MatO's Marketing 101 Ch 02

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Anonymous
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238269
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MatO's Marketing 101 Ch 02
Updated:
2013-10-01 22:40:36
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Marketing
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Vocab Ch 02
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  1. Marketing Management Process
    • The process of¬†
    • 1) Planning marketing activities
    • 2) Directing the implementation of the plans
    • 3) Controlling these plans
  2. Strategic (Management) Planning
    The managerial process of developing and maintaining a match between an organization's resources and its market opportunities
  3. Marketing Strategy
    Specifies a target market and a related marketing mix
  4. Target Market
    A fairly homogeneous (similar) group of customers to whom a company wishes to appeal
  5. Marketing Mix
    The controllable variables that the company puts together to satisfy a target group
  6. Target Marketing
    A marketing mix is tailored to fit some specific target customers
  7. Mass Marketing
    The typical production-oriented approach that vaguely aims at everyone with the same marketing mix
  8. Channel of Distribution
    Any series of firms or individuals who participate in the flow of products from producer to final user or consumer
  9. Personal Selling
    Direct spoken communication between sellers and potential customers, usually in person but sometimes over the telephone or even via a video conference over the internet
  10. Customer Service
    A personal communication between a seller and a customer who wants the seller to resolve a problem with a purchase - is often the key to building repeat business
  11. Mass Selling
    Communicating with large numbers of potential customers at the same time
  12. Advertising
    Any paid form of non-personal presentation of ideas, goods, or services by an identified sponsor
  13. Publicity
    Any unpaid form of non-personal presentation of ideas, goods, or services
  14. Sales Promotion
    Those promotion activities - other than advertising, publicity, and personal selling - that stimulate interest, trial, or purchase by final customers or others in the channel
  15. Marketing Plan
    A written statement of a marketing strategy and the time-related details for carrying out the strategy
  16. Implementation
    Putting marketing plans into operation
  17. Operational Decision
    Short-run decisions to help implement strategies
  18. Marketing Program
    Blends all of the firm's marketing plans into one big plan
  19. Customer Equity
    The expected earnings stream (profitability) of a firm's current and prospective customers over some period of time
  20. Breakthrough Opportunities
    Opportunities that help innovators develop hard-to-copy marketing strategies that will be very profitable for a long time
  21. Competitive Advantage
    A firm has a marketing mix that the target market sees as better than a competitor's mix
  22. S.W.O.T. Analysis
    Identifies and lists the firm's strengths and weaknesses and its opportunities and threats

    • Strengths
    • Weaknesses
    • Opportunities
    • Threats
  23. Differentiation
    The marketing mix is distinct from and better than what is available from a competitor
  24. Market Penetration
    Trying to increase sales of a firm's present products in its present markets - probably through a more aggressive marketing mix
  25. Market Development
    Trying to increase sales by selling present products in new markets
  26. Product Development
    Offering new or improved products for present markets
  27. Diversification
    Moving into totally different lines of business - perhaps entirely unfamiliar products, markets, or even levels in the product - marketing system

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