Chapter 2 Flashcards
What are the four P’s or marketing mix
Product
Price
Place
Promotion
Present markets present products
Market penetration
Present products new markets
Market development
New markets new products
Diversification
New products present markets
Product development
What is the swot analysis
Strengths weaknesses opportunities and threats
Means that the marketing mix is distinct from what is available from a competitor
Differentiation
Opportunities that help innovators develop hard to copy marketing strategies that will be profitable for a long time
Breakthrough opportunities
Expected earnings stream of a firms current and prospective customers over some period of time
Customer equity
Total stream of purchases the customer could contribute to the company over length of the relationship
Customer lifetime value
Short run decisions to help implement strategies
Operational decision
Putting marketing plans into operation
Implementation
Refers to those promotional activities that stimulate interest trailer purchased by final customers
Sales promotion
Any unpaid form of non-personal presentation
Publicity
Any paid form of non-personal presentation
Advertisement
Any series of firms that participate in the flow of products
Channel of distribution
