MKT 320F chapter 2

Marketing management process is the process of: ______ market activities, directing the ____ of the plans and _______ these plans. ____,___,____ are basic jobs of all managers
planning
implementation
controlling
The job of planning strategies to guide a whole company is called ____ ______ the managerial process of developing and _______ a match between an organization’s resources and its market opportunities
strategic planning

maintaining

_______ ______ sets the tone and direction for the whole company
marketing plan
a _____ ______ specifies the target market and a related marketing mix. It is a big picture of what the firm will do
marketing strategy
a ____ ____- a fairly homogenous group of customers to whom a company wishes to appeal
target market
a _____ ____- the controllable variables the company puts together to satisfy this target group
marketing mix
a marketing strategy specifies some ______ target customers. This approach is called _____ _____ to distinguish it from ____ ____. Target marketing says that a marketing mix is tailored to fix some specific target customer
particular

target marketing

mass marketing

____ ____- the typical production-oriented approach- vaguely aims at “everyone” with the same marketing mix
mass marketing
____ _____ means trying to sell to everyone.
mass marketing
_____ ____ are like Kraft Foods and Walmart are aiming at clearly defined target markets
mass marketers
Target marketing is not limited to small market segments- only _____ ones
homogeneous
4 basic variables of the marketing mix
Product
Place
Promotion
Price
The _____ should be the taret of all marketing efforts
customer
The ____ area is concerned with developing the right product for the target market
product
Brand packaging and warrenties go with what P of the marketing mix
Product
P_____ is concerned with all the decisions involved in getting the “right” product to the target market’s place
Place
A ______ ___ ________ is any series of firms that participate in the flow of products from producer to final user or consumer
channel of distribution
When a marketing manager has several different target markets, several different channels of _______ may be needed
distribution
______ is concerned with telling the target market or others in the channel of distribution about the right product
Promotion
Promotion includes _____ _____, ____ ____ and _____ ____
personal selling
mass selling
sales promotion
______ involves direct spoken communication between sellers and potential customers
Personal Selling
______ _____- a personal communication between a seller and a customer who wants the seller to resolve a problem with the purchase-is often the key to building repeat business
customer service
____ ____ is communicating with large numbers of paid customers at the same time.
mass selling
the main form of mass selling is _________- any paid form of nonpersonal presentation of ideas, goods, or services by an identified sponsor
advertising
______- any unpaid form of nonpersonal presentation of ideas, goods or services- is another important form of mass selling
publicity
____ _____- refers to those promotion activities-other than advertising, publicity and personal selling-that stimulate interest, trial or purchase. Can involve use of coupons, point of purchase, samples, signs
sales promotion
______ ____ must consider the kind of competition in the target market and the cost of the whole marketing mix
Price setting
If the customers won’t accept the ____ _____, all of the planning effort is wasted
planning effort
When a marketing mix is developed all final decisions about the Ps should be made at the _____ ____
same time
Selecting a target market and developing a marketing mix are ______
interrelated
It is _____ that must be evaluated against the company’s objectives- not alternative target markets or alternive marketing mixes
strategies
a ____ ____ is a written statement of a marketing strategy and the time related details for carrying out the strategy
marketing plan
What should the marketing plan entail
what marketing mix will be offered, to whom and for how long

what company resources will be needed at what rate

what results are expected

control procedures, so that whoever is to carry out the plan will know if things are going wrong

_______- putting marketing plans into operation
implementation
_______ ________- short-run decisions to help implement strategies- may be needed
operational decisions
managers should make operational decisions within the guidelines set down during _____ _____
strategy planning
as long as the operational decisions stay within the ______ ______, managers are making no change in the basic strategy
policy guidelines
The _____ ________ provides feedback that leads managers to modify there marketing strategies
control job
a _____ ____ blens all of the firms marketing plans into one big plan
marketing program
the marketing program should also benefit the firm by increasing ____ ____
customer equity
___ ___ is the expected earning stream of a firms current and prospective customers over some period of time.
customer equity
expects marketing strategy planners to help identify opportunitites taht will lead to an _____ in the firms ____ ____
increase
customer equity
top execs are ultimately responsible to the owners for _____ the financial value of the firm
increasing
profit is the difference between the firm’s ______ and the total cost it runs up to make those sales
revenue
the ____ comes from the prices they are willing to pay for the quantity of purchases they make
revenue
the best way to increase customer equity is to find _______-______ ways to increase earnings from current customers while bringing profitable new customers into the fold
cost effective
______ _____ _____ planning matches opportunities to the firms resources and its objectives
effective marketing strategy
finding _____ ____-opportunities that help innovators develop hard-to-copy marketing strategies that will be very profitable for a long time
breakthrough opportunities
______ ______ means that a firm has a marketing mix that the target market sees as better than a competitors mix
competitive advantage
Developing a set of specific ______ and _______ screen criteria can help a manager define what business and markets the firm wants to compete in
qualitative
quantitative
______ means taht the marketing mix is distinct from and better than what is available from a competitor
differentiation
____ ___ means trying to increase sales of a firms present products in its present markets-probably through a more aggressive marketing mix
market penetration
firms often analyze customer databases to identify “___ ____” opportunities
cross-selling
____ _____ means trying to increase sales by selling present products in new markets
market development
______ ______ means offering new or improved products for present markets. By knowing the present market’s needs, a firm may see new ways to satisfy customers
product development
_________ means moving into totally different lines of business-perhaps totally unfamiliar products, markets, or even levels in the production-marketing system
diversification
Lower _____ may give a firm a competitive advantage both in its home markets and abroad
costs
marketing managers who are only interested in the “convenient” customers in their own backyards may be rudely suprised to find that an aggressive, low-cost _____ producer is willing to pursue those customers
foreign