Chapter 2 - Marketing Management Flashcards Preview

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Flashcards in Chapter 2 - Marketing Management Deck (12):
1

Define marketing management (1)

- process of developing fit between strength and market changing opportunity

2

The marketing strength (internal) (6)

- brand reputation
- product quality
- cost efficacy
- supply/distribution alliance
- production capacity
- patent production

3

The marketing opportunity (external) (6)

- competitor intensity
- demand
- market share
- market growth
- economic stability
- industry profitability

4

What does a market strategy include (4)

- market objective: mission, what you want to accomplish
- environmental assessment: PESTLE, micro and macro
- product/market assessment
- market strategy

5

define marketing myopia (1)

- focus more on the product rather than the needs (not covering a broader range)

6

Three different competitive forces (3)

- brand competition: competing products with similar features (Cola and Pepsi)
- product competition: competing product that are in the same product class but with different features (Cola and Ice Tea and Root beer)
- total budge competition: competing product for discretionary income across different classes, satisfying the same needs (caffeine: soft drink, coffee, energy drink)

7

The four marketing assessment (4)

- market penetration: existing market, existing product
- market development: new market, existing product
- product development: existing market, new product
- diversification: new product, new market

8

Market penetration problem and strategies (6)

- increase market share, buyer consumption, potential customers
- strategies: lower price, expand, promotion

9

Product development problem and strategies (3)

- product line/product innovation
- strategies: brand equity

10

Market development problem and strategies (5)

- different geographical location and demographic
- strategies: modification, communication campaign, alternative distribution outlets

11

Diversification problem and strategies (3)

- product innovation
- strategies: line extension, multi product

12

What does a value proposition need to include (4)

- target market
- product
- competitors
- competitive advantage