chapter 2 marketing

Strategy

an organization's long-term course of action designed to deliver a unique customer experience while achieving its goals.

Organization

legal entities of people who share a common mission

Marketing plan

a road map for marketing activities of an organization for a specified future time period, such as one year or five years

Competitive advantage

a unique strength relative to competitors that provides superior returns, often based on quality, time, cost, or innovation.

Marketing development

the marketing strategy to sell current products to new markets is

Marketing penetration

a marketing strategy that tries to increase sales of current products in current markets

Product development

a marketing strategy that entails selling new products in the current market

Diversification

a marketing strategy of developing new products to sell in a new market

Strategic marketing process

an approach whereby an organization allocates its marketing mix resources to reach its target markets.

Situation analysis

involves taking stock of where the firm or product has been recently, where it is now, and where it is headed in terms of the organization's marketing plans and the external forces and trends affecting it.

The SWOT acronym stands for

strengths, weaknesses, opportunities, threats

Market Segmentation

involves aggregating prospective buyers into groups, or segments, that (1) have common needs and (2) will respond similarly to a marketing action

Points of difference

those characteristics of a product that make it superior to competitive substitutes.

Product strategies

what product to make, how to package it, what brand name to use, what image to project

Price strategies

the method of setting profitable and justifiable prices using credit terms, discounts, allowances, credit terms, and payment period

Promotion strategies

The unique combination of personal selling, advertising, traditional advertising, publicity, sales promotion, to stimulate the target market to buy a product.

Place strategies

The decisions about how the products will be sold - the outlets, channels, coverage, transportation, and stock level

List the three steps of the implementation phase of the strategic marketing process:

1. SWOT Analysis
2. Market-product focus and goal setting
3. Marketing program

Organization's Mission statement

statement of the organization's function in society that often identifies its customers, markets, products, and technologies. The term is often used interchangeably with vision.

Core values

are the fundamental, passionate, and enduring principles of an organization that guide its conduct over time.

Diversification analysis

a technique that helps a firm search for growth opportunities from among current and new markets as well as current and new products

Statements of an accomplishment of a task to be achieved, often by a specific time are

a roadmap for the marketing activities of an organization for a specified future time period

Organizational culture

the set of values, ideas, attitudes, and norms of behavior that is learned and shared among the members of an organization

The three phases of the strategic management process are:

1. planning
2. implementation
3. evaluation