MKTG 300 Chapter 2 & 18
Unlock all answers in this set
Unlock answersquestion
strategic planning
answer
managerial process of creating and maintaining a fit between the organization's objectives and resources and the evolving market opportunities; goal is long run profitability and growth
question
strategic business units
answer
subgroup of a single business or collection of related businesses within the larger organization
question
characteristics of SBU
answer
distinct mission and a specific target market, control over its resources, its own competitors, single business or a collection of related businesses, plans independent of the other SBUs in the total organization
question
planning
answer
process of anticipating future events and determining strategies to achieve organizational objectives in the future
question
marketing planning
answer
designing activities relating to marketing objectives and the changing marketing environment; basis for all marketing strategies and decisions
question
marketing plan
answer
written document that acts as a guidebook of marketing activities for the marketing manager
question
why write a marketing plan?
answer
actual and expected performance can be compared, provides clearly stated activities that help employees and managers understand and work toward common goals, allows you to examine the marketing environment in conjunction with the inner workings of the business, allows the marketing manager to enter the marketplace with with an awareness of possibilities and problems
question
mission statement
answer
answers the question \" what business are we in?\"; way a firm defines its business mission profoundly affects the firm's long run resource allocation, profitability, and survival; establishes boundaries for all subsequent decisions, objectives, and strategies
question
marketing myopia
answer
a business in terms of goods and services rather than in terms of benefits customers seek
question
myopia
answer
short term thinking, narrow
question
SWOT analysis
answer
situation analysis that the firm should identify its internal strengths (S) and weaknesses (W) and also examine external opportunities (O) and threats(T)
question
environmental scanning
answer
collection and interpretation of information about forces, events, and relationships in the external environment that may affect the future of the organization or the implementation of the marketing plan
question
competitive advantage
answer
set of unique features of a company and its products that are perceived by the target market as signidicant and superior to those of the competition
question
product/service differentiation competitive advantage
answer
when a firm provides something that is unique and valuable to buyers beyond simply offering a lower price than that of the competition. EX: brand names, strong dealer network, product liability, image, service
question
niche competitive advantage
answer
seeks to target and effectively serve a single segment of the market; serve only a limited geographic market or smaller companies
question
sustainable competitive advantage
answer
advantage that cannot be copied by the competition; EX: netflix
question
marketing objective
answer
statement of what is to be accomplished through marketing activities. objectives: realistic, measurable, time specific, compared to a benchmark
question
marketing strategy
answer
activities of selecting and describing one or more target markets and developing and maintaining a marketing mix that will produce mutually satisfy exchange with target markets; identifies the market segment on which to focus on
question
market segment
answer
group of individuals or organizations who share one or more characteristics; may have similar product needs
question
market opportunity analysis
answer
description and estimation of the size and sales potential of market segments that are interest to the firm and the assessment of key competitors in these market segments
question
marketing mix
answer
a unique blend of product, place (distribution), promotion, and pricing strategies (often referred to the 4 P's) designed to produce mutually satisfying exchanges with a target market; strategies for all four component must be blended to achieve optimal results
question
product strategies
answer
usually starts the marketing mix; heart of the marketing mix; includes not only the product but also its package, warranty, after sale service, brand name, company image, value, and many other factors
question
Pace strategies
answer
strategies concerned with making products available when and where customers want them; goal is to make sure products arrive in usable condition at designated places when needed. also called distribution
question
promotion strategies
answer
includes advertising, public relations, sales promotion, and personal selling; rule is to bring about mutually satisfying exchanges with target markets by informing, educating, persuading, and reminding them of the benefits of an organization or a product
question
pricing strategies
answer
what a buyer must give up in order to obtain a product; most flexible of the four Ps (quickest element to change); important competitive weapon and is very important to the organization because price multiplied by the number of units sold equals total revenue for the firm
question
implementation
answer
process that turns a marketing plan into action assignments and ensures that these assignments are executed in a way that accomplishes the plan's objectives;
question
task force
answer
is a tightly organized unit under the direction of a manager who usually has a broad authority; established to accomplish a single goal or mission and thus works against a deadline
question
evaluation
answer
gauging the extent to which the marketing objectives have been achieved during the specified time period
question
control
answer
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 budget guidelines
question
marketing audit
answer
thorough, systematic, periodic evaluation of the objectives, strategies, structure, and performance of the marketing organization
question
social media
answer
any tool or service that uses the internet to facilitate conversations
question
implications of social media on marketers
answer
marketers must realize that they often do not control content on social media sites; ability to share experiences quickly and with such large numbers of people amplifies the impact of word of mouth in a way that can eventually affect a company's bottom line; social media allow marketers to listen; social media provide more sophisticated methods of measuring how marketers meet and interact with consumers than traditional advertising does; social media allow marketers to have much more direct and meaningful conversations with customers and ultimately bring the customer and brand closer
question
social commerce
answer
combines social media with the basics of e-commerce; subset of e-commerce that involves the interaction and user contribution aspects of social online media to assist online buying and selling of products and services; relies on user generated content on web sites to assist consumers with purchases
question
crowdsourcing
answer
using consumers to develop and market products; describes how the input of many people can be leveraged to make decisions that used to be based on the input of only a few people
question
social media monitoring
answer
the process of identifying and assessing what is being said about a company, individual, product, or brand
question
creators
answer
those who produce and share online content like blogs, websites, articles, and videos
question
critics
answer
those who post comments, ratings, and reviews of products and services on blogs and forums
question
collectors
answer
those who use RSS feeds to collect information and vote for Web sites online
question
joiners
answer
those who maintain a social networking profile and visit other sites
question
spectators
answer
those who read blogs, listen to podcasts, watch videos, and generally consume media
question
inactives
answer
those who do nothing on social media
question
blog
answer
publicly accessible Web page that functions as an interactive journal, whereby readers can post comments on the author's entries; not as consumers but as people
question
corporate blogs
answer
blogs that are sponsored by a company or one of its brands and maintained by one or more of the company's employees; disseminate marketing controlled info and are effective platforms for developing thought leadership, fostering better relationships with stakeholders, maximizing search engine optimization, attracting new customers, endearing the organization with anecdotes and stories about brands, and providing an active forum for testing new ideas
question
noncorporate blogs
answer
independent and not associated with the marketing efforts of any particular company or brand; they are perceived to be more authentic than corporate blogs
question
microblogs
answer
blogs that entail shorter posts than traditional blogs; EX: twitter, tumblr, plurk, and facebook status updates
question
twitter
answer
used to build communities, aid in customer service, gain prospects, increase awareness, and raise funds; microblog
question
social networking sites
answer
allow individuals to connect or network with friends, peers, and business associates. connections are made around shared interests, shared environments, or personal relationships. EX: facebook and linkedIn
question
facebook
answer
originated as a community for college students that opened to the general public; most popular social networking site by far; most useful page is the timeline, it allows a brand to communicate directly with fans via status updates, which enables marketers to build data bases of interested stakeholders
question
linked In
answer
used primarily by professionals who wish to build their personal brands online and businesses that are recruiting employees and freelancers; designed to be information rich
question
media sharing sites
answer
websites that allow users to decide which content is promoted on a given web site by voting that content up or down
question
Photo sharing
answer
allow users to archive and share photos. EX: flickr, picasa, twitpic, photobucket, facebook, and imgur
question
Youtube
answer
highest trafficked video based website and the third highest trafficked website overall; it allows users to upload and stream their videos to an enthusiastic and active community; media sharing website
question
social news sites
answer
web sites that allow users to decide which content is promoted on a given web site by voting that content up or down; EX: reddit, digg
question
review sites
answer
web sites that allow consumers to post, read, rate, and comment on opinions regarding all kinds of products and services. EX: yelp
question
SMS
answer
short message service, 160 character text message sent to and from cell phone; integrated with other tools
question
MMS
answer
multimedia messaging service; similar to sms, but allows the attachment of images, videos, ringtones, and other multimedia to text messages
question
mobile web sites
answer
websites designed specifically for viewing and navigation on mobile devices
question
mobile ads
answer
visual advertisements integrated into text messages, applications, and mobile web sites; often sold on a cost per click basis
question
bluetooth marketing
answer
signal sent to bluetooth enabled devices, which allows marketers to send targeted messages to users based on their geographic locations
question
smartphone applications
answer
software designed specifically for mobile and tablet devices
question
near field communication
answer
uses small chips hidden in or behind products that, when touched by compatible devices, will transfer the information on the chip to the device
