Basic Marketing: A Marketing Strategy Planning Approach, 17/e

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Mission Statement

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is a formal short written statement of the purpose of a company or organization

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Competitive environment

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The number and strength of rival firms competing in the market for a product.

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Competitor analysis

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Stage 2 of a situation analysis (stage 1 being the Environmental Analysis and stage 3 being the Internal Analysis) where you see the competition through your customers' eyes, ...

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Competitive rivals

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A starting point to analysing the industry is to look at competitive rivalry. If entry to an industry is easy then competitive rivalry will likely to be high.

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competitive barriers

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Conditions or circumstances that make it very difficult or unacceptably costly for outside firms to enter a particular market to compete with the established firm or firms that are already selling the good or service involved.

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Economic and technological environment

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The economic environment encompasses such factors as productivity, income, wealth, inflation, balance of payments, pricing, poverty, interest rates, credit, transportation, and employment; ...An all-inclusive term used to describe pollution control devices and systems, waste treatment processes and storage facilities, ...

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technology

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which uses electronic systems to manage and monitor business processes. It allows the flow of work between individuals and/or departments to be defined and tracked.

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strategic business unit SBU

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From a strategy formulation point of view, diversified companies are best thought of as being composed of a number of businesses (or SBUs). These organizational entities are large enough and homogeneous enough to exercise control over most strategic factors affecting their performance. They are managed as self contained planning units for which discrete business strategies can be developed.

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portfolio management

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The systematic development and implementation of an investment strategy, the purpose of which is to achieve the investor's financial goals.

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marketing department era

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is a time when all marketing activities are brought under control of one department to improve short-run policy planning and to try to integrate the firm's activities

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production era

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is a time when a company focuses on production of a few specific products-perhaps because few of thes products are availiable in the market

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marketing company era

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is a time when in addition to short-run marketing planning marketing people develp long range plans sometimes five or more years ahead and the whole company effort is guided by the marketing concept.

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simple trade era

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a time when families traded or sold their "surplus" output to local distributors

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sales era

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is a time when a company emphasizes selling because of increased competition

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buying function

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means looking for an evaluating goods and services

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selling function

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involves promoting the product. It includes the use of personal selling advertising and other direct and mass selling methods

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storage function

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involves holding goods until customers need them

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transporting function

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means the movement of goods from one place to another

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pure subsistence economy

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when each family unit produces everthing it consumes there is no need to exchange goods and services and no marketing is involved

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market-directed economy

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the individual decisions of the many producers and consumers make the macro level decisions for the whole economy

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command ecomomy

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government officals decide what and how much is to be produced and distributed by whom, when to whom and why

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marketing orientation

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means trying to carry out the marketing concept. Instead of just trying to get customers to buy what the firm has produced, a marketing-oriented firm tries to offer customers what they need

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economic systems

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the way an economy organizes to use scarce resources to produce goods and services and distribute them for consumption by various people and groups in society.

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customer value

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the difference between the benegits a customer sees from a market offering and the costs of obtaining those benefits.

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social responsibility

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a firm's obligation to improve its positive effects on society and reduce its negative effects.

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production

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actually making goods or performing services

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collaborators

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firms that facilitate or provide one or more of the marketing functions other than buying or selling.

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economies of scale

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which mans that as a company produces larger numbers of a particular product, the cost of each unit of the product goes down.

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macro-marketing

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is a social proess that directs an economy's flow of goods and services from producers to consumers in a way that effectively matches supply and demand and accomplishes the objectives of society.

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marketing ethics

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the moral standards that guide marketing decisions and actions

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universal functions of marketing

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are buying, selling, transporting, storing, standardization and grading, financing, risk taking, and market information.

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financing

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provides the necessary cash and credit to produce, transport, store, promote, sell, and products.

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marketing concept

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means that an organization aims all its efforts at satisfying the customers-at a profit

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risk taking

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involves bearing the uncertainties that are part of the marketing process

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standardization and grading

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involves sorting according to size and quality.

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product orientation

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making whatever products are easy to produce and then trying to sell them

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e-commerce

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refers to exchanges between individuals or organizations-and activities that facilitate these exchanges based on applications of information technology.

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marketing functiion

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involves the collection, analysis, and distribution of all the information needed to plan, carry out, and control marketing activities, weather in firm own neighborhood or in a market overseas.

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intermediary

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someone who specializes in trade rather than production-plays a role in the exchange process

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innovation

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the development and spread of new ideas, goods, and services

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micro-macro dilemma

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what is "goog" for some firms and consumers may not be good for society as a whole

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marketing

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is the performance of activities that seek to accomplish an organization;s objectives by anticipating customer or client needs.

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marketing management process

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the process of planning marketing activities, directing athe implementation of the plans, and controlling these plans

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strategic management planning

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the managerial process of developing and maintaining a match between an organizations resources and its market opportunities

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market strategy

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specifies a target market and a related marketing mix

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target market

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a fairly homogeneous (similar) group f customers who a company wishes to appeal

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marketing mix

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the controllable variables that company puts together to satisfy this target group

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mass marketing

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typical production-oriented approach vaguely aims at everyone

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channel of distribution

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is any series of firms (or individuals) that participate in the flow of products from producer to final user.

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personal selling

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involoves direct spoken communication between sellers and potential customers

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customer service

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a personal communication between a seller and a customer

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mass selling

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is communication with large numbers of customers at the same time

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publicity

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any unpaid form of ideas goods or services by an identified sponsor.

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marketing plan

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is a written statement of a marketing strategy and the time related details for carrying out the strategy

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implementation

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putting marketing plans into operation

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operational decisions

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short-run decisions to help implement strategies

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customer equity

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is the expected earnings stream of a firms current and prospective customers over some period of time.

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differentiation

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means that the marketing mix is distinct from and better than what is available from a competitor

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SWOT analysis

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lists a firms strengths and weaknesses, opportunities and threats

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diversification

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means moving into a totally different line of business-unfamiliar products

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generic market

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is a market with broadly similar needs

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market segmentation

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is a two step process of: naming broad product markets and segmenting these broad product markets in order to select target markets and develop suitable marketing mixes

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segmenting

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is an aggregating process

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single target market approach

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segmenting the market and one of those homogeneous segments as the firms target market

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multile target market approach

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segmenting the market and choosing two or more segments and treating each as separate target markets

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combined target market approach

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combining two or more submarkets into one larger target market

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combiners

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try to increase the size of their target markets by combining two or more segments.

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segmenters

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aim at one or more homogeneous segments and try to develop a different marketing mix for each segment

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qualifying dimensions

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are those relevant to including a customer in product market

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determining dimensions

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are those that actually affect the customers purchase of a specific product or brand in a product market