Shared Flashcard Set

Details

Test One
Part II
26
Marketing
Undergraduate 3
10/11/2010

Additional Marketing Flashcards


 

 


 

Cards

Term
All managers...
Definition

Develop Plans- strategic and tactical

Implement Plans- Staffing and supervising

Control Plans- Establish Control Standards, Monitor, Evaluate, Correct

Term
The Market Oppurtunity Analysis
Definition
A search for product/markets in which the firm can profitably compete, taht are consistent with its distinctive compentencies and organizational objectives, and for which it possesses sufficient resources.
Term
A "Good" Mission Statement
Definition

Mission is 'market orientated'- Expressed in terms of need satisfaction. Avoid defining mission as "building & selling" products, Markets Myopia.

Builds on distinctive competencies

Not too broad; too narrow

Term
Market Penetration Oppurtunities
Definition

-Sell the same products to same markets.

-Price & promote to sell more i.e. stimulate greater demand. (penetrate existing markets in greater depth, Obtain more market share)

 

 

Term
Market Development Oppurtunities
Definition

Sell the same product to new markets

-Geographic expansion

-new markets or market segmentation

-J&J Baby Shampoo

-Gerber's Singles

Term
Product Development Oppurtunities
Definition

-Selling a new product to the firm's existing markets

-Modify the firm's existing products

-Create new products

Term
Product Development Oppurtunity
Definition
Sell a different product to same product to same market (a new product line). In this case the same family brand is used. Called a 'brand extension.'
Term
Product Development Oppurtunity- aline extension
Definition
sell slightly different product in the same line to about the same market under the same brand name.
Term
Brand Extension
Definition
A 'Brand Extension' in which the family brand is used on a new product in a different product category.
Term
Product Development Oppurtunities Include...
Definition

Line extensions- new product in the same line i.e. family brands Kellogg's

 

Flanker brands- New products in the same product line, but use a different brand name i.e. Dawn Ivory

 

New product Line- new products in different product lines using a fmily brand i.e. Jello Yogurt

Term
Joint Development Oppurtunities
Definition

New product sold to new market

Most risky strategy

Acquistions cuts risk

Also called 'diversification'

Term
Market
Definition
The set of individuas who are actual or potential customers for the product being offered for sale.
Term
Market Segments
Definition
Portions of a larger market sharing common needs and characteristics.
Term
Market Segmentation
Definition
The process of dividing a heterogeneous market into a number of smaller, more homogeneous customer groups, or market segments.
Term
Market Target
Definition
The Market Segment or segements (customer groups) toward which the firm directs marketing efforts
Term
Industry Analysis
Definition

Indentify Competitors- Current, Future

Common Operating Practices- Promotion, distribution, pricing

Identify industry changes- sales, output, firms

Term
Industry Analysis/ Key Success Factors
Definition

scale economies and expierence effects

product differation and brand preference

capital requirements

access to channel

government subsidies

resources- cash flow, access to raw materials, expertise

Term
Competitor Analysis
Definition

Who are the key competitors?

Current Objectives? Strategies?

What are likely future objectives & strategies?

Key elements of marketing mix?

How important are specific markets to competitors?

Unique strengths? weakness?

Implications for strategy?

Term
Demand Analysis
Definition

Ideally would like to forecast industry & company sales- Qualitative techniques, Quantitative techniques

May only be able to estimate approximate market size- Overall market size for industry(market potential), Size of market individual firm (sales potential)

Term
Select Market Targets
Definition
Selection of the market segment(s) to erve, given company objectives & resource constraints
Term
Market Positioning
Definition
A "position" is the mental image customers have of your product
Term
Marketing Plans
Definition
A written summary of marketing objectives, strategies, and specific courses of actions. It includes assignment of personnel, budgets, and timetables.
Term
Implementation (Execution) 
Definition

Execution is the set of actions taken to put plans into motion-- to make them work

 

Execution activites include organizing and coordinating: People, resources, Activities.

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