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36 Cards in this Set

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2 steps to Finding a Target Market
1- Market Opportunity Analysis- a description of the size and sales potential of a target market and an assessment of the key competition.
2. Choose a target market by appealing to the entire market with one marketing mix, appealing to an individual niche, or by appealing to multiple niches with multiple Marketing mixes
Marketing Mix
A unique blend pf product, price, promotion, and distribution that enables a mutually satisfying exchange to take place between a company and a target group
4 P's of the Marketing Mix
Product- not only the actual good, but the warranty, the reputation, and the packaging
Price- What must be sacrificed in order to recieve the product
Promotion- H.R., marketing, and advertising about the product
Placement- The transportation and storage of the raw materials and actual goods
implementation
a process that turns planning into action assignments and assesses wether these assignments fulfill ogranizational objectives.
Once implemented, a marketing mix should be........
evaluated- giving the extent to which the objectives have been met over a time period
Marketing Audit
a thorough, objective, systematic, and periodic assessment of the marketing organization
Marketing
The process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services that create exchange which satisfys the needs of consumers and organizations
Product Orientation
"if you build it, they will come mentality" An inward looking mentality that focuses on the capabilities of a firm
Marketing Orientation
The economic and social justification for a company's existance in the satisfaction of a consumers needs and wants, while fulfilling organizational goals
Sales Orientation
An orientation which focuses on agressive sales techniques, and which feels that high sales ammount to high profits
Social Marketing Orientation
In addition to regular marketing orientation, this orientation aims to preserve the long term interests of society
Diff Betweent Sales and Marketing Mentality
Focus- One focuses inwardly, the other on customers needs
Business- Sales defines business in terms of G&S, while Marketing defines it in terms of the benefits customers seek
Customers- Sales feels everyone is a potential customer, while Marketing appeals to a specific group
Goal- Sales trys to achieve profitablilty through volume, while MArketing trys to achieve it through customer value
Tools- Sales uses extensive promotional tools, while Marekting uses Product, promotion, placement, and distribution
Customer Value
Ratio of benefits recieved to sacrifices nevessary to recieve those benefits
Customer Satisfaction
Meeting or exceeding a customers expectations for a good or service
Relationship Marketing
A strategy that entails forging prolonged relationships with customers
empowerment
delegation authority to empoyees in order to solve customer problems quickly
teamwork
a collaborative effort by people to achieve a common objective
Mission Statement
A company's long term vision based on careful analysis of present and prospective customers and on current and anticipated market conditions
Marketing Myopia
Viewing business in terms of Goods and Services instead of in terms of the benefits desired by customers
Strategic business Unit (SBU)
a division within a single business, or a group of businesses classified in a larger organization
Marketing objective
What a company hopes to accomplish in the course of its marketing activities
-should be realistic, time specific, and measurable
SWOT analysis
Assessing the Strengths, Weaknesses, External Opportunities, and threats of a company.
-After complete, should analyze market direction of the firm
environmental scanning
Collecting and analyzing information on events, forces, and relationships which could possibly effect the company in the future
competitive advantages
A set of unique features of a company or its products which the target market feels outexcells the competition
Cost Competitive Advantage
Mainiting the lowest price among the competition, while still mantaining a healthy profit margin
Cost Competitive Advantage
Mainiting the lowest price among the competition, while still mantaining a healthy profit margin
Niche Competitive Advantage
Occurs when a company markets itself to a specific group of people within a market successfully
Product/Service Differentiation
Occurs when you have something unique that is valuable to buyers beyond simply a low price
Sustainable Competitive Advantage
An advantage that cannot be replicated by the competition
-a company seeks to be unique and not to copy its competition
4 options for a firm
market penetration- gaining in market control for the current market
market development- gaining new customers for a current market
product development- developing new products for current consumers
diversification- new products in a new market
Portfolio Matrix
An analysis of a SBU's current and projected growth and market share
relative market share
the ratio of a company's marekt share to the share of its largest competitor
4 types of classifications for SBU's
Cash Cow- Profit Margin larger than that necessary to mantain its market share
Star- Highest market share and growing
Dog- Small Market share and little growth
Problem Child- Poor profit margin, but rapid growth
4 Options for a SBU
Build- If you beieve it has potential
Hold- If it is very successful, hold marekt share
Harvest- Increase short term cash output with little regard for longrun
Divest-Dump it
Marketing Strategy
The process of selecting one or more Target Markets and developing and mantaining a marketing mic that creates mutually satisfying exchange with the target market
Market Segment
A group of individuals or companys with atleast one similarity