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Flashcards in Chapter 2 Deck (29)
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0
Q

New marketing challenges

A
Information technology 
Nonprofit
Globalization 
Changing world economy- privatization, liberal export and import policies, growing middle class, and emerging economies 
Target marketing
1
Q

Customer relationship management

A

Must be concerned with the lifetime value of the customer.
Takes more time to attract new customer than to keep a current customer satisfied.
Key is to attract retain and grow customers.

2
Q

Strategic planning process

A

Involves developing an overall company strategy for long-run survival and growth

3
Q

Process involves

A

Defining a mission
Setting company objectives
Designing a business portfolio
Planning functional strategies

4
Q

Market growth

A

The demand for a product

5
Q

Market share

A

Sales for specific companies brand in the market

6
Q

Industry attractiveness is similar to

A

Growth rate

7
Q

Business strength is similar to

A

Market share

8
Q

Industry attractiveness factors

A

Market size, growth rate, competition, profit margins and technology

9
Q

Business strength factors

A

Market share, product quality, brand factors, opportunities and threats

10
Q

Market penetration

A

Trying to grow their sales with existing products and customers.

— aggressive promotion, price cut, selling to more places, improving product without developing new one

11
Q

Product development

A

Develop new products for exsist ing customers

— newer phones, new cars, new version of word

12
Q

Market development

A

Grow existing products to new customers/markets

—moving disney to Japan

13
Q

Diversification

A

Brand new products and new customers.

— sony

14
Q

Functions of marketing

A

Buying, selling, storing, financing, standardization/grading, risk taking, transporting, market information

15
Q

Marketing concept

A

Customer satisfaction and profit

— group of doctors set up group practice so that at least one is available for emergencies

— ATM placed in airport terminals

16
Q

Mission statement

A

What the organization wants to accomplish

17
Q

Business portfolio

A

The collection of businesses and products that make up the company.

— one that best fits the companies strengths and weaknesses

18
Q

Portfolios analysis

A

By which management evaluates the products and businesses that make up the company

19
Q

Value chain

A

The series of internal departments that carry out value-creating activities to design,produce, market,deliver and support a firms products

20
Q

Marketing mix

A

Product, price, promotion and place

21
Q

Positioning

A

Kind of image you want your customers to perceive product versus too competition

22
Q

Product

A

Descions about product design, features, branding, packaging and positioning

23
Q

Pricing

A

Determining price level and discounts, price relationship compared to other products?

24
Q

Promotion

A

Advertising, sales promotion, publicity, personal selling

25
Q

Place (distribution)

A

Retailing, channels of distribution, logistics

26
Q

Direct channels

A

Just you the company

27
Q

Indirect channels

A

Having others sell your product too

28
Q

Marketing audit

A

Evaluation of the company’s marketing assets, good for reviewing strategies

Environmental strategy, systems, organizations and productivity