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Marketing
Creating, capturing, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.
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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
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Exchange
Trade of things of value b/t buyer and seller so each is better off
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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
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Service
any offering that involves a deed, performance, or effort that cannot be physically possessed.
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Transactional Orientation
Regards buyer-seller relationship as a series of individual transactions; anything that happened before/after transaction is of little importance
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Relational Orientation
Method of building relationship with customers based on the philosophy that buyers/sellers should develop long term relationships
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Customer Relationship Management (CRM)
Focus on identifying and building loyalty among firm's most valued consumers
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Supply Chain
Group of firms that make and deliver a given set of goods and services
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Marketing Strategy
Firm's target market, marketing mix, and method of obtaining a sustainable competitive advantage
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Sustainable Competitive Advantage
Something the firm can persistently do better than its competitors
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Customer Excellence
INvolves a focus on retaining loyal customers and excellent customer service
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Operational Excellence
Involves a firm's focus on efficient operations and excellen supply chain management
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Product Excellence
Focus on achieving high-quality products, effective branding and positioning is key
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Planning Phase
Part of marketing plan where:
1) Define mission/vision for business
- 2) Situation analysis
- SWOT-Strengths, weakn, opport, threats
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Implementation Phase
Part of MKT plan where:
1) Identify/evaluate diff't opport by segmentation, targeting, positioning (STP)
2) Implement 4 P's
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Control Phase
Part of MKT Plan where:
1) Mgrs evaluate performance of mkt strategy
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Mission Statement
What type of business is it? What does it need to do to accomplish its goals and objectives?
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Sustainable Competitive Advantage
Something the firm can persistently do better than its competitors
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Situation Analysis
2nd step in MKT plan, using SWOT
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STP
Segmentation, Targeting, Positioning used to ID opportunities for increasing sales/profits
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Market Segment
Group o consumers who respond similarly to a firm's marketing efforts
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Market Segmentation
Process of dividing the mkt into groups of customers w/diff needs,wants, characteristics
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Target Marketing
Process of evaluating attractiveness of various segments and deciding which to pursue as a mkt
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Market Positioning
Defining the mkt mix variables so target customers have clear, distinctive, desirable understanding of what prod does in comparison with competing products
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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
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Competitor-Based Pricing
Involves pricing below, at, or above competitors offerings
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Value-Based Pricing
Involves determining the value of the product from customer's POV then pricing accordingly
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Strategic Business Unit (SBU)
Division of firm that can be managed and operated independently from other divisions and may have diff mission or objectives
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Product Lines
Gps of assoc items, such as things that consumers use together
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Market Share
% of a market accounted for by a specific entity
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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
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Market Growth Rate
The annual rate of growth of the specific market in which the product competes
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Market Penetration Strategy
Growth strategy that employs the existing marketing mix and focuses the firm's efforts on existing customers
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Market Development Strategy
Growth strategy that aims to reach new market segments (domestic or international)
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Product Development Strategy
Offers a new product or service to a firm's current target market
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Diversification strategy
Firm introduces a new product to a market segment that it does not currently serve
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