Marketing Chapter 2

Created by rmontrois 

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Mission Statement

statement of the organization's purpose - what it wants to accomplish in the larger environment

-Market oriented
-realistic
-specific
-based on distinctive competencies
-motivating
-fit to the market environment

ingredients of a good mission statement (6)

Portfolio Analysis

the process by which management evaluates the products and businesses making up the company

Growth Share Matrix

a portfolio planning method that evaluates a company's strategic business units (SBU) in terms of its market growth and relative market share

The Product/Market Expansion Grid

a portfolio planning tool for identifying company growth opportunities through market penetration, market development, product development, and diversification

-marketing penetration
-marketing development
-product development
-diversification

the product/market expansion grid consists of what 4 elements?

Marketing Strategy

the marketing logic by which the business unity hopes to create customer value and achieve profitable customer relationships - the means to achieve the company's mission

-product
-promotion
-price
-place

The four elements of the marketing mix

Market Penetration

a strategy for company growth by increasing sales of current products to current market segments without changing the product

Marketing Development

a strategy for company growth by identifying and developing new market segments for current company products

Product Development

a strategy for company growth by offering modified or new products to current market segments

Diversification

a strategy for company growth through starting up or acquiring businesses outside the company's current products and markets

Managing the value chain

the series of departments that carry out value-creating activities to design, produce, market, deliver, and support a firms products

Value Delivery Network

the network made up of the company, suppliers, distributors, and ultimately customers who "partners" with each other to improve the performance of the entire system

Market Segmentation

dividing a market into distinct groups of buyers who have distinct needs, characteristics, or behavior and who might require separate products or marketing programs

-geographic
-behavioral
-customer demographics
-psychographic factors

Marketing Segmentation is based on what factors? (4)

Market Segment

group of consumers who respond in a similar way to a given set of marketing efforts

Market Targeting

process of evaluating each market segments attractiveness and selecting one or more segments to enter

Positioning

Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers

Differentiation

effective positioning begins with _____________

positioning

Burger King builds its entire worldwide marketing campaign around its "Have It Your Way". What is this an example of?

Market Differentiation

actually differentiating the market offering to create superior customer value

Marketing Differentiation and Positioning

what two terms seek to elicit a clear consumer choice with competing alternatives

Seller's viewpoint of the market

the 4 P's takes what kind of view?

Buyer's viewpoint of the market

the 4 C's takes what kind of view?

-customer selection
-customer cost
-convenience
-communication

What are the 4 C's?

Marketing Mix

? consists of different marketing possibilities to influences product demand

Marketing Mix

the set of controllable tactical marketing tools that the firms blends to produce the response it wants in the target market

strengths, weaknesses, opportunities, and threats

SWOT stands for ?

SWOT analysis

to match the company strengths to attractive opportunities in the environment, while eliminating or overcoming the weaknesses and minimizing the threats is a goal of ?

John Wanamaker

Father of modern advertisements and pioneered the concept of department stores

Market Control

Evaluating the results of marketing strategies and plans and taking corrective action to ensure that objectives are achieved

Return on Marketing Investment (ROMI)

the net return from a marketing investment divided by the costs of the marketing investment

sales revenue / investment

ROMI equation

Marketing Implementation

the process that turns marketing strategies and plans into marketing actions in order to accomplish strategic marketing objectives

Marketing Mix

consists of different marketing possibilities to influence product demand

Marketing Mix

constitutes the company's tactical tool kit for establishing strong positioning in target markets

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