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Marketing Chapter 2
| Term | Definition |
|---|---|
| Planning Phase | executives and other top managers define the mission and objectives of the business, and evaluate the situation by assessing how various players, both inside and outside the organization, affect the firm’s potential for success |
| Implementation Phase | managers identify and evaluate different opportunities by engaging in a process known as segmentation, targeting, and positioning. They then develop and implement the marketing mix by using the four Ps |
| Control Phase | the part of the strategic marketing planning process when managers evaluate the performance of the marketing strategy and take any necessary corrective actions |
| Mission Statement | broad description of a firm’s objectives and the scope of activities it plans to undertake |
| Situation Analysis | second step in the marketing plan, uses SWOT analysis to assess internal and external environment |
| Market Segment | group of consumers who respond similarly to a firm’s marketing efforts |
| Market Segmentation | the process of dividing the market into distinct groups of customers which have similar needs |
| Target Marketing | process of evaluating the attractiveness of various segments and then deciding which to pursue as a market |
| Market Positioning | involves the process of defining the marketing mix variables so that target customers have a clear, distinct, desirable understanding of what the product does in comparison with competing products |
| Strategic Business Unit | a division of the company that can be managed somewhat independently from other divisions since it markets a specific set of products to a clearly defined group of customers |
| Product Line | a group of products that consumers may use together or perceive as similar in some way |
| Relative Market Share | a measure of the product’s strength in a particular market |
| Market Growth Rate | annual rate of growth of the specific market in which the product competes |
| Market Penetration Strategy | a growth strategy that employs the existing marketing mix and focuses the firm’s efforts on existing customers |
| Market Development Strategy | a growth strategy that employs the existing marketing offering to reach new market segments, whether domestic or international or segments not currently served by the firm |
| Product Development Strategy | a growth strategy that offers a new product or service to a firm’s current target market |
| Diversification Strategy | a growth strategy whereby a firm introduces a new product or service to a market segment that it does not currently serve |
| Marketing Strategy | identifies a firm’s target market, a related marketing mix (4 Ps) and the bases upon which the firm plans to build a sustainable competitive advantage |
| Sustainable Competitive Advantage | something the firm can persistently do better than its competitors, not easily copied and thus can be maintained over a long period of time |
| Customer Excellence | focuses on retaining loyal customers and excellent customer service |
| Operational Excellence | achieved through efficient operations and excellent supply chain and human resource management |
| Product Excellence | having products with high perceived value and effective branding and positioning |
| Locational Excellence | having a good physical location and Internet presence |
Created by:
hannahentsch