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27 terms

Marketing Chapter 2

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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