essentials of marketing chapter 2

marketing management process
is the process of planing marketing activities, directing the implementation of the plans, and controlling these plans
strategic management planning
the managerial process of 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 group of customers to whom a company wishes to appeal
marketing mix
the controllable variables the company puts together to satidy this group
mass marketing
the typical production oriented approach vaguely aims at everyone with the same marketing mix
target marketing
says that a marketing mix is tailored to fit some specific target customers
customer
is not part of the marketing mix
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 ideas, goods, or services includes getting favorable coverage in newspapers tories or on television as well as creating and placing content on the web for customers to find or pass along to others
sales promotion
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
marketing plan
is a written statement of a marketing strategy and the time related details carrying out the strategy
implementation
putting marketing plans into operation
operational decisions
short run decisions to help implement strategies may be needed
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
SWOT analysis
identifies and lists the firm’s strengths and weaknesses, opportunities, and threats
differentiation
means that the marketing mix is distinct from and better than what is available form a competitor
market penetration
means trying to increase sales of a firm’s present products in its present markets- probably through a more aggressive marketing mix
marketing development
means trying to increase sales by selling prosent products in new markets
product development
means offering new or improved products for present markets
diversification
means moving into totally different lines of business-perhaps entirely unfamiliar products, markets, or even levels in the production marketing system