Marketing Chapter 2

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27 terms

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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