Chap 22

Front 1

Four basic Business and management practices

Back 1

1. Strategy-Devise and Maintain a clearly stated, focused Strategy
2. Execution:Develop and Maintain flawless operational execution
3. Culture: Develop and Maintain a performance-oriented culture
4. Structure: Build and maintain a fast, flexible, flat organization

Front 2

Sales response function

Back 2

the expense of marketing effort to the marketing results obtained

Front 3

Share Points

Back 3

the % of points of market share, as the common basis of comparison to allocate marketing resources effectively for different product lines withing the same firm

Front 4

Long-Range Marketing Plans

Back 4

plans cover marketing activities from two to five years into the future

Front 5

Annual Marketing Plans

Back 5

Usually developed by a marketing or product manager in a consumer products firm for a single year.

Front 6

Three techniques that help corporate and marketing executives make important resource allocation decision

Back 6

1. Porters generic business Strategies (4 basic strategies)
2. Diversification analysis
3. Synergy analysis

Front 7

Generic business strategy

Back 7

can be adopted by any firm regardless of the product or industry involved to achieve a competitive advantage

Front 8

Cost leadership strategy

Back 8

focuses on reducing expenses and lowers product prices while targeting a broad array of market segment..like securing raw materials from a lower-cost supplier

Front 9

Differentiation Strategy

Back 9

Requries products to have significant points of difference in product offerings, brand image, higher quality , advanced technology, or superior service to charge a higher prices while targeting a broad array of market segments.

Front 10

Cost Focus strategy

Back 10

involves controlling expenses and in turn lowering product prices targeted at a narrow range of market segments...ex office max

Front 11

differentiation focus strategy

Back 11

requires products to have significant points of difference to target one or only a few market segments

Front 12

Diversification analysis

Back 12

the search for growth opportunities from among current and new markets as well as current and new products

Front 13

Market Penetration

Back 13

marketing strategy of increasing sales of present products in existing markets

Front 14

Market development

Back 14

marketing strategy of selling existing products such as cereals to new markets

Front 15

Product Development

Back 15

Marketing strategy of selling new products to existing markets

Front 16

Diversification

Back 16

Marketing strategy of developing new products and selling them in new markets

Front 17

Synergy analysis

Back 17

Seeks opportunites by finding the optimum balance between marketing efficiencies verses R and D manufacturing efficiencies.
1. Marketing Synergy
2. R& D manufacturing synergy

Front 18

Market Product concentration

Back 18

The firm benefits from focus on a single product line and market segment but loses opp. for significant synergies in both marketing and R&D manufacturing

Front 19

Market Specialization

Back 19

Firm gaines marketing synergy through providing a complete product line for the city market segment, but r&D manufacturing has the difficulty of developing and producing 3 different products.

Front 20

Product Specialization

Back 20

Firm gains R&D manufacturing synergy through producing only a nonpowerd lawnmower, but gaining market distribution in the 3 diff. geo areas will be costly

Front 21

Selective Specialization

Back 21

The firm doesn't get either marketing or R&D manufacturing synergies b/c of the uniqueness of the market product combination

Front 22

Full Coverage

Back 22

The firm has the maximum potential synergies in both marketing and R&D manufacturing

Front 23

Guidelines in developing effective marketing plans

Back 23

*Set measurable achievable goals
*Use a base of facts and valid assumptions
*Utilize simple, but clear and specific plans
* Make plans controllable and flexible

Front 24

Value Based planning

Back 24

combines marketing planning ideas and finanical planning techniques to assess how much a division or strategic business unit contributes to the price of a company's stock or shareholder wealth

Front 25

Value-driven strategies

Back 25

incorporates concerns for ethics, integrity, employee health and safety, and environmental safeguards with more common corporate values such as growth, profitability, customer service and quality

Front 26

Two trends that are likely to influence the strategic marketing process

Back 26

Value based planning

Value driven strategies

Front 27

product or program champion

Back 27

successful programs almost always have them. It is who is able and willing to cut the tape and move the program forward.

Front 28

action item list

Back 28

an aid to implementing a marketing plan consisting of four columns. 1. the task 2. the person responsible for completing that task 3. the date to finish the task 4. what is to be delivered

Front 29

formal program schedules

Back 29

show the relationships through time of the various program tasks. Scheduling an action program involves 1. identifying the main tasks 2. dtetermining the time required to complete each 3. arranging the activities to meet the deadline 4. assigning responsibilities to complete each task

Front 30

Gantt Chart

Back 30

Graphical representation of a program schedule

Front 31

line positions

Back 31

ex. seniors marketing manager. have the authority and responsibility to issue orders to the ppl who report to them.

Front 32

Staff positions

Back 32

have the authority and responsibility to advise ppl in line positions b ut cannot issue direct orders to them

Front 33

product line groupings

Back 33

unit is responsible for specific product offerings

Front 34

Functional Groupings

Back 34

some product firms are organized by this. ex manufacturing, marketing, and finance that represent the diff. departments or business activities within a firm

Front 35

Geographical groupings

Back 35

most grocery products use this.

Front 36

Most marketing organizations use divisional groupings to implement plans and achieve their organizational objectives. What are the 4??

Back 36

functional
product line
geographical
market-based groupings

Front 37

market based groupings

Back 37

utilize specific customer segments such as banking, health care, or manufacturing..when is is combined with product groupings..the result is MATRIX ORGANIZATION

Front 38

Category Manager

Back 38

have profit and loss responsibility for an entire product line

Front 39

product manager or brand manager

Back 39

person and assistants in the product group and are the basic building blocks in the marketing department of most consumer and business product firms.

Front 40

management by exception

Back 40

identifying results that deviate from plans to diagnose their causes and take new actions

Front 41

marketing ROI

Back 41

The application of modern measurement technologies to understand, quantify, and optimize marketing spending

Front 42

marketing metrics

Back 42

depending on the specific objective sough one or a few key marketing metrics are chosen such as market share.

Front 43

Marketing dashboards

Back 43

if the financial resources and technology are avaiable, the marketing metrics are displayed, often hourly or daily.