Study Guide - Final

Study Guide - Final - Marketing Study Guide Final Exam...

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Marketing Study Guide Final Exam Chapter 2 Marketing management process – the process of 1) planning marketing activities, 2) directing implementation of the plans, and 3) controlling these plans Strategic (management) planning – the managerial process of developing and maintaining a match between an organization’s resources and its market opportunities Marketing strategy – specifies a target market and a related marketing mix. The big picture of what a firm wants to do. Target market – a similar group of customers to whom a company wishes to appeal Marketing mix – the controllable variables the company puts together to satisfy this target group Target marketing – a marketing mix is tailored to fit some specific target customers Mass marketing – aims at “everyone” with the same marketing mix, assumes that everyone is the same and considers everyone to be a potential customer Product – concerned with developing the right “product” for the target market Place – concerned with all the decisions involved in getting the “right” product to the target markets Place. (making sure it’s available where its wanted) Promotion – concerned with telling the target market about the “right” product Price – must consider the kind of competition in the target market and the cost of the whole marketing mix o Price setting – pricing objectives, price flexibility, price changes over the life cycle, discounts and allowances, geographic pricing terms, legal environment, cost and demand, price sensitivity, competition and substitutes, price of other products in the line Channel of distribution – any series of firms that participate in the flow of products from producer to final user Personal selling – involves direct spoken communication between sellers and potential customers Mass selling – communicating with large numbers of customers at the same time. Advertising – any paid form of non-personal presentation of idea, goods, or services by an identified sponsor Publicity – any unpaid form of non-personal presentation of ideas, goods, or services Sales promotion – the promotion activities – other than advertising, publicity, and personal selling that stimulate interest, trial, or purchase (ex. coupons, samples, contests, etc…) Marketing plan – a written statement of a marketing strategy and the time-related details for carrying it out 1. what marketing mix will be offered, to whom, and for how long 2. what company resources will be needed and at what rate 3. what results are expected Implementation – putting marketing plans into operation Operational decisions – 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 (an integrated part of the whole-company strategic plan) 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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Study Guide - Final - Marketing Study Guide Final Exam...

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