Marketing: Chapter 2

Front 1

Marketing Strategy

Back 1

identifies:
-a firm's target market
-a related marketing mix (4 P's)
-the bases upon which the firms plans to build a sustainable competitive advantage

Front 2

Marketing Plan

Back 2

-a written document composed of an analysis of the current marketing situation, opportunities, and threats for the firm, marketing objectives, and strategy specified in terms of the four P's, actions programs, and projected or pro-forma income statement

Front 3

Planning Phase of Marketing Plan

Back 3

-part of the strategic marketing planning process
-defines the mission or vision of the business (step 1)
-evaluates the situation by assessing how various players, both in and outside the organization, affect the firm's potential for success (step 2)

Front 4

Implementation Phase of Marketing Plan

Back 4

-part of the strategic marketing planning process
-identify and evaluate different oppurtunities by engaging in segmentation, targeting and positioning (step 3)
-implementing the marketing mix using the 4 P's (step 4)

Front 5

Control Phase of Marketing Plan

Back 5

-part of the strategic marketing planning process
-entails evaluating the performance of the marketing strategy using marketing metrics and taking any necessary corrective actions (step 5)

Front 6

Mission Statement

Back 6

-a broad description of a firm's objectives and the scope of activities it plans to undertake
-attempts to answer two main questions
-What type of business is it?
-What does it need to do to accomplish its goals and objectives?
-step 1

Front 7

Situational Analysis

Back 7

-uses SWOT analysis that assesses both the internal environment with regard to its Strength and Weaknesses and the external environment in terms of Opportunity and Threat

Front 8

S.T.P.

Back 8

-the processes of segmentation, targeting, and position that firms use to identify and evaluate opportunities for increasing sales and profits

Front 9

Market Segment

Back 9

-a group of consumers who respond similarly to a firm's marketing efforts

Front 10

Market Segmentation

Back 10

-the process of dividing the market into group of customers with different needs, wants or characteristics who therefor might appreciate products or services geared especially for them

Front 11

Target Marketing

Back 11

-the process of evaluating the attractiveness of various segments and then deciding which to pursue as a market

Front 12

Market Position

Back 12

-involves the process of defining the marketing mix variables so that target customers have a clears, distinctive, desirable understanding of what the product does or represents in comparison with the competing products

Front 13

Product

Back 13

-anything that is of value to a consumer and can be offered through a voluntary marketing exchange

Front 14

Market Penetration Strategy

Back 14

-a growth strategy that employs the existing marketing mix and focuses the firm's efforts on existing customers

Front 15

Market Development Strategy

Back 15

-a growth strategy that employs the existing market offering to reach new market segments, whether domestic or international

Front 16

Product Development Strategy

Back 16

-a growth strategy that offers a new product or service to a firm's current target market

Front 17

Diversification Strategy

Back 17

-a growth strategy whereby a firm introduces a new product or service to a market segment that it does not currently serve

Front 18

Growth Strategies

Back 18

1. Market Penetration
2. Market Development
3. Product Development
4. Diversification