Chapter 2 Flashcards

0
Q

New marketing challenges

A
Information technology 
Nonprofit
Globalization 
Changing world economy- privatization, liberal export and import policies, growing middle class, and emerging economies 
Target marketing
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1
Q

Customer relationship management

A

Must be concerned with the lifetime value of the customer.
Takes more time to attract new customer than to keep a current customer satisfied.
Key is to attract retain and grow customers.

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2
Q

Strategic planning process

A

Involves developing an overall company strategy for long-run survival and growth

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3
Q

Process involves

A

Defining a mission
Setting company objectives
Designing a business portfolio
Planning functional strategies

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4
Q

Market growth

A

The demand for a product

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5
Q

Market share

A

Sales for specific companies brand in the market

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6
Q

Industry attractiveness is similar to

A

Growth rate

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7
Q

Business strength is similar to

A

Market share

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8
Q

Industry attractiveness factors

A

Market size, growth rate, competition, profit margins and technology

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9
Q

Business strength factors

A

Market share, product quality, brand factors, opportunities and threats

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10
Q

Market penetration

A

Trying to grow their sales with existing products and customers.

— aggressive promotion, price cut, selling to more places, improving product without developing new one

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11
Q

Product development

A

Develop new products for exsist ing customers

— newer phones, new cars, new version of word

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12
Q

Market development

A

Grow existing products to new customers/markets

—moving disney to Japan

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13
Q

Diversification

A

Brand new products and new customers.

— sony

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14
Q

Functions of marketing

A

Buying, selling, storing, financing, standardization/grading, risk taking, transporting, market information

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15
Q

Marketing concept

A

Customer satisfaction and profit

— group of doctors set up group practice so that at least one is available for emergencies

— ATM placed in airport terminals

16
Q

Mission statement

A

What the organization wants to accomplish

17
Q

Business portfolio

A

The collection of businesses and products that make up the company.

— one that best fits the companies strengths and weaknesses

18
Q

Portfolios analysis

A

By which management evaluates the products and businesses that make up the company

19
Q

Value chain

A

The series of internal departments that carry out value-creating activities to design,produce, market,deliver and support a firms products

20
Q

Marketing mix

A

Product, price, promotion and place

21
Q

Positioning

A

Kind of image you want your customers to perceive product versus too competition

22
Q

Product

A

Descions about product design, features, branding, packaging and positioning

23
Q

Pricing

A

Determining price level and discounts, price relationship compared to other products?

24
Promotion
Advertising, sales promotion, publicity, personal selling
25
Place (distribution)
Retailing, channels of distribution, logistics
26
Direct channels
Just you the company
27
Indirect channels
Having others sell your product too
28
Marketing audit
Evaluation of the company's marketing assets, good for reviewing strategies Environmental strategy, systems, organizations and productivity