Chapter Two Flashcards
Control
provides the mechanisms for evaluating marketing results in light of the plan’s objectives and for correcting actions that do not help the organization reach those objectives within budget guidelines
Cost Competitive Advantage
being the low-cost competitor in an industry while maintaining satisfactory profit margins
Diversification
a strategy of increasing sales by introducing new products into new markets
Environmental Scanning
collection and interpretation of information about forces, events, and relationships in the external environment that may affect the future of the organization or the implementation of the marketing plan
Evaluation
gauging the extent to which the marketing objectives have been achieved during the specified time period
Implementation
the process that turns a marketing plan into action assignments and ensures that these assignments are executed in a way that accomplishes the plan’s objectives
Baby Boomers
people born between 1946 and 1964
Basic Research
pure research that aims to confirm an existing theory or to learn more about a concept or phenomenon
market Develpment
a marketing strategy that entails attracting new customers to existing products
Market Oppurtunity Analysis
the description and estimation of the size and sales potential of market segments that are of interest to the firm and the assessment of key competitors in these market segments
Market Penetration
a marketing strategy that tries to increase market share among existing customers
Marketing Audit
a thorough, systematic, periodic evaluation of the objectives, strategies, structure, and performance of the marketing organization
Marketing Mix (4 Ps)
a unique blend of product, place (distribution), promotion, and pricing strategies designed to produce mutually satisfying exchanges with a target market
Marketing Myopia
defining a business in terms of goods and services rather than in terms of the benefits customers seek
Marketing Objective
a statement of what is to be accomplished through marketing activities
Marketing Plan
a written document that acts as a guidebook of marketing activities for the marketing manager
Marketing Strategy
the activities of selecting and describing one or more target markets and developing and maintaining a marketing mix that will produce mutually satisfying exchanges with target markets
Mission Statement
a statement of the firm’s business based on a careful analysis of benefits sought by present and potential customers and an analysis of existing and anticipated environmental conditions
Demography
the study of people’s vital statistics, such as age, race and ethnicity, and location
Generation X
people born between 1965 and 1978
Planning
the process of anticipating future events and determining strategies to achieve organizational objectives in the future
Product Development
a marketing strategy that entails the creation of marketable new products; the process of converting applications for new technologies into marketable products
Product/Service Differentiation Competitive Advantage
the provision of something that is unique and valuable to buyers beyond simply offering a lower price than that of the competition
Strategic Business Unit (SBU)
a subgroup of a single business or collection of related businesses within the larger organization
Strategic Planning
the managerial process of creating and maintaining a fit between the organization’s objectives and resources and the evolving market opportunities
Millennials
people born between 1979 and 1994
Target Market
is a group of people or organizations for which an organization designs, implements, and maintains a marketing mix intended to meet the need of that group, resulting in mutually satisfying exchanges
