Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
MK 498 Exam 1
| Term | Definition |
|---|---|
| market | collection of buyers and sellers |
| marketspace | electronic marketplaces unbound by time or space |
| commoditization | Consequence of mature industries where slowing innovation, extensive product assortment, excess supply, and frugal consumers force margins to the floor |
| metamarket | Cluster of closely related goods and services that center around a specific consumption activity |
| market | Group of individuals or institutions with similar needs that can be met by a specific product |
| metamediary | Provides a single access point where buyers can locate and contact many different sellers in the metamarket |
| exchange | Process of obtaining something of value by offering something in return |
| product | Something acquired through an exchange to satisfy a need or want |
| utility | Ability of a product to satisfy a customer’s need or want |
| Form utility | Product contains distinguishing attributes |
| time utility | Product is available when customer wants it |
| place utility | Product is available where customers want it |
| possession utility | Deals with easy transfer of ownership or title |
| psychological utility | Product provides positive experiential attributes that customers find satisfying |
| strategy | Firm’s game plan for success |
| tactical planning | Focusing on specific markets or market segments and the marketing programs that meet their needs |
| marketing plan | Outlining the marketing program |
| internal analysis | Analyzing the firm’s current and future performance and sustainability strategies |
| competitive intelligence | Analyzing competing businesses (direct or indirect) |
| environmental scanning | Analyzing the external environment |
| situational analysis | Collecting and interpreting internal, competitive, and environmental information |
| competitive advantage | Advantage a firm has over competitors |
| social responsibility | Firm's obligation to maximize positive impact on society while minimizing negative impact |
| marketing ethics | Principles and standards that define acceptable conduct in marketing activities |
| marketing implementation | Process of executing the marketing plan |
| situational analysis | In-depth analysis of firm’s internal and external environments |
| marketing plan | Written document providing the blueprint of a firm’s marketing activities |
| mission statement | Clear and concise, explains the organization’s reason for existence |
| vision statement | Tends to be future-oriented, represents where the organization is headed and where it wants to go |
| broad statement width | can help establish plans in areas with limited strength |
| narrow statement width | can limit a firm’s vision |
| stability of a statement | depends on the frequency of modifications |
| strategic planning process | |
| Comprehensive, flexible, consistent, and logical | qualities of a good marketing plan |
| Executive Summary Situation analysis SWOT analysis Marketing goals and objectives Marketing strategy Marketing implementation Evaluation and control | structure of a marketing plan |
| customer-focused planning | Prioritizes customer needs and wants |
| balanced performance scorecard | created to counter the problem of traditional planning approaches failing to capture value created by firm’s intangible assets |
| internal, external, customer | 3 environments of situation analysis |
| data | Collection of numbers or facts that have the potential to provide information |
| information | Data transformed or combined with other data in a manner that makes them useful to decision makers |
| Who, what, where, when, and why | analysis method 5W model |
| internal environment | review of current marketing objectives, strategy, and performance, current and anticipated organizational resources, and current and anticipated cultural and structural issues |
| customer environment | examining firm's current and potential customers, prevailing needs of current and potential customers, basic features of the firm’s and competitor’s products that meets customers’ needs, anticipated changes in customer-needs |
| external environment | examining competitors, economic growth and stability, political trends legal and regulatory issues, technological advancements |
| brand competitors | Market products with similar features and benefits to the same customers at similar prices |
| product competitors | Compete in the same product class, but with products that are different in features, benefits, and price |
| generic competitors | Market very different products that solve the same problem or satisfy the same basic customer need |
| total budget competitors | Compete for the limited financial resources of the same customers |
| frontstage technology | Advances that are most noticeable to customers |
| backstage technology | Advantages that are not noticeable to customers |
| sociocultural factors | Social and cultural influences that cause changes in attitudes, beliefs, norms, customs, and lifestyles, help determine what, where, how, and when purchases are made |
| demographic trends | Decline in the teen population Increasing number of single-parent families |
| sociocultural trends | Change in demographics Change in customer values |
| lifestyle trends | Increase in the number of American citizens postponing retirement Increase in vacationing at home (staycation) |
| value trends | Growing disconnect with government |
| corporate affairs | Collection of strategic activities that are aimed at marketing a firm, its issues, and its ideals to stakeholders |
| Internal data sources Government sources Book and periodical sources Commercial data sources | secondary data sources |
| Direct observation, focus groups, surveys, and experiments | primary data sources |
| primary data | data that you collect yourself |
| secondary data | data that has already been collected by someone else that you use for your research |
| Strengths and weaknesses, opportunities and threats | SWOT |
| SWOT analysis | Widely used framework for organizing and utilizing pieces of data and information gained from situation analysis, includes both internal and external environments |
| Allows firms to create lists without serious consideration of issues Becomes a sterile academic exercise of classifying data and information | criticisms of SWOT analysis |
| Simplicity Lower costs Flexibility Integration and synthesis Collaboration | benefits of SWOT analysis |
| Operational excellence Product leadership Customer intimacy | 3 strategies for developing and leveraging a competitive advantage |
| operational excellence | Low cost operations and totally dependable product supply |
| product leadership | Basic research or rapid research interpretation |
| customer intimacy | Exceptional skills in discovering customer needs |
| aggressive | many internal strengths/many external opportunities |
| diversification | many internal strengths/many external threats |
| turnaround | many internal weaknesses/many external opportunities |
| defensive | many internal weaknesses/external threats |
| strategy canvas | Helps visually identify strategic focus |
| four actions framework | Used to reorient firm’s strategic focus away from the competition (reduce, eliminate, raise, create) |
| horizontal axis | Identifies factors that the industry currently competes with and what customers receive from existing product offerings |
| vertical axis | Identifies offering level received by buyers for each factor |
| value curve | Identifies the firm’s relative performance across its industry’s factors of competition |
| continuous objectives | Current objectives are similar to objectives set in the previous planning period, objectives that are only slightly modified over time do not need new strategies, increased effort, or better implementation to be achieved |
| discontinuous objectives | Elevate the level of performance on a given outcome factor, require new strategies to achieve higher performance, often a part of applying for the Malcolm Baldrige National Quality Award |
| commodity hell | buying something at the lowest price because every other aspect is the same |
| utility | use you get out of a product |
| place, price, promotion, product | 4 Ps of marketing (5th is people) |
| value | what you get for what you give |
| sustainable competitive advantage | something you're going to be able to do better than your competitors for a while |
| product positioning | where a product has been placed in the consumers' mind |
| social responsibility | firm's obligation to maximize positive impact on society while minimizing negative impact |
| analysis paralysis | getting lost in the vast amounts of data |
| environmental scanning | analyzing the external environment (economic, legal, political, tech, cultural) |
| marketing myopia | short-sided, narrow view of things, being defined by the one thing you do |
| mission statement | cornerstone of marketing plan |
| external market | customers, investors, suppliers, and society |
| internal market | employees, managers, and executives |
| competitive analysis | identification, characteristics, assessments, capabilities, response |
| ethnographic research | when researchers go out into the field to study people's behaviors |
| would it exist even if your company did not exist | key question to ask to know if something is external |
| decentralized | you don't have to go to the managers/CEOs to make certain decisions |
| blue ocean strategy | not many competitors, find your own empty space |
Created by:
pace_sauce
Popular Marketing sets