Chapter 19- Strategic Marketing Process Flashcards
Share Points
% points of a market share; often used as the common basis of comparison to allocate marketing resources effectively
Generic Business Strategy
Strategy that can be adopted by any firm, regardless of the product of industry involved to achieve competitive advantage
Cost leadership Strategy
Focuses on reducing expenses and lowering produce prices while targeting a broad array of market segments
Differentiation Strategy
Requires products to have significant points of difference in product offerings, brand image, higher quality to charge a higher price while targeting a broad array of market segments
Cost focus strategy
Involves controlling expenses, in turn, lowering product prices targeting a narrow range of market segments
Product champion
A person who is able and willing to cut red tape and move the program forward
Action item List
An aid to implementing a market plan, consisting of three columns; 1. the task 2. the name of person responsible for completing task 3. the date task has to be finished
Line positions
People in line positions, such as senior marketing managers who have the authority and responsibility to issue orders to the people who repot them
Staff positions
People in staff positions who have the authority and responsibility to advise people in the line positions but cannot issue direct orders to them
Product line groupings
Organizational groupings in which a unit is responsible for specific product offerings
Functional Groupings
Organizational grouping such as manufacturing, marketing, and finance
Geographical Groupings
Unit is subdivided according to geographical location
Market based grouping
Utilize specific customer segments
Marketing ROI
Application of modern measurement technologies to understand, quantify, and optimize marketing spending
