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26 Cards in this Set
- Front
- Back
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Marketing Plan
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A written document that specifies the activities to be performed to implement and control the organization's marketing activities.
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SWOT Analysis
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Assessment of an organization's strengths, weaknesses, opportunities, and threats.
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Strengths and Weaknesses
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Which 2 of SWOT analysis are internal?
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Opportunities and Threats
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Which 2 of SWOT analysis are external?
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intended strategy
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The strategy the organization decides on during the planning phase and wants to use.
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realized strategy
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the strategy that actually takes place.
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3 general approaches to marketing
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-Internal Marketing
-Customer Relationship Management -Total Quality Management |
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Internal Marketing
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A management philosophy that coordinates internal exchanges between the organization and its employees to achieve successful external exchanges between the organization and its customers.
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total quality management
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Philosophy that uniform commitment to quality in all areas of the organization will promote a culture that meets customers' perceptions of quality.
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commercialization
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Refining and finalizing plans and budgets for full-scale manufacturing and marketing of a product.
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Benefits of test marketing
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-Exposes the product to the marketing environment and assess its sales performance potential.
-Identifies weaknesses in the product of the marketing mix -allows for experiments with variations in the marketing mix -reduces the risk of failure. |
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Aesthetic modifications
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Changes relating to the sensory appeal of a product.
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Quality modifications
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Changes relating to a products dependability and durability.
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product modifications
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Changes in one or more characteristics of a product.
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Functional modifications
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Changes affecting a product's versatility, effectiveness, convenience, or safety.
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consumer products
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products purchased to satisfy personal and family needs.
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business products
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products bought to use in a firms operations, to resell, or to make other products.
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convenience products
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relatively inexpensive, frequently purchased items for which buyers exert minimal purchasing effort.
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shopping products
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items for which buyers are willing to expend considerable effort in planning and making purchases.
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specialty products
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items with unique characteristics that buyers are willing to expend considerable effort to obtain.
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unsought products
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products purchased to solve a sudden problem, products of which customers are unaware, and products that people do not necessarily think of buying.
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product item
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a specific version of a product.
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product line
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a group of closely related product items viewed as a unit because of marketing, technical, or end-use considerations.
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product mix
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the total group of products that an organization makes available to customers.
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Product life cycle
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The progression of a product through four stages: introduction, growth, maturity, and decline.
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innovators
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First adopters of new products
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