Term
| Responsibilities of Marketing Managers |
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Definition
Day to day operations
Strategic decisions
Chart org's direction
Create/sustain competitive advantage
Affect org's long-term performance |
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Term
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Definition
Define business mission
Analyze environmental, competitive, & buisiness situations
Develop business objectives and goals
Define customer value propositions & marketing strategies
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Term
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Definition
Analytic abilities
Intuitive sense
Creativity |
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Term
| Three categories of business goals or objectives |
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Definition
1) Production Objectives
2) Financial Objectives
3) Marketing Objectives |
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Term
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Definition
Manufacturing and service capacity
Product and service quality |
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Term
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Definition
Return on investment
Return on sales
Shareholder wealth
Profit
Cash flow
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Term
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Definition
Market share
Sales volume
Profit
Marketing productivity
Customer satisfaction
Customer value creation
Customer lifetime value |
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Term
| What is a situation analysis? |
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Definition
| An apprasial of opperations to determine reasons for the gap between what was or is expected and waht has happened or will happen |
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Term
| Three questions of a situation analysis |
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Definition
Environmental opportunities - what might we do?
Distinctive competencies - what do we do best?
Success requirements - What must we do? |
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Term
| What are environmental opportunities? |
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Definition
- Unmet or changing customer needs
- Unsatisfied buyer groups
- New means or technologies for delivering value to prospective buyers |
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Term
| What is a distinctive competency? |
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Definition
| An organization's unique strengths or qualities, including skills, technologies, or resources, that distinguish it from other organiations |
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Term
| What two criteria must be satisfied in order for something to be a distinctive competency? |
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Definition
1) competitors cannot imitate it
2) provide customers with superior value |
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Term
| What are success requirements? |
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Definition
| Basic tasks that an organization must perform in a market or industry in order to successfully compete. |
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Term
| What are internal capabilities on a SWOT Analysis? |
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Definition
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Term
| What are external capabilities on a SWOT analysis? |
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Definition
| Opportunities and threats |
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Term
| What are considered favorable in a SWOT? |
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Definition
| Strengths and Opportunities |
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Term
| What are considered unfavorable in SWOT? |
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Definition
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Term
| Definition of Strenth in SWOT |
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Definition
| What the organization is good at doing or some characteristic that gives it an important capability |
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Term
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Definition
| What an organization lacks or does poorly relative to other organizations |
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Term
| Define Opportuniy in SWOT |
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Definition
| Developements or conditions in the environment that have favorable impacts for the organization |
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Term
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Definition
| Pose dangers to the welfare of the organization |
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Term
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Definition
| Involves selecting specific markets and profitably reaching them through an integrated program called marketing mix. |
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Term
Product Market Strategy for existing offering in an existing market?
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Definition
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Term
| Product Market Strategy for existing offering in new market? |
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Definition
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Term
| Product market strategy for new offering in existing market? |
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Definition
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Term
| Product Market strategy for new offering in new market? |
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Definition
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Term
| Market development strategies for international forms |
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Definition
Exporting
Licensing
Joint Venture/Strategic Alliance
Direct Investment |
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Term
| New Offering Development Strategy Involves... |
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Definition
Product Innovation
Product Augumentation
Product Line Extension |
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Term
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Definition
Developing totally new offerings
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Term
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Definition
| Enhancing the value to customers of existing offerings through bundling or improving functional performance |
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Term
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Definition
| Adding different features, sizes, etc. to broaden existing line. |
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Term
When does cannibalism occur?
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Definition
| When sales of a new offering come at the expense of sales of existing offerings that the firm already markets |
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Term
| When is cannibalism common? |
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Definition
| In product development programs |
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Term
What is a diversification strategy?
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Definition
A diversification strategy involves the development or acquisition of offerings new to the org and the introduction of those offerings to publics not previously served by the organization
(new offerings -> new markets) |
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Term
| What is strategy analysis dependent on? |
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Definition
| Availability and evaluation of relevant market information |
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Term
| What should data collected for strategy analysis include? |
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Definition
Market size
Consumer buying behavior and requirements
Environmental forces |
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Term
| What are strategies chosen based on? |
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Definition
1 Costs and benefits of a strategy
2 Probabilities of success for a strategy
3 Compoetitive structure, market dynamics, and opportunity costs
4 The offering itself |
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