Marketing Management Ch. 1 & Ch. 2

Front 1

Clearly the greatest advantage of strategic planning with a cross-functional team is the ability of team members to consider a situation from a number of view points.

Back 1

Cross-funtional strategic plan

Front 2

Things that an organization does well-so well in fact that they give it an advantage over similar organizations.

Back 2

Distinctive competencies

Front 3

This strategy can lead the organization into entirely new and even unrelated businesses. It involves seeking new products (often through aquisitions) or customers not currently being served.

Back 3

Diversification

Front 4

Pursuing growth throught market development, and organization would seek to find new customers for its present products.

Back 4

Market development strategies

Front 5

These strategies primarily focus on increasing the sale of present products to present customers.

Back 5

Market penetration strategies

Front 6

The process of planning and executing conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational goals.

Back 6

Marketing

Front 7

Throughout the marketing management process, current, reliable, and valid information is needed to make effective marketing decisions. Providing this information is the task of the marketing information system and marketing research.

Back 7

Marketing information systems

Front 8

"the process of planning and executing the conception, pricing, promotion, and distribution of goods, services, and ideas to create exchanges with target groups that satisfy customer and organizational objectives."

Back 8

Marketing management

Front 9

The set of controllable variables that must be managed to satisfy the target market and achieve organizational objectives.

Back 9

Marketing mix

Front 10

It is a formal statement of decisions that have been made on marketing activities; it is a blueprint of the objectives, strategies, and tasks to be performed.

Back 10

Marketing plan

Front 11

This process can be viewed in 3 interrelated tasks: 1. establishing marketing objectives

2. selecting the target market

3. developing the marketing mix

Back 11

Marketing planning

Front 12

Or purpose, of an organization is the description of its reason for existance.

Back 12

Mission statement

Front 13

Are the end points of an organization's mission and are what it seeks through the ongoing, long-run operations of the organization.

Back 13

Organizational objectives

Front 14

The formulation is the final phase of the strategic planning process

Back 14

Organizational portfolio plan

Front 15

When an organization has formulated its mission and developed its objectives, it knows where it wants to go. The next managerial task is to develop a "grand design" to get there.

Back 15

Organizational strategies

Front 16

With this particular strategy, the new products developed would be directed primarily to present customers.

Back 16

Product development strategies

Front 17

Can be divided into 6 major areas of concern:

1. the cooperative environment

2. the competitive environment

3. the economic environment

4. the social environment

5. the political environment

6. the legal environment

Back 17

Situation analysis

Front 18

Means that an organization should seek profit by serving the needs of customer groups.

Back 18

The marketing concept

Front 19

To obtain and record the maximum amount of useful information, subject to the constraints of time, money, and respondent privacy.

Back 19

Cardinal rule

Front 20

Involves manipulating one variable and examining its impact on other variables.

Back 20

Experimental research

Front 21

An aid to decision making and not a substitute for it.

Back 21

Marketing research

Front 22

Often involves secondary data, such as scanner data collected and stored in computer files from retail checkout counters.

Back 22

Mathematical modeling

Front 23

Involves watching people and recording relevant facts and behaviors.

Back 23

Observational research

Front 24

Data collected specifically for the research problem under investigation.

Back 24

Primary data

Front 25

Typically involves face-to-face interviews with respondents designed to develop a better understanding of what they think and feel concerning a research topic, such as a brand name, a product, a package, or an advertisement.

Back 25

Qualitative research

Front 26

Research that involves more systematic procedures designed to obtain and analyze numerical data.

Back 26

Quantitative research

Front 27

Data that have been previously collected for other purposes but can be used for the problem at hand.

Back 27

Secondary data

Front 28

Research that involves the collection of data by means of a questionnaire either by mail, phone or in person.

Back 28

Survey research

Front 29

To measure new product sales based on a limited basis where competititve retaliation and other factors are allowed to operate freely. In this way, future sales potential can often be estimated reasonably well.

Back 29

Test marketing