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27 Cards in this Set

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