Prelim 1 Key Terms and Outline

Prelim 1 Key Terms and Outline - Prelim 1 Key Terms Chapter...

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Prelim 1 Key Terms Chapter 1 Customer value pg 13 – buyers’ benefits including quality, price, convenience, on-time delivery, and before and after-sale service Environmental forces pg 12 – SECTR: social, economic, culture, technology, regulations Exchange pg 8 Market pg 11 Marketing pg 8 – provides value to customers through close relationships with them to benefit the organization and those closely related to it Marketing concept pg 17 – idea that an organization should strive to satisfy the needs of consumers while also trying to achieve the organization’s goals Marketing mix pg 12- 4 p’s; product, place, price, promotion Marketing program pg 14 – plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers Market orientation pg 17 – focusing organizational efforts to collect and use information about customers’ needs to create customer value Organizational buyers pg 18 Relationship marketing pg 14 Societal marketing concept pg 17 Target market pg 12 Ultimate consumers pg 18 Utility pg 18 – the benefits or customer value received by users of the product; four different utilities: form, place, time, and possession Chapter 2 Setting Strategic Directions Where are we now? Customers Competencies
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Competitors Where do we want to go? Business portfolio analysis Boston Consulting Group (BCG) strategic business units Cash cows, stars, question marks, and dogs Market-Product Analysis Market development vs product development vs diversification Strategic Marketing Process: The Planning Phase Step 1: Situation (SWOT) Analysis Build on a strength Correct a weakness Exploit an opportunity Avoid a disaster-laden threat Step 2: Market- Product Focus and Goal Setting Set marketing and product goals Select target markets Find points of difference Position the product Step 3: Marketing Program (Marketing Mix) Product strategy Price strategy Promotion strategy Place strategy Strategic Marketing Process: The Implementation Phase Obtaining Resources Designing the Marketing Organization Developing Schedules Executing the Marketing Program Strategic Marketing Process: The Control Phase Comparing results with plans to identify deviations Acting on deviations Goals/objectives pg 27 – targets of performance to be achieved, often by a specific time Marketing plan pg 33 – road map for the marketing activities of an organization for a specified future period of time; formalized strategic marketing process Marketing strategy pg 38 – means why which a marketing goal is to be achieved Marketing tactics pg 39 – detailed day to day operational decisions essential to the overall success of marketing strategies Market segmentation pg 35
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Market share pg 27
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  • Summer '07
  • MCLAUGHLIN,E.
  • Marketing, marketing concept pg, Marketing program pg, Marketing mix pg, Relationship marketing pg, marketing process pg

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