Term
| Marketing Management Process |
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Definition
| The process of (1) planning marketing activities, (2) directing the implementation of the plans, and (3) controlling these plans. |
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| Strategic (Management) Planning |
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| The managerial process of developing and maintaining a match between an organization's resources and its market opportunities. |
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| 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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| A fairly homogenous (similar) group of customers to whom a company wishes to appeal. |
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Definition
The controllable variables the company puts together to satisfy a target market.
Includes some product, offered at a price, with some promotion to tell potential customers about the product, and a way to reach the customer's place. |
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| A marketing mix is tailored to fit some specific target customers. |
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| Vaguely aims at "everyone" with the same marketing mix. |
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| Any series of firms (or individuals) that participate in the flow of products from producer to final user or consumer. |
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| Involves direct spoken communication between sellers and potential customers. |
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| A personal communication between a seller and a customer who wants the seller to resolve a problem with a purchase. Often a key to building repeat business. |
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| Communicating with large numbers of customers at the same time. |
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| Any paid form of nonpersonal presentation of ideas, goods, or services by an identified sponsor. |
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| Any unpaid form of nonpersonal presentation of ideas, goods, or services - including getting favorable coverage in newspaper stories or on television as well as creating and placing content on the web for customers to find or pass along to others. |
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Definition
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.
Includes: use of coupons, point-of-purchase materials, samples, signs, contests, events, catalogs, novelties, and circulars. |
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Definition
| A written statement of a marketing strategy and the time-related details for carrying out the strategy. |
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| Putting marketing plans into operation. |
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| Short-run decisions to help implement strategies. |
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| Blends all of the firm's marketing plans into one "big" plan. |
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| The expected earnings stream (profitability) of a firm's current and prospective customers over some period of time. |
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Term
| Breakthrough Opportunities |
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Definition
| Opportunities that help innovators develop hard-to-copy marketing strategies that will be very profitable for a long time. |
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Definition
| A firm has a marketing mix that the target market sees as better than a competitor's mix. |
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Definition
| A useful aid for organizing information from the broader market and developing relevant screening criteria. Identifies and lists the firms strengths, weaknesses, opportunities, and threats. |
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| The marketing mix is distinct from and better than what is available from a competitor. |
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| Trying to increase sales of a firm's present products in its present markets - probably through a more aggressive marketing mix. |
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| Trying to increase sales by selling present products in new markets. |
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| Offering new or improved products for present markets. |
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| Moving into totally different lines of business - perhaps entirely unfamiliar products, markets, or even levels in the production-marketing system. |
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Term
| What are the 3 components of the marketing management process? |
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Definition
| Plan, implement, control. |
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Term
| What are steps to marketing planning? |
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Definition
| Set objectives, Evaluate opportunities, Create marketing strategies, Prepare marketing plans, Develop marketing programs |
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Term
| What does Promotion include? |
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Definition
| Personal selling, mass selling, and sales promotion. |
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Term
| What are the strategy decision areas of Place? |
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Definition
| Channel type, Market exposure, Kinds of intermediaries, Kinds and locations of stores, How to handle transporting and storing, Service levels, Recruiting intermediaries, and Managing channels |
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Term
| What should be included in a marketing plan? |
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Definition
(1) What marketing mix will be offered, to whom (that is, the target market), and for how long.
(2) What company resources (shown as costs) will be needed at what rate (month by month perhaps).
(3) What results are expected (sales and profits perhaps monthly or quarterly, customer satisfaction levels, and the like).
The plan should also include some control procedures - so that whoever is to carry out the plan will know if things are going wrong. This might be something as simple as comparing actual sales to expected sales. |
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Term
| What are the four basic types of opportunities? |
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Definition
| Market penetration, Market development, product development, and diversification. |
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