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27 Cards in this Set
- Front
- Back
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strategic marketing plan
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the planning framework for specific marketing activities
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market segments
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identifiable groups of customers sharing similar needs, wants, or other characteristics that make them likely to respond in a similar fashion to a marketing program
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market opportunities
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areas where a company believes there are favorable demand trands, needs, and/or wants that are not being satisfied, and where it can compete effectively.
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competitive advantage
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something unique or special that a firm does or possesses that provides an advantage over its competitors.
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target marketing
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the process of identifying the specific needs of segments, selecting one or more of these segments as a target, and developing marketing programs directed to each.
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market segmentation
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the process of dividing a market into distinct groups that have common needs and will respond similarly to a marketing action.
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geographic segmentation
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the method of segmenting a market on the basis of different geographic units or areas.
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demographic segmentation
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a method of segmenting a market based on the demographic characteristics of consumers.
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psychographic segmentation
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dividing the product on the basis of personality and/or lifestyles.
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behavioristic segmentation
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a method of segmenting a market by dividing customers into groups based on their usage, loyalties, or buying responses to a product or service.
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80-20 rule
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the principle that 80% of sales volume for a product or service is generated by 20 percent of the customers.
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benefit segmentation
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a method of segmenting markets on the basis of the major benegits consumers seek in a product or service.
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undifferentiated marketing
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a strategy in which market segment differences are ignored and one product or service is offered to the entire market.
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differentiated marketing
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a type of marketing strategy whereby a firm offers products or services to a number of market segments and develops separate marketing strategies for each.
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concentrated marketing
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a type of marketing strategy whereby a firm chooses to focus its marketing efforts on one particular market segment.
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positioning
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the art and science of fitting the profuct or service to one or more segments and of the market in such a way as to set it meaningfully apart from competition.
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salient attributes
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attributes considered important to consumers in the purchase decision process.
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repositioning
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the changing of a product or brand's positioning
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product symbolism
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the meaning that a product or brand has to consumers.
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brand equity
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the intangible asset of added value or goodwill that results from the favorable image, impressions of differentiation, and/or the strength of consumer attachment of a company name, brand name, or trade mark.
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marketing channels
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the set of interdependent organizations involved in the process of making a product or service available to customers.
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resellers
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intermediaries in the marketing channel such as wholesalers, distributors, and retailers.
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direct channels
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a marketing channel where a producer and ultimate consumer interact directly with one another.
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indirect channels
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a marketing channel where intermediaries such as wholesalers and retailers are utilized to makr a product available to the customer.
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promotional push strategy
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a strategy in which advertising and promotional efforts are targeted to the trade to attempt to get them to promote and sell the product to the ultimate consumer.
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trade advertising
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advertising targeted to wholesalers and retailers.
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promotional pull strategy
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a strategy in which advertising and promotion efforts are targeted at the ultimate consumers to envourage them to purchase the manufacturer's brand.
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