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Marketing Management Process
- The process of
- 1) Planning marketing activities
- 2) Directing the implementation of the plans
- 3) Controlling these plans
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Strategic (Management) Planning
The managerial process of developing and maintaining a match between an organization's resources and its market opportunities
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Marketing Strategy
Specifies a target market and a related marketing mix
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Target Market
A fairly homogeneous (similar) group of customers to whom a company wishes to appeal
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Marketing Mix
The controllable variables that the company puts together to satisfy a target group
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Target Marketing
A marketing mix is tailored to fit some specific target customers
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Mass Marketing
The typical production-oriented approach that vaguely aims at everyone with the same marketing mix
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Channel of Distribution
Any series of firms or individuals who participate in the flow of products from producer to final user or consumer
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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
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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
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Mass Selling
Communicating with large numbers of potential customers at the same time
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Advertising
Any paid form of non-personal presentation of ideas, goods, or services by an identified sponsor
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Publicity
Any unpaid form of non-personal presentation of ideas, goods, or services
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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
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Marketing Plan
A written statement of a marketing strategy and the time-related details for carrying out the strategy
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Implementation
Putting marketing plans into operation
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Operational Decision
Short-run decisions to help implement strategies
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Marketing Program
Blends all of the firm's marketing plans into one big plan
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Customer Equity
The expected earnings stream (profitability) of a firm's current and prospective customers over some period of time
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Breakthrough Opportunities
Opportunities that help innovators develop hard-to-copy marketing strategies that will be very profitable for a long time
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Competitive Advantage
A firm has a marketing mix that the target market sees as better than a competitor's mix
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S.W.O.T. Analysis
Identifies and lists the firm's strengths and weaknesses and its opportunities and threats
- Strengths
- Weaknesses
- Opportunities
- Threats
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Differentiation
The marketing mix is distinct from and better than what is available from a competitor
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Market Penetration
Trying to increase sales of a firm's present products in its present markets - probably through a more aggressive marketing mix
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Market Development
Trying to increase sales by selling present products in new markets
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Product Development
Offering new or improved products for present markets
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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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