MKT Test 1

  1. Marketing
    Creating, capturing, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.
  2. Marketing Plan
    written document composed of analysis of current mkt situation, opport, and threats for firm. Objectives/strategy in terms of the four P's
  3. Exchange
    Trade of things of value b/t buyer and seller so each is better off
  4. Marketing Mix (4 P's)
    Product, price, place, promotion-set of activities a firm uses to respond to wants of target markets

    Product: creating value

    Price: capturing

    Place: delivering

    Promotion: Communicating
  5. Service
    any offering that involves a deed, performance, or effort that cannot be physically possessed.
  6. Transactional Orientation
    Regards buyer-seller relationship as a series of individual transactions; anything that happened before/after transaction is of little importance
  7. Relational Orientation
    Method of building relationship with customers based on the philosophy that buyers/sellers should develop long term relationships
  8. Customer Relationship Management (CRM)
    Focus on identifying and building loyalty among firm's most valued consumers
  9. Supply Chain
    Group of firms that make and deliver a given set of goods and services
  10. Marketing Strategy
    Firm's target market, marketing mix, and method of obtaining a sustainable competitive advantage
  11. Sustainable Competitive Advantage
    Something the firm can persistently do better than its competitors
  12. Customer Excellence
    INvolves a focus on retaining loyal customers and excellent customer service
  13. Operational Excellence
    Involves a firm's focus on efficient operations and excellen supply chain management
  14. Product Excellence
    Focus on achieving high-quality products, effective branding and positioning is key
  15. Planning Phase
    Part of marketing plan where:

    1) Define mission/vision for business

    • 2) Situation analysis
    • SWOT-Strengths, weakn, opport, threats
  16. Implementation Phase
    Part of MKT plan where:

    1) Identify/evaluate diff't opport by segmentation, targeting, positioning (STP)

    2) Implement 4 P's
  17. Control Phase
    Part of MKT Plan where:

    1) Mgrs evaluate performance of mkt strategy
  18. Mission Statement
    What type of business is it? What does it need to do to accomplish its goals and objectives?
  19. Sustainable Competitive Advantage
    Something the firm can persistently do better than its competitors
  20. Situation Analysis
    2nd step in MKT plan, using SWOT
  21. STP
    Segmentation, Targeting, Positioning used to ID opportunities for increasing sales/profits
  22. Market Segment
    Group o consumers who respond similarly to a firm's marketing efforts
  23. Market Segmentation
    Process of dividing the mkt into groups of customers w/diff needs,wants, characteristics
  24. Target Marketing
    Process of evaluating attractiveness of various segments and deciding which to pursue as a mkt
  25. Market Positioning
    Defining the mkt mix variables so target customers have clear, distinctive, desirable understanding of what prod does in comparison with competing products
  26. Cost-Based Pricing
    Strategy that involves determining the costs of producin a prod then adding a fixed amt above that total to arrive at selling price
  27. Competitor-Based Pricing
    Involves pricing below, at, or above competitors offerings
  28. Value-Based Pricing
    Involves determining the value of the product from customer's POV then pricing accordingly
  29. Strategic Business Unit (SBU)
    Division of firm that can be managed and operated independently from other divisions and may have diff mission or objectives
  30. Product Lines
    Gps of assoc items, such as things that consumers use together
  31. Market Share
    % of a market accounted for by a specific entity
  32. Relative Market Share
    Measure of products strength in a particular market, defined as the sales of the focal product divided by the sales achieved by the largest firm in the industry
  33. Market Growth Rate
    The annual rate of growth of the specific market in which the product competes
  34. Market Penetration Strategy
    Growth strategy that employs the existing marketing mix and focuses the firm's efforts on existing customers
  35. Market Development Strategy
    Growth strategy that aims to reach new market segments (domestic or international)
  36. Product Development Strategy
    Offers a new product or service to a firm's current target market
  37. Diversification strategy
    Firm introduces a new product to a market segment that it does not currently serve
Card Set
MKT Test 1
MKT Test 1