a SWOT analysis that assesses both the internal environment with regard to its Strengths and Weaknesses and the external environment in terms of its Opportunities and Threats.

Front 26

STP

Back 26

the processes of segmentation, targeting, and positioning that firms use to identify and evaluate opportunities for increasing sales and profits.

Front 27

strategic business unit (SBU)

Back 27

a division of the firm itself that can be managed and operated somewhat independently from other divisions and may have a different mission or objectives.

Front 28

sustainable competitive advantage

Back 28

something the firm can persistently do better than its competitors.

Front 29

target marketing/targeting

Back 29

the process of evaluating the attractiveness of various segments and then deciding which to pursue as a market.

Front 30

unrelated diversification

Back 30

a growth strategy whereby a new business lacks any common elements with the present business.