Marketing Chapter 2
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27 terms
Terms | Definitions |
|---|---|
 marketing management process | the process of 1)planning marketing activities, 2) directing the implementation of the plans and 3) controlling these plans |
| strategic management planning | the managerial process of developing and maintaining a match between an organization's resources and its market opportunities |
| marketing strategy | specifies a target market and a related marketing mix |
| target market | a fairly homogeneous group of customers to whom a company wishes to appeal |
| marketing mix | the controllable variables that the company puts together to satisfy a target group |
| target marketing | a marketing mix is tailored to fit some specific target customers |
| mass marketing | the typical production oriented approach that vaguely aims at everyone with the same marketing mix |
| channel of distribution | any series of firms or individuals who participate in the flow of products from producer to final user or consumer |
| personal selling | direct spoken communication between sellers and potential customers, usually in person but sometimes over the telephone or even via a video conference over the Internet |
| customer service | a personal communication between a seller and a customer who wants the seller to resolve a problem with a purchase- is often the key to building repeat business |
| mass selling | communicating with large numbers of potential customers at the same time |
| advertising | an paid form of nonpersonal presentation of ideas, goods, or services by an identified sponsor |
| publicity | an unpaid form of nonpersonal presentation of ideas, goods, or services |
| sales promotion | those promotion activities-other than advertising, publicity, and personal selling- that stimulate interest, trial, or purchase by final customers or others in the channel |
| marketing plan | a written statement of a marketing strategy and the time related details for carrying out the strategy |
| implementation | putting marketing plans into operation |
| operational decisions | short run decisions to help implement strategies |
| marketing program | blens all of the firms' marketing plans into one big plan |
| customer equity | the expected earnings stream (profitability) of a firm's current and prospective customers over some period of time |
| breakthrough opportunities | opportunities that help innovators develop hard to copy marketing strategies that will be very profitable for a long time |
| competitive advantage | a firm has a marketing mix that the target market sees as better than a competitor's mix |
| differentiation | the marketing mix is distinct from and better than what's available from a competitor |
| SWOT analysis | identifies and lists the firm's strengths and weaknesses and its opportunities and threats |
| market penetration | trying to increase sales of a firm's present products in its present markets- probably through a more aggressive marketing mix |
| market development | trying to increase sales by selling present products in new markets |
| product development | offering new or improved products for present markets |
| diversification | moving into totally different kinds of business-perhaps entirely unfamiliar products, markets or even levels in the production marketing system |
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