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(1) a firm's target market, (2) marketing mix, and (3) a method of obtaining a sustainable competitive advantage
sustainable competitive advantage
something the firm can persistently do better than its competitors
involves a firm's focus on efficient operations and excellent supply chain management
involves a focus on achieving high-quality products, effective branding and positioning is key
a method of achieving excellence by having a strong physical location and/or Internet presence
a written document composed of an analysis o the current marketing situation, opportunities and threats for the firm, marketing objectives, and strategy specified in terms of the 4 P's, action programs, and projected of pro forma income (and other financial statements)
the part of the strategic marketing planning process when marketing executives, in conjunction with other top managers 1) define the mission or vision of business and 2) evaluate the situation by assessing how various players affect the firm's potential
the part of the strategic marketing planning process when marketing managers 1) idnetify and evaluate different opportunities by engaging in segmentation, targeting, and positioning and 2) implement the marketing mix using the 4 P's
when managers evaluate the performance of the marketing strategy and take any necessary corrective actions
broad description of a firm's objectives and the scope of activities it plants to undertake; attempts to answer two main questions: What type of business is it? What does it need to do to accomplish it's goals/objectives?
uses a SWOT analysis that assesses both the internal environment with regard to its strengths and weaknesses and the external environment in terms of its opportunities and threats
segmentation, targeting, and positioning that firms use to identify and evaluate opportunities for increasing sales and profits
process of dividig the market into groups of customers with different needs, wants, or characteristics--who therefore might appreciate products or services geared especially toward them
process of evaluating the attractiveness of various segments and then deciding which to pursue as a market
involves the process of defining the marketing mix variables so that target customers have a clear, distinct, and desirable understanding of what the product does or represents in comparison with competing products
anything that is of value to a consumer and can be offered through a voluntary marketing exchange
strategic business unit (SBU)
division of the firm itself that can be managed and operated somewhat independently from other divisions and may have a different mission
groups of associated items, such as those that consumers use together or think of as part of a group
relative market share
measure of the product's strength in a particular market, defined as the sales of the focal product divided by the sales achieved by the largest firm in the industry
market penetration strategy
growth strategy that employs the existing marketing mix and focuses the firm's efforts on existing customers
market development strategy
growth strategy that employs the existing marketing offering to reach new market segments, domestic or international
product development strategy
growth strategy that offers a new product or service to a firm's current target market
growth strategy in where a firm introduces a new product or service to a market segment it doesn't currently serve
growth strategy where the current target market and marketing mix shares something in common with the new opportunity
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