Marketing Midterm topics 1-2

what is marketing?

the set of strategies by which companies acquire and engage customers, build strong relationships, and create superior customer value to capture value from customers in return

marketing myopia

mistake of paying more attention to products than the customer benefits of the product

strategic planning

process of developing and maintaining a profitable long term fit between goals, capabilities and marketing opportunities

strategic planning process

choose mission, choose businesses/products, develop marketing plan

market penetration

increase sales to current customers without changing original products

market development

identifying and developing new markets for current products

mission statement

statement of organizations purpose and what it wants to accomplish

what makes for a good mission statement

realistic, specific, motivating, fit the market environment, and based on distinctive competences

components of portfolio analysis

cash cows, stars, question marks, dogs

4 Ps

product, price, promotion, placement