Essentials of Marketing Chapter 2 – Marketing Strategy Planning

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

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