Term
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Definition
| the activity, set of institutions and processes for creating, capturing, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large |
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Term
| Core Aspects of Marketing.. |
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Definition
- marketing helps create value
- satisfying customers needs and wants
- entails an exchange
- requires 4 p's
- can be performed by both individuals and organizations
- occurs in many settings |
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Term
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Definition
-product
-price
-promotion
-place |
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Term
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Definition
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Term
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Definition
| everything a buyer gives up (money, time, energy) in exchange for the product |
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Term
| Place.. Delivering the Value Proposition |
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Definition
Supply chain management, describes all activities necessary to get the product to the right customer when the wants it.
Where the product is found in the store. |
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Term
| Promotion... Communicating Value |
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Definition
| communication by a marketer that informs, persuades, and reminds potential buyers about a product or service to influence their opinions or elicit a response. |
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Term
| Ways marketing can be performed.. |
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Definition
b2b= business to business
b2c= business to customers
c2c=customer to customer |
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Term
| Various Stakeholders that Marketing Impacts |
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Definition
-Society
-Customers
-Employees
-Supply Chain |
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Term
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Definition
- Production
- Sales
-Marketing
- Value Based Marketing |
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Term
| Ways Firms Become Value Driven? |
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Definition
-Sharing Information
-Balancing Benefits with Costs
-Building Relationships with Customers
-Connecting with Customers Using Social Media/Mobile Media |
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Term
| 4 macro strategies for customer value? |
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Definition
- Customer Excellence
- Operational Excellence
- Product Excellence
- Locational Excellence |
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Term
| What is customer excellence? |
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Definition
| achieved when a firm develops value based strategies |
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Term
| What is operational excellence? |
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Definition
| achieved sustainable competitive advantage through their efficient operations |
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Term
| What is Product Excellence? |
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Definition
| Providing products with high value, effective branding, and positioning |
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Term
| What is competitive advantage? |
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Definition
| advantage over completion that is not easily copied and can maintain for a long period of time |
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Term
| What is a marketing plan? |
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Definition
| written document composed of an analysis of the current marketing situation, opportunities, and threats for the firm. Marketing objectives and strategy specified in terms of the 4 p's. |
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Term
| 3 phases of a Strategic Plan |
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Definition
-Planning
-Implementation
-Control |
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Term
| 5 steps in the marketing plan.. |
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Definition
1. Business mission and objectives
2. Situation Analysis ( SWOT )
3. Identify Opportunties (segmentation, targeting, positioning)
4. Implement Marketing Mix (4 p's)
5. Evaluate Performance using marketing metrics |
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Term
| What does a mission statement have? |
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Definition
- type of business
- needs to accomplish
-goals and objectives |
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Term
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Definition
- segmentation
- targeting
- positioning |
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Term
| Marketing Mix and Allocate Resources... |
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Definition
-product value creation
-price value capture
-place value delivery
-promotion value communication |
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Term
| What is product and value creation |
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Definition
| successful products and services are those that customers perceive as valuable enough to buy |
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Term
| What is price and value capture? |
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Definition
| price that allows customers to perceive good value for the product they receive |
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Term
| What is place and Value dElivery? |
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Definition
| product readily accessible for customers. |
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Term
| Tips of Promotion and Value Communication |
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Definition
-TV
-radio
-magazine
-sales force
-new media |
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Term
| 4 types of relative market shares using marketing metrics |
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Definition
-star
-cash cow
-question mark
-dog |
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Term
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Definition
- Marketing Penetration
- Market Development
-Product Development
-Diversification |
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Term
| What is marketing Penetration? |
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Definition
| Existing customers, in the current marketing mix |
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Term
| What is Market Development? |
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Definition
| Existing marketing mix, new customers |
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Term
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Definition
| a new product or service offered to the current target market. |
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Term
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Definition
| a new product or service to a new market segment |
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Term
| Integrated marketing communications ( IMC) |
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Definition
| encompasses a variety of communication disciplines- advertising, personal selling, sales promotion, public relations, direct marketing, and online marketing including social media. |
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Term
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Definition
| percentage of a market accounted for by a specific entity |
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Term
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Definition
| annual rate of growth of the specific market in which the product competes |
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Term
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Definition
| groups of associated items, such as those that consumers use together or think of as a part of a group or similar products |
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Term
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Definition
| a measure of the products strength in a particular market, defined as the sakes of the focal product divided by the sales achieved by the largest firm in the industry |
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Term
| Strategies business unit (SBU) |
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Definition
| a division of the firm itself that can be managed and operated somewhat independently from other divisions and may have different mission or objectives |
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Term
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Definition
| low growth markets but are high market shares. |
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Term
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Definition
| high growth markets, low market shares. |
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Term
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Definition
| low growth market, low market shares. |
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Term
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Definition
| a method of building a relationship with a customer based on philosophy that buyers and seller should develop a long term reltionship |
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Term
| customer relationship management (CRM) |
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Definition
| A business philosophy and set of strategies, programs, and systems that focus on identifying and building loyalty among the firm most valued customers. |
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Term
| marketing strategy indentifies... |
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Definition
| a firms target market, a related marketing mix, and the bases on which the firm plans to build a sustainable competitive advantage |
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Term
| sustainable competitive advantage |
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Definition
| something the firm can persistently do better than its competitors |
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Term
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Definition
| firms use these process to identify and evaluate opportunities for increasing sales and profits |
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