MArketing 310 Doug ch 2 – Flashcards
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MArketing management process
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1) planning marketing activities, 2) directing the implementation of the plans 3) controlling these plans
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Strategic (management) planning
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the managerial process of developing and mainttian ing a match between an organizations resources and its markets opportunities
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Marketing strategy
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specifies a target market and a related marketing mix. It is a big picture of what a firm will fd in the some market
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target market
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A fairly homogeneous 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 marking
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tailored to fit some specific target customers
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mass marketing
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the typical production oriented approach- vaguely aim at "everyone" with the same marketing mic
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Product
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physical good, service, features, benefits
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place
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objectives, channel type, market,
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promotion
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promotion blend, salesperson, advertising
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price
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flexibility, level over product life cycle
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channel of distribution
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any series of firms that participate in the flow of products from producer to final user or consumer
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personal selling
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involves 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 customer who wants the seller to resolve a problem with a purchase
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mass selling
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communicating with large numbers or customers at the same time
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advertising
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any paid form of non personal presentation of ideas, goods or services by an identified sponsor
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publicity
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any unpaid form of nonpersonal presentation of ideas foods or services
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sales promotion
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refers to those promotion activities- other than advertising, publicity and personal selling- that stimulate interest, trial or purchase by final customer
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marketing plan
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is a written statement of a marketing strategy and the time related details fro carrying out the strategy
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Marketing plan spells out
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1) what marketing mix will be offered 2) what company resources will be needed at what rate 3) what results are expected
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implementation
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putting marketing plans into operation
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operation 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 firms marketing plans into one big plan
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customer lifetime value
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loyal customer continuing to buy brands, companies recognize them for this
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customer equity
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expected earning stream of a firms current and prospective customers over some period of time
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breakthrough opportunties
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opportunities that help innovators develop hard to copy marketing strategieis 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 mic that the target market sees as better than a competitors mix
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SWOT
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Strengths weakness opportunities and threats
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differentation
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means that the marketing mix is distinct from what is available from a competitor
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MArket penetration
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present products in its present markets- probably through a more aggressive marketing mix
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Market development
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present products in new markets
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product development
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mean 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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risks are higher in
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foreign countries
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market
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group of potential customers with similar needs who are willing to exchange something of value with sellers offering various goods or services
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generic market
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is a market with broadly similar needs- sellers offering various, often diverse ways of satisfying those needs- doesnt include any product type terms
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product market
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is a market with very similar needs and sellers offering various close subsitute ways of satisfying those needs
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What
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product type
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to meet what
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customer needs
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for whom
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customer types
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where
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geographic area
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product type
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describes the goods and services that customers want
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customer
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needs refer to the needs the product type satisfies for the customer
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customer type
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referes to the final consumer or user of a product type
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geographic
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is where a firm competes
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market segmentation
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1. naming broad product markets 2. segmenting these broad product markets in order to select target markets and develop suitable marketing mixes
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Homogeneous
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the customers in a market segment should be as similar as possible with respect to their likely responses to marketing mix variables and their segmenting dimensions
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Heterogeneous between
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the customer in different segments should be as different as possible with respect to their likely responses to marketing mix variable and their segmenting dimensions
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Substantial
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the segment should be big enough to be profitable
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Operational
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the segmenting dimensions should be useful for identifying customer and deciding on marketing mix variables
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positioning maps
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based on a customers perception- the actual characteristics of the products might be different
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single target market approach
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segmenting the market and picking one of the homogenous segments as the firms target market
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multiple target market approach
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segmenting the market and choosing two or more segments and then treating each as a separate target market needing a different marketing mix
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combined target market approach
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combining two or more submarkets into one larger target market as a basis for one strategy
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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 type in a product market
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determining dimensions
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those that actually affect the customers purchase of a specific product or brand in a product market
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Behavioral
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extent of these characteristics
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psychographic
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peanut butter, high school
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geographic
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locations: sun tan in seattle
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demographic
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study of population; age sex race ethnicity
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clustering techniques
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try to find similar patterns within sets of data
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customer relationship management
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where the seller fine tunes the marketing effort with information from a detailed customer database
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positioning
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refers to how customers think about proposed or present brands in a market
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what needs to take place for it to be considered marketing
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exchange
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uncontrollable factors
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social, technology, something that is given
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marketing concept
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not the customer is always rights, satsifying the customer
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competition
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how companies compete on the products they offer, price they are charing, how they put it in their hands and the message their competitors are saying to customers
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largest collector of demographic info
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census dept
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social cultural include
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demographic factor
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If a firm has a strong patent
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its competitors may be limited to second rate offerings
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product:
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is the variable of the marketing mix that may involve a physical good, a service, or a blend of both
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which of the following is true of the continuum of environmental sensitivity
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some products are more adaptable to foreign markets than others- and thus may be less risky
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in the context of the universal functions of marketing, the ____ function of marketing involves holding goods until customers need them
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storing
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in the context of segmenting a broad product market, what type of dimensions are relevant to including a customer type in a product market
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qualifying dimension
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how does GDP differ form SNI
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include the income earned by foreigners who own resources in a nation
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____ is the balancing point that determines just how unique a marketing mix a firm can afford to develop for a particular market segment
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profit
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which of the following is true of publicity
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it is an unpaid form of communication
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which of the following activities is part of the production process
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making goods or performing services
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which of the following statements is true of the marketing management process
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the marketing management process is the process of PLANNING marketing activities, DIRECTING the implementation of the plans and CONTROLLING these plans
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which of the following statements is true of target marketing
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target marketing is limited to fairly homogeneous market segments
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the consumer product safety commission
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has broad power to set safety standards and can impose penalties for violation of these standards
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which of the following statements about nonprofit organizations is false
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in nonprofit organizations, as in business firms, support often comes directly from those who receive the benefits the organization produces
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In a customer survey conducted by Radwheel Motors, it was found that customers purchased the company's cars primarily because of their branding and appearance. Radwheel cars were a status symbol in the survey population. By which type of marketing dimension were Radwheel's purchasers motivated?
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Determining dimension
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Cutbacks in consumer spending and rising inflation are conditions that arise mostly due to factors in:
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he economic environment.
