Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
35 Cards in this Set
- Front
- Back
|
marketing planning process |
set of steps a marketing goes through to develop a marketing plan
|
|
|
planning
|
define objectives and mission assessing the players (inside and outside organization) can affect firms success
|
|
|
implementation
|
STP, develop and implement marketing mix by using the 4 Ps
|
|
|
control
|
managers evaluate performance of marketing strategies and take necessary corrective actions
|
|
|
mission statement
|
description of firm's objectives activities it plans to undertake
|
|
|
situation analysis
|
2nd step of marketing plan; SWOT (strengths, weakness, opportunities and threats)
|
|
|
STP
|
segmentation, targeting, positioning
|
|
|
market segment
|
group of consumers who responds similarly in firm's marketing efforts
|
|
|
market segmentation
|
dividing the market with consumers with similar needs, wants, characteristics
|
|
|
target marketing/targeting
|
evaluating attractiveness and decides which segment to pursue as a market |
|
|
marketing planning process
|
set of steps a marketing goes through to develop a marketing plan
|
|
|
planning
|
define objectives and mission assessing the players (inside and outside organization) can affect firms success
|
|
|
implementation
|
STP, develop and implement marketing mix by using the 4 Ps
|
|
|
control
|
managers evaluate performance of marketing strategies and take necessary corrective actions
|
|
|
mission statement
|
description of firm's objectives activities it plans to undertake
|
|
|
situation analysis
|
2nd step of marketing plan; SWOT (strengths, weakness, opportunities and threats)
|
|
|
STP
|
segmentation, targeting, positioning
|
|
|
market segment
|
group of consumers who responds similarly in firm's marketing efforts
|
|
|
market segmentation
|
dividing the market with consumers with similar needs, wants, characteristics
|
|
|
target marketing/targeting
|
evaluating attractiveness and decides which segment to pursue as a market
|
|
|
marketing positioning
|
market mix so target customers have a clear, distinct, desirable understanding of what the product does/represents compared to competing products
|
|
|
Strategic business unit (SBU)
|
division of company that can be managed somewhat independently from other divisions since it markets a specific set of products to clearly defined group of customers
|
|
|
relative market share
|
strength in particular market defined as the sales of product is divided by the sales achieved by the larges firm in the industry
|
|
|
market growth rate
|
annual rate of growth of the specific market which the product competes
|
|
|
market penetration strategy
|
employs existing market mix and focuses on firm's efforts on existing customers
|
|
|
market development strategy
|
offering to reach new market segments
|
|
|
product development strategy
|
offers new product to firms current target market
|
|
|
diversification strategy
|
introduces new product into a new market segment
|
|
|
downsizing
|
exiting markets, reducing product portfolios or close certain businesses or store or plant locations
|
|
|
marketing strategies
|
plans to build a sustainable competitive advantage
|
|
|
sustainable competitive advantage
|
something firm can persistently do better than competitors over a long period of time
|
|
|
customer excellence
|
focuses on retaining loyal customers and excellent customer service
|
|
|
operational excellence
|
efficient operations and excellent SCM
|
|
|
product excellence |
achieving high quality products and effective branding and positioning
|
|
|
location excellence
|
good physical location and internet presence |
