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Marketing > Chapter 2 > Flashcards

Chapter 2 Flashcards

1
Q

Marketing management process

A

The process of 1. planning marketing activities

  1. directing the implementation of the plans
  2. controlling these plans
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2
Q

strategic (management) planning

A

The managerial process of developing and maintaining a match between an organization’s resources and its market opportunities

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3
Q

Marketing strategy

A

Specifies a target market and a related marketing mix

It is a big picture of what a firm will do in some market

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4
Q

Target market

A

A fairly homogeneous (similar) group of customers to whom a company wishes to appeal

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5
Q

Marketing mix

A

The controllable variables the company puts together to satisfy the target group

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6
Q

Target marketing

A

Says that a marketing mix is tailored to fit some specific target customers

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7
Q

Mass marketing

A

The typical production-oriented approach - vaguely aims at “everyone” with the same marketing mix

Assumes everyone is the same - considers everyone to be a potential customer

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8
Q

Target marketing is the __________ approach

Mass marketing is the ___________ approach

A

rifle

shotgun

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9
Q

Mass marketing vs. mass marketers

A

Mass marketing - sell to everyone

mass marketers - like Kraft and Walmart are aiming at clearly defined target markets

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10
Q

It is useful to reduce all the variables in the marketing mix to 4 basic ones:

A

Product

Place

Promotion

Price

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11
Q

Channel of distribution

A

Any series of girms (or individuals) that participate in the flow of products from producer to final user or consumer

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12
Q

Personal selling

A

Involves direct spoken communication between sellers and potential customers

May happen face-to-face, over the telephone, or required after the sale

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13
Q

Customer service

A

A personal communication between a seller and a customer who wants the seller to resolve a problem with a purchase - a key to builidng repeat business

This effort has to be blended with mass selling and sales promotion

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14
Q

Mass selling

A

Communicating with large numbers of customers at the same time

main form is advertising

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15
Q

Advertising

A

Any paid form of nonpersonal presentation of ideas, goods, or services by an identified sponsor

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16
Q

___________ is the main form of mass selling

A

advertising

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17
Q

Publicity

A

Any unpaid form of nonpersonal presentation of ideas, goods, or services

Another important form of mass selling

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18
Q

Sales promotion

A

Refers to those promotion activities - other than advertising, publicity, and personal selling - that stimulate interest, trial, or purchase by final customers or others in the channel

19
Q

We develop a product to:

A

satisfy the target customers

20
Q

We find a way to reach our target customers’ ________

A

place

21
Q

We use ___________ to tell the target customers about the product that has been designed for them

A

Promotion

22
Q

We set a ________ after estimating expected customer reaction to the total offering and the costs of getting to them

A

Price

23
Q

Marketing plan

A

A written statement of a markting strategy and the time-related details for carrying out the strategy

should describe: 1. what marketing mix will be offered and for how long

  1. what company resources will be needed at what rate
  2. what results are expected
24
Q

Implementation

A

Putting marketing plans into operation

25
Q

Operational decisions

A

Short-run decisions to help implement strategies may be needed

26
Q

Marketing program

A

Blends all of the firm’s marketing plans into one “big” plan

27
Q

Customer equity

A

The expected earnings stream (profitability) of a firm’s current and prospective customers over some period of time

28
Q

Top management expects marketing strategy planners to help identify:

A

opportunities that will lead to an increase in the firm’s customer equity

29
Q

Onetime strategy decisions

A

The decisions that decide what business the company is in and the strategies it will follow

Usually determine sucess or failure

30
Q

Breakthrough opportunities

A

Opportunities that help innovators develop hard-to-copy marketing strategies that will be very profitable for a long time

31
Q

Competitive advantage

A

A firm has a marketing mix that the target market sees as better than a competitor’s mix

32
Q

Differentiation

A

Means that the marketing mix is distinct from and better than what is available from a competitor

33
Q

S.W.O.T. Analysis

A

Identifies and lists the firm’s strengths and weaknesses and its opportunites and threats

34
Q

Market penetration

A

Trying to increase sales of a firm’s present products in its present markets - probably through a more aggressive marketing mix

*the firm may try to strengthen its relationship with customers to increase their rate of use or repeat purchases, or try to attract competitors’ customers or current nonusers

35
Q

Market development

A

Trying to increase sales by selling present products in new markets

36
Q

Product development

A

Offering new or improved products for present markets

37
Q

Diversification

A

Means moving into totally different lines of business - perhaps entirely unfamiliar products, markets, or even levels in the production-marketing system

38
Q

4 Basic Types of Opportunities

A

Market penetration

Market development

Product development

Diversification

39
Q

Present products - Present markets

A

Market penetration

40
Q

Present products - New markets

A

Market development

41
Q

New products - New markets

A

DIversification

42
Q

New products - Present markets

A

Product development

43
Q
A

Marketing (15 decks)

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