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39 Cards in this Set
- Front
- Back
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marketing plan |
written document that acts as a guidebook of marketing activities for the marketing manager. |
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Mission statment |
A statement of the firm’s business based on a careful analysis of benefits sought by present and potential customers and an analysis of existing and anticipated environmental conditions |
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Environmental scanning |
entails the collection and analysis of information about factors that may affect the organization as well as the identification of market opportunities and threats |
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marketing objectives should be |
statement of what is to be accomplished through marketing activities. realistic, measurable, time specific, and compared to a benchmark. |
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A competitive advantage |
some unique aspect of a firm’s offering, or of the firm itself, that causes target customers to patronize the firm rather than its competition. |
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experience curve |
As marketers gain more experience in marketing a product, costs tend to decrease, |
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Market penetration |
is the strategy of selling more to the existing customers. |
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Product development |
the offering of new products to current markets. |
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diversification |
a strategy entails increasing sales by introducing new products into new markets. |
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The portfolio matrix |
a tool for allocating resources among products or strategic business units on the basis of relative market share and degree of innovation. |
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Marketing strategy |
involves the activities of selecting and describing one or more target markets and developing and maintaining a marketing mix that will produce mutually satisfying exchanges with target markets. |
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The four Ps |
product, place, promotion, and price. |
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marketing audit |
helps management allocate marketing resources efficiently. |
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strategic planning |
creating and maintaining a fit betweenobjectives and resources and market opportunities. requires creativity and an ongoing commitment most critical element for successful strategic planning is top management’s support and participation. |
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Planning |
the process of anticipating events and determining strategies to achieve organizational objectives. |
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Marketing myopia |
when a business is defined in terms of goods and services rather than in terms of the benefits customers seek. |
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A strategic business unit (SBU) |
is a subgroup of a single business or collection of related businesses within the larger organization. has separate business functions from one another and have their own mission statements, markets, and planning. |
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situation analysis iSWOT analysis |
identifies internal strengths (S) and weaknesses (W) and also examining external opportunities (O) and threats (T). |
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Environmental scanning |
helps identify market opportunities and threats and provides guidelines for the design of marketing strategy. |
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Objectives serve four functions |
communicating motivating clarifying aiding in the control function. |
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Three types of competitive advantage |
cost, product/service differentiation, and niche. |
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Costs can be reduced by... |
experience curves efficient labor no-frills goods and services government subsidies product design reengineering production innovations new methods of service delivery. |
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No-frills goods and services |
offer low costs to the consumer because they do not do much marketing. |
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A service differentiation competitive advantage |
when a firm provides something unique that is valuable to buyers beyond simply offering a low price. EX: brand names |
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A niche competitive advantage |
when a firm seeks to target and effectively serve a small segment of the market. |
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sustainable competitive advantage |
An advantage that cannot be copied by the competition |
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The four strategic alternatives that match products with markets |
market penetration, market development, product development, and diversification. |
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The four categories of the Boston Consulting Group portfolio matrix |
stars, cash cows, problem children (or question marks), and dogs |
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A star |
a fast-growing market leader. |
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cash cow |
low-growth market, but the product has a dominant market share, so it generates more cash than it needs to maintain its market share. |
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Problem child |
shows rapid growth but poor profit margins? |
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strategies resulting from a portfolio analysis |
build hold harvest divest. |
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market opportunity analysis |
describes and estimates the size and sales potential of market segments of interest to the firm and assesses key competitors in these market segments. |
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Marketing mix |
he unique blend of product, place, promotion, and pricing strategies designed to produce mutually satisfying exchanges with a target market. |
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Implementation |
the process that turns marketing plans into action assignments. |
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evaluation |
The process of gauging the extent to which marketing objectives have been achieved during the specified time period. |
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control |
provides the mechanisms for evaluating marketing results in light of the plan’s objectives and for correcting actions that do not help the organization reach those objectives within the budget guidelines. |
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market audit |
is a thorough, systematic, periodic evaluation of the objectives, strategies, structure, and performance of the marketing organization. |
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Marketing audits should |
be performed periodically by an inside or outside party who is independent enough to have top management’s confidence and has the ability to be objective. Marketing audits examine all facets of an organization’s internal and external marketing environments. |
