Marketing Strategy sixth edition Ferrell – Flashcards

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Value
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Driven by individual, subjective
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Subjected Value
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Value is not determined by object itself
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Market
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A collection of buyers and sellers
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Marketplace
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electronic marketplace unbound by time and space
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Meta-market
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cluster of closely related goods and services that center around a specific consumption activity (access point)
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Meta-mediary
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provides a single access point where buyers can locate and contact many different sellers in metamarket (portal)
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Exchange
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process of obtaining something of value from someone by offering something in return
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Product
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something that can be acquired via exchange to satisfy a need or want
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Goods
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tangible item
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Service
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intangible products consisting of acts/deeds directed towards people or possessions
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Ideas
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issues aimed at promoting a benefit for customer (redcross)
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Information
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websites, magazines, books, churches, charity
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Digital products
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software, music, movies, license to use rather own
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People
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promotion of people, actors, speakers, news reporters
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Places
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cities, states, nations market to tourists
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Experiences and Events
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Disney world or theme parks
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Real or financial property
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stocks, bonds, real estate
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Organizations
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favorable images with public to increase sales/brand and goodwill
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Utility
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ability of a product to satisfy a customer's desires
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Form Utility
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Attributes or features that set them apart from competition
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Time Utility
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available when customers want them
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Place Utility
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products are available where customers want them at that moment
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Possession Utility
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Transfer of ownership or title from marketer to customer
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Psychological Utility
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deliver positive experiential or psychological attributes that customers find satisfying
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Strategy
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Outlines organization's game plan for success
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Tactical Planning
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addresses specific markets or market segments and development of marketing programs that will fulfill needs of customers
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Marketing Plan
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provides outline for how the organization will combine product, pricing, distribution, and promotion decisions to create an offering that customers will find attractive
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Internal Analysis
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Involves the objective review of internal information pertaining to the firm's current strategy and performance, as well as the current and future availability of resources
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Competitive Intelligence
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Involves analyzing the capabilities, vulnerabilities, and intentions of competing business
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Environmental Scanning
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Analysis of economic, political, legal, technological, and culture events and trends that may affect the future of the organization and its marketing efforts
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Situation Analysis
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Overall process of collecting and interpreting internal, competitive, and environmental information
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Competitive Advantage
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something that the firm does better than its competitors that gives it an edge in serving customer's needs and wants or maintaining relationship with stakeholders
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Market Segmentation
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Divide total market into homogeneous groups or segments that share similar needs, wants, or characteristics
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Product Positioning
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establishing a mental image, position, of the product offering relative to competing offerings in the minds of target buyers
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Marketing Ethics
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principals and standards that define acceptable conduct in marketing activities
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Marketing Implementation
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process of executing the marketing strategy, the 'how' of marketing planning
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Transactional Marketing
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complete a large number of discrete exchanges with individual customers
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Relationship Marketing
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goal to develop and maintain long-term, mutually satisfying arrangements where both buyer and seller focus on the value obtained from the relationship
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Universal Rule
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People love new products
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Mission Statement
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"what business are we in?" - Company's reason for existence
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Vision Statement
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"What do we want to become" - where the organization is headed
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Social mission
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too operate the company in a way that actively recognizes the central role that business plays in society by initiating innovative ways to improve the quality of life locally, nationally, and internationally
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Product Mission
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To make, distribute, and sell the finest quality all natural ice cream and euphoric concoctions with a continued commitment to incorporating wholesome, natural ingredients and promoting business practices that respect the earth and environment
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Economic Mission
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To operate the company on a sustainable financial basis of profitable growth, increasing value for our stakeholders and expanding opportunities for development and career growth for our employees
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Customer Focused Mission
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The mission of ___ is dedication to the highest quality of customer service delivered with a sense of warmth, friendliness, individual pride, and company spirit
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Corporate Strategy
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Central scheme or means for utilizing and integrating resources in the areas of production, finance, research and development, HR, and marketing to carry out the organization's mission and achieve the desired goals and objectives
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Commoditization
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Using price to differentiate
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Customer-focused Strategic Planning
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Focuses on long-term, value-added relationships
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Data
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collection of numbers or facts to provide information
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Information
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data that's transformed or combined that makes useful to users
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Brand Competitors
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Market products with similar features/benefits to customers at similar prices (apple, samsung, windows)
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Product Competitors
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Compete in same product class, but with different features, benefits, price (smartphones vs. dumbphones)
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Generic Competitors (substitutes)
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Market with different products but solve same needs (home phone, vonage, comcast)
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Total Budget Comppetitors
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Compete for the limited financial resources of the same customers
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Technology
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the application of scientific knowledge for practical purposes, especially in the industry
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Front stage technology
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things that affect lives daily (freezer, fridge, etc.)
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Back stage technology
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things not seen by the public eye (3-D printers, military technology, microchips)
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Lifestyle Trends
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Amercians postponing retirement, clothing more casual, media at hand instead of newspaper
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Value Trends
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shorter attention span, less tolerance of waiting, growing skepticism of government
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Convert weakness to
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Strength
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Convert threats to
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Opportunities
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Match strengths with
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opportunities
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Operational Excellence
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focus on efficiency of operations and processes (southwest airlines)
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Product Leadership
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excellence in technology and product development (apple, intel)
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Customer Intimacy
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understand customers better than competition, develop LTR so they come back (find pain points, Zappos)
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Strategic Efforts 1) Aggressive
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lots of strengths/weaknesses and leverage all advantages to match with opportunities
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Strategic Efforts 2) Diversification
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focus on multiple markets and industries - lots of internal strengths and many external threats
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Strategic Efforts 3) Turnaround
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know when to back out - lots of internal weaknesses but lots of opportunities. Turn weaknesses into strengths
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Strategic Efforts 4) Defensive Stance
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lots of internal weaknesses and many external threats
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Red ocean strategy
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competing in existing market place
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Blue ocean strategy
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create own market space (niche)
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Strategy Canvas
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Blue ocean - identifies factors that industry competes on and what customers receive from product offerings and offering level by buyers for each factor
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1st tier of non-consumers
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positively inclined to circus, but may not have been to one
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2nd tier of non-consumers
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have preference - only big circus' or only Wringling Brothers
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3rd tier of non-consumers
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don't go to circus would rather go to any other form of live entertainment
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Value innovation
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core of blue ocean strategy - reduce cost, buy utility (value) and have a cost advantage
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Why segment?
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identify unique customer needs, expand revenue, grow business
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Strong brand loyalty
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shortcut for decision making process
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Maven
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someone of expert in a field
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Bundle of attributes
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brand attributes, product features, aesthetic attributes, prices
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