Marketing Chapter 1&2

Front 1

Strategic Marketing Plan

Back 1

Document describing company’s objectives and how to achieve them on light of competitive atmosphere

Front 2

Organization Vision

Back 2

Common understanding of what the org. is trying to accomplish

Composed of 4 parts (core values, business definition, strategic direction, strategic infrastructure)

Front 3

Core Values

Back 3

describes the type of behavior expected from a company’s employees (ethics and social responsibility

Front 4

Business Definition/Mission

Back 4

describes fundamental contributions the org. provides to customers. Focus on benefits to consumer that benefits of product

Front 5

Marketing myopia

Back 5

occurs when executives focus on companies’ current products rather than benefits to consumers

Front 6

Strategic Direction/Intent

Back 6

Desired leadership position of org. and the measures used to chart progress towards reaching this position

Front 7

Strategic Infrastructure

Back 7

Corporation configuration that produces the companies’ distinctive or core competencies and provides the resources to satisfy consumer wants (includes SBU's)

Front 8

Strategic Business Unit (SBU)

Back 8

part of firm that can be managed separately for marketing purposes

Front 9

Portfolio Planning Tools

Back 9

Measures the contribution each SBU makes to the overall performance of the company (only first step)

Front 10

The Growth Share Matrix

Back 10

Used to assess SBU's. Uses market growth as a measure of opportunity and the company’s market share as measure of resource strength

Front 11

Attractiveness-Strength Matrix

Back 11

Uses colors to determine if executive should stop, be cautious, or go ahead with SBU

Front 12

Core Competencies

Back 12

Unique resources a company employs to create superior customer value.
Allow new products to grow
5 categories (Base technologies, product technologies, process technologies, people systems, IS)

Front 13

Process Technologies

Back 13

allow firm to produce quality products in most effective and flexible manner

Front 14

People Systems

Back 14

procedures that provide the human connection between company and consumers

Front 15

Cross Functional Team

Back 15

works together with a total understanding of the market and the organizations capabilities

Front 16

Strategy

Back 16

development and or deployment of resources with the intent of accomplishing goals and objectives in competitive arenas

Front 17

Strategic Window

Back 17

moment when requirements of the market and competencies of the firm fit together to create significant opportunity

Front 18

Low Cost Strategy

Back 18

winning through efficiency (cheap materials)

Front 19

Differentiation Strategy

Back 19

delivering customer value in a way that clearly distinguishes product from competition

Front 20

Customer Intimacy Strategy

Back 20

Delivering value through superior empathy for customers and solutions tailored to specific customer needs

Front 21

Sustainable Competitive Advantage

Back 21

strategy that competitors can not easily duplicate or surpass

Front 22

Components of Strategic Marketing Plan

Back 22

1. State objectives
2. Situation Analysis
3. Target Marketing
4. Positioning
5. Integrated Marketing Mix Plans

Front 23

Situation Analysis

Back 23

Describes current business environment and how well the company will be able to compete in it (SWOT)

Front 24

Target Marketing

Back 24

Process of selecting which market segments the firm will emphasize in attempts to satisfy customers better than competitors

Front 25

Positioning

Back 25

Create a perception in the minds of consumers about the company and or its products relative to competitors

Front 26

Value Proposition

Back 26

compelling reason why customers should select your brand

Front 27

Tactics

Back 27

short term, well defined actions suited to specific market condition

Front 28

Product Plan (Product Line)

Back 28

several closely related products marketed by organization

Front 29

Place Plan (Product Distribution)

Back 29

getting right product in right condition to the right customer at the right time for min cost

Front 30

Distribution Channels

Back 30

set of independent orgs involved in making the product available for purchase

Front 31

Promotion Plans

Back 31

provides info about a company’s product in effort to encourage purchase

Front 32

Geographic Scope

Back 32

extent of company’s international activities

Front 33

International, Regional, Multinational, Global Scopes

Back 33

International scope- conduct business in one/few countries

Regional scope- operations in several adjacent countries

Multinational scope- operate in several countries around world

Global scope- operations in nearly all countries

Front 34

Export/import Intermediaries

Back 34

firms with specialized expertise in importing and exporting

Front 35

Indirect export intermediary

Back 35

help send products abroad, occurs in domestic markets

Front 36

Direct Export Intermediaries

Back 36

help client in special way, foreign markets

Front 37

Trading Companies

Back 37

large intermediary that facilitates movement of goods and services in and out of countries

Front 38

Foreign Licensing

Back 38

assigns right to a patent, trademark, or process to foreign company for royalty fee

Front 39

Franchising

Back 39

specialized type of licensing whereby marketer also provides most of marketing program

Front 40

Joint Venture/Strategic Alliances

Back 40

2 companies combine resources for new venture

Front 41

Marketing

Back 41

Serving the needs of society and also accomplishing goals of org.

Front 42

Marketing Activity

Back 42

Understanding customer needs and wants and engaging in competitive behavior to satisfy them

Front 43

Effectiveness

Back 43

Orgs ability to produce results that matter to customers

Front 44

Efficiency

Back 44

Orgs ability to execute activities with minimal waste of money or time

Front 45

Macro-Marketing

Back 45

Marketing from a societal point of view

Front 46

Micro-Marketing

Back 46

Marketing from orgs point of view

Front 47

Marketing Mix

Back 47

Product, Price, Promotion, Plan

Front 48

Exchange

Back 48

Process in which two or more parties provide something of value to each other

Front 49

Relationship Marketing

Back 49

Relational exchanges through interactive, on going, two way connections among customers, orgs, suppliers, and other parties for mutual benefit

Front 50

Utility

Back 50

When marketing brings the many parties together and facilitates exchange

Front 51

Types of Utility

Back 51

Form, Place, Time, Ownership

Front 52

Customer Value

Back 52

What consumers perceive they gain from owning or using a product over and above the cost of acquiring it

Front 53

Satisfaction

Back 53

The customer's overall rating of their experience with a product and company

Front 54

Loyalty

Back 54

A measure of how often when given selecting from a product class, a customer selects a certain brand

Front 55

Sustainability

Back 55

Steps and processes orgs undertake to manage growth without detrimentally affecting the resources of earth