Essentials of Marketing Chapter 2 – Marketing Strategy Planning – Flashcards
Unlock all answers in this set
Unlock answersquestion
marketing management process
answer
the process of 1) planning marketing activities 2) directing implementation of the plans and 3) controlling those plans. planning, implementation, and control
question
strategic management planning
answer
the managerial process of developing and maintaining a match between an organization's resources and its market opportunities
question
marketing strategy
answer
specifies a target market and related marketing mix
question
target market
answer
a fairly homogenous group of customers to whom a company wishes to appeal
question
marketing mix
answer
the controllable variables the company puts together to satisfy this target group
question
target marketing
answer
says that a marketing mix is tailored to fit some specific target customers
question
mass marketing
answer
the typical production-oriented approach - aims at everyone with the same marketing mix
question
channel of distribution
answer
any series of or firms or individuals that participate in the flow of products from producer to final users or consumers
question
personal selling
answer
direct spoken communication between sellers and potential customers
question
customer service
answer
personal communication between a seller and a customer who wants the seller to resolve a problem with a purchase and is often the key to building repeat business
question
mass selling
answer
communication with large numbers of customers at the same time
question
marketing plan
answer
written statement of a marketing strategy and the time related details for carrying out the strategy
question
implementation
answer
putting marketing plans into operation
question
operational decisions
answer
short-run decisions to help implement strategies
question
marketing program
answer
blends all of the firm's marketing plans in to one big plan
question
customer equity
answer
the expected earnings stream (profitability) of a firm's current and prospective customers over some period of time
question
breakthrough opportunities
answer
opportunities that help innovators develop hard-to-copy marketing strategies that will be very profitable for a long time
question
competitive advantage
answer
means that a firm has a marketing mix that the target market sees as better than a competitor's mix
question
SWOT analysis
answer
identifies and lists the firm's strengths, weaknesses, opportunities, and threats
question
differentiation
answer
means that a marketing mix is distinct from and better than what is available from a competitor
question
market penetration
answer
trying to increase sales of a firm's present products in its present markets probably through a more aggressive marketing mix
question
market development
answer
trying to increase sales by selling present products in new markets
question
product development
answer
means offering new or improved products for present markets
question
diversification
answer
means moving into totally different lines of business perhaps entirely unfamiliar products, markets, or even levels in the production-marketing system
