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Terms in this set (39)
is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
At least Two parties, somthing of value, Communication and delivery, Freedom to accept or reject, Desire to deal with other party
Four Marketing Management philosophies
Production, Sales, Market, Societal
internal capabilities of the firm
aggressive sales techniques and belief that high sales result in high profits
satisfying customer needs and wants while meeting objectives
satisfying customer needs and wants while enhancing individual and societal well-being
Meeting needs and expectations of customers.
Customer Relationship Management.
the managerial process of creating and maintaining a fit between the organization's objectives and resources and the evolving market opportunities.
Whats the Goal of strategic planning
is long-term profitability and growth.
Strategic Business Units
Strategic Business Units
A distinct mission and specific target market
Control over its resources
Its own competitors
Plans independent of other SBUs
Why Write a Marketing Plan?
Provides a basis for comparison of actual and expected performance
Provides clearly stated activities to work toward common goals
Provides an examination of the marketing environment
Serves as a reference for the success of future activities
Allows entry into the marketplace with awareness
Defining the Business Mission
Answers the question, "What business are we in?"
Focuses on the market(s) rather than the good or service
SBUs may also have a mission statement
S=Strengths - things the company does well.
W=Weaknesses - things the company does not do well.
O=Opportunities - conditions in the external environment that favor strengths.
T=Threats - conditions in the external environment that do not relate to existing strengths or favor areas of current weakness.
Target Market Strategy
Segment the market based on groups with similar characteristics
Analyze the market based on
attractiveness of market segments
Select one or more target markets
Classifies each SBU by its present or forecast growth and market share.
is a fast growing market leader.
is an SBU that generates more cash than it needs to maintain its market share.
A marketing strategy that tries to increase market share among existing customers
A marketing strategy that entails attracting new customers to existing products.
A marketing strategy that entails the creation of new products for present markets.
Problem child/ Question mark
In the portfolio matrix, a business unit that shows rapid growth but poor profit margins
In the portfolio matrix, a business unit that has low growth potential and a small market share.
the process of anticipating future events and determining strategies to achieve organizational objectives in the future.
designing activities relating to marketing objectives and the changing marketing environment.
A written document that acts as a guidebook of marketing activities for the marketing manager.
A statement of the firms business based on a careful analysis of benefits sought by present and potential customers and an analysis of existing and anticipated environmental conditions.
Curves that show costs declining at a predictable rate at a predictable rate as experience with a product increases
sustainable competitive advantage
an advantage that cannot be copied by the competition.
A statement of what is to be accomplished through marketing activities.
Marketing opportunity analysis (MOA)
The description and estimation of the size and sales potential of market segments that are of interest to the firm and the assessment of key competitors in these market segments.
A unique blend of product, place (distribution), promotion, and pricing strategies designed to produce mutually satisfying exchanges with a target market.
Product, place, promotion,and price which together make up the marketing mix.
the process that turns a marketing plan into action assignments are executed in a way that accomplishes the plans objectives.
When a company implements strategies that attempt to shape the external environment within which it operates.
the practice of choosing goods and services that meet one's diverse needs and interests rather than conforming to a single, traditional lifestyle.
the study of people's vital statistics, such as age, race and ethnicity, and location
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