Chapter 2

Question 1

Marketing management process

Answer 1

The process of planning marketing activities directing the implementation of the plans and controlling these plans

Question 2

strategic management planning

Answer 2

the managerial process of developing and maintaining a match btw an orgs resources and its market opportunities

Question 3

market strategy

Answer 3

specifies a target market and a related marketing mix

Question 4

target market

Answer 4

a fairly homogeneous group of customers to whom a company wishes to appeal

Question 5

marketing mix

Answer 5

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

Question 6

channel of distribution

Answer 6

any series of firms or individuals that participate in the flow of products from producer to final user or consumer

Question 7

personal selling

Answer 7

involves direct spoken communication btw sellers and potential customers

Question 8

customer service

Answer 8

a personal communication btw a seller and a customer who wants the seller to resolve a problem with a purchase

Question 9

mass selling

Answer 9

communicating with large numbers of customers at the same time

Question 10

advertising

Answer 10

any paid form of nonpersonal presentation of ideas, goods, or services by an unidentified sponsor

Question 11

publicity

Answer 11

any unpaid form of nonpersonal presentation of ideas goods or services

Question 12

sales promotion

Answer 12

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

Question 13

marketing plan

Answer 13

a written statement of a marketing strategy and the time related details for carrying out the strategy

Question 14

implementation

Answer 14

putting marketing plans into operation

Question 15

operational decisions

Answer 15

short run decisions to help implement strategies

Question 16

marketing program

Answer 16

blends all of the firms marketing plans into one big plan

Question 17

customer lifetime value

Answer 17

the total stream of purchases that a customer could contribute to the company over the length of the relationship

Question 18

customer equity

Answer 18

the expected earnings stream of a firms current and prospective customers over some period of time

Question 19

breakthrough opportunities

Answer 19

opportunities that help innovators develop hard to copy marketing strategies that will b very profitable

Question 20

competitive advantage

Answer 20

a firm has a marketing mi that a target market sees as better than a competitors mix

Question 21

differentiation

Answer 21

the marketing mix is distinct from what is available from a competitor

Question 22

market penetration

Answer 22

trying to increase sales of a firms present products in its present markets-probably through a more aggressive marketing mix

Question 23

market development

Answer 23

trying to increase sales by selling present products in new markets

Question 24

product development

Answer 24

offering new or improved products for present markets

Question 25

diversification

Answer 25

moving into totally different lines of business