Essentials of Marketing Ch 2

Marketing management process
is the process of: Planning marketing activities,Directing the implementation of the plan, Controlling these plans
Strategic management planning
the managerial process of a developing and maintaining a match between an organization’s resources and its market opportunities
Marketing strategy
specifies a target market and a related marketing mix. It is a big picture of what a firm will do in some market
Target market
a fairly homogenous (similar) group of customers to whom a company wishes to appeal
Marketing mix
the controllable variables the company puts together to satisfy this target group
Target marketing
a marketing mix that is tailored to fit some specific target customers
Mass marketing
vaguely aims at “everyone” with the same marketing mix
Channel of distribution
is any series of firms (or individuals) that participate in the flow of products from producer to final user or consumer
Personal selling
involves direct spoken communication between sellers and potential customers
Customer service
a personal communication between a seller and a customer who wants the seller to resolve a problem with a purchase
Mass selling
is communication with large numbers of customers at the same time
Advertising
any paid form of nonpersonal presentation of ideas, goods, or services by an identified sponsor
Publicity
any unpaid form of nonpersonal presentation of goods, services, or ideas
Sales promotion
refers to those promotion activities that stimulate interest, trial, or purchase by final customer or others in the channel
Marketing plan
is a written statement of a marketing strategy and the time-related details for carrying out the strategy
Implementation
putting marketing plans into operation
Operational decisions
short-run decisions to help implement strategies
Marketing program
blends all of the firm’s marketing plans into one “big” plan
Customer equity
is the expected earnings stream of a firm’s current and prospective customers over some period of time
Breakthrough opportunities
opportunities that help innovators develop hard-to-copy marketing strategies that will be very profitable for a long time
Competitive advantage
means that a firm has a marketing mix that the target market sees as better than a competitor’s mix
Differentiation – means that the marketing mix is distinct from and better than what is available from a competitor
SWOT analysis
analysis of a company’s strength, weaknesses, opportunities, and threats
Market penetration
means trying to increase sales of a firm’s present products in its present markets
Market development
means trying to increase sales by selling present products in new markets
Product development
means offering new or improved products for a present markets
Diversification
means moving into totally different lines of business