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37 terms

Marketing Chapter 2

STUDY
PLAY
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