Marketing Final
Market opportunity analysis, size, sales, competitors
A _____________________ _____________________ ____________________ describes and estimates the si_____ and sa_______ potential of market segments of interest to the firm and assesses key __________________ in these market segments.
Mission, products, produce
A firm's _________________ statement should answer the question, "What ___________ do we ____________ best?"
Increase, success
A good promotional strategy can ____________ sales, but does not guarantee ___________
Perceptual mapping
A means of displaying or graphing, in two or more dimensions, the location of products, brands, or groups of products in customers' minds
New-product strategy
A plan that links the new-product development process with the objectives of the marketing department, the business unit, and the corporation
Technologies, markets, strategic business units
A popular technique for managing a large organization with different t__________________ and m_____________ is to divide it into ___________________ ________________ ___________
Product differentiation
A positioning strategy that some firms use to distinguish their products from those of competitors
Theme, slogan, advertising appeals, advertising campaign
A series of related advertisements focusing on a common ___________, s_____________, and set of a___________________ a________________ is referred to as an _______________________ __________________.
Advertising campaign
A series of related advertisements focusing on a common theme, slogan, and set of advertising appeals
Age, marital status, children, life cycle
A series of stages determined by a combination of ________, _____________ ____________, and the presence or absence of __________ is known as the Family ________ __________
Benefits, present, potential, existing, anticipated, environmental
A statement of the firm's business based on a careful analysis of ____________ sought by pr___________ and po_____________ customers and an analysis of e___________ and a________________ ___________________conditions is known as the Mission Statement
Market segment
A subgroup of people or organizations sharing one or more characteristics that cause them to have similar product needs
Concept test
A test to evaluate a new-product idea, usually before any prototype has been created. Often successful for line extensions
Desirable, exclusive, believable, appeal, campaign
A unique selling proposition is a d_________________, e____________________, and b___________________ advertising _________________ selected as the theme for a ________________
Marketing plan
A written document that acts as a guidebook of marketing activities for the marketing manager is known as the _________________ _________
Attention, interest, desire, action
AIDA is an acronym for a_______________, i_____________, d___________, and a___________
Large, low, micro, high, small
Advertising Advantages: Reach ________ number of people _______ cost per contact Can be _________-targeted Advertising Disadvantages: Total cost is ______ National reach is expensive for _______ companies
Impersonal, sponsor, one, mass
Advertising is any form of ___________________, ______________-paid, _______-way ________ communication
Traditional, mail, kiosks
Advertising: Most commonly distributed by ________________ media, though increasingly through non-traditional media such as web sites, e-______, blogs, and interactive video ____________ in malls and supermarkets
Build, hold, harvest, divest
After categorizing the SBUs (Strategic Business Unit), a company has to determine how to allocate resources to each SBU... 4 strategies are: 1. B_______ 2. H_______ 3. H__________ 4. D__________
Cash cows, stars, problem children, dogs
All of the following are categories used in the Boston Consulting Group's portfolio matrix: ____________ _________ s__________ _______________ ____________ (question marks) _____________
Advertising objective
An ___________________ _______________________ is a specific communication task that a campaign should accomplish for a specified target audience during a specified period
Strategic, products, markets
Ansoff's Opportunity Matrix is one of the most commonly used tools to determine a company's _____________ direction. It matches p______________ with m______________. The 4 options are market penetration, market development, product development, and diversification.
Brainstorming, focus group
Approaches for New Product Development: 1. B_________________ 2. F_____________ ______________
Market development
Attract new customers to existing products
Geography, demographics, psychographics, benefits sought, usage rate
Bases for Segmentation: G________________ D__________________ P_______________________ B______________ s_______________ U____________ r___________
Negative
Because marketers do not control consumers' comments on social media sites such as Twitter and Facebook there is a chance that comments and postings will be _______________
Creative, goals, objectives
Before any ______________ work can begin on an advertising campaign, it is important to determine what g____________ or o___________________ the advertising should achieve
Star, cash cow, question mark, dog, strategic, market, profitability
Boston Consulting Group Portfolio Matrix: 1. ____________ 2. _________ __________ 3. _______________ _______ 4. ______ Model for selecting _____________ alternatives The assumption is that ___________ share and __________________ are strongly linked
Television, newspaper, mass
Communication to large audiences, usually through a medium such as t_______________ or a n________________, is called ________ communication
High product quality, rapid delivery, low prices, excellent service, unique features
Competitive Advantage: H________ p___________ q__________ R____________ d____________ L______ p___________ E___________ s____________ U___________ f___________
Organizational, production, marketing, financial, brand, capabilities, technology
Components of the SWOT analysis: Focus on ___________________ resources: 1. __________________ costs 2. __________________ skills 3. _________________ resources 4. Company or __________ image 5. Employee _________________ 6. t_______________
Demand, cost, sales, profitability
Considerations in Business Analysis Stage: D_____________ C_________ S_________ P_________________
Geographic
Consumers in Louisiana love hot sauce, and Tabasco and Crystal brands are particularly popular there. Consumers in Michigan do not like hot food, so they purchase very little hot sauce. A national chain of grocery stores would likely use ______________segmentation when stocking condiment merchandise.
Product development
Create new products for present markets
Objectives, creative, media, evaluate
Creative Decisions in Advertising: 1. Determine the advertising _______________ 2. Make ____________ decisions 3. Make __________ decisions 4. ___________ the campaign
Benefits, appeals, message, effectiveness
Creative Decisions: Identify product _______________ Develop and evaluate advertising ___________ Execute the ___________ Evaluate the campaign's ____________________
Philosophy, direction, motivate, clarify, basis
Criteria for Good Marketing Objectives: 1. Communicating marketing management _______________ 2. Provide management ________________ 3. _____________ employees 4. Force executives to ______________ their thinking 5. Form a _________ control
Accessibility
Criteria for Segmentation: Members of targeted segments must be reachable with marketing mix
Substantiality
Criteria for Segmentation: Segment must be large enough to warrant a special marketing mix
Identifiability & Measurability
Criteria for Segmentation: Segments must be identifiable and their size measurable
Responsiveness
Criteria for Segmentation: Unless segment responds to a marketing mix differently, no separate treatment is needed
Strategy, competitive
Market segmentation plays a key role in the marketing _______________ of organizations, leading to _______________ advantage
Demographics, widely, age, gender, purchasing, consumption
Marketers use ___________________ to segment markets because this information is ___________ available, and factors such as a_______ or g_________ are often related to consumer p________________ and c________________ behavior.
Inform, persuade, remind, develop messages, adapt messages, spot new communication opportunities
Marketing Communication: As senders: I____________ P_____________ R_____________ As receivers: D______________ m_____________ A_________ m______________ S______ n______ c______________ o______________
Target, mix, product, promotion, price, distribution
Marketing Strategy: A. ____________ market strategy B, Marketing _______ -Pr__________ -Prom___________ -Pri_________ -D___________________
Planning, lines, channels, pricing, plan
Marketing ______________ is the basis for all marketing strategies and decisions. Issues such as product __________, distribution ______________, marketing communications, and p__________ are all delineated in the marketing _________
Product development
Mcdonald''s introduces yogurt parfaits, salads, and fruit to offer customers more healthy options. This is an example of ______________ ________________.
Commitment, company, capitalize, experience, environment
New Product Success Factors: 1. Make the long-term _________________ needed to support innovation and new product development 2. Use a _____________-specific approach, driven by corporate strategy and objectives, with a well-defined new-product strategy 3. C_________________ on e______________ to achieve and maintain competitive advantage 4. Establish an ______________ conducive to achieving company-specific new-product and corporate objectives
Strategy, idea, screening, business analysis, development, test marketing, commercialization
New-Product Development Process: 1. New-product _______________ 2. _________ generation 3. Idea _______________ 4. B_______________ a___________________ 5. D________________ 6. T________ m__________________ 7. C____________________ 8. New product
Opportunities
O in SWOT: conditions in the external environment that favor strengths
Advertising objectives, defining, advertising, goals, measured, advertising, results
One method used for setting _________________ ______________________ is the DAGMAR approach: D______________________ a_______________________ g______________________ for m___________________ a______________________ r________________
Free samples, contests, premiums, trade shows, vacation giveaways, coupons, end, trade, employees
Other Examples of Sales Promotions: F___________ s__________ Con____________ P_______________ T___________ s___________ V_______________ g_________________ C_____________ These promotions may be targeted at: _____ consumers, ___________ customers, or company ________________.
Market
People or organizations with needs or wants and the ability and willingness to buy
Personal selling
Planned presentation to one or more prospective buyers for the purpose of making a sale
Anticipating, strategies, organizational
Planning is the process of ______________ events and determining _________________ to achieve ___________________ objectives.
Flexible, change, price, sold, revenue, competitive weapon
Price: The most _______________ of the 4 ps, quickest to ________. P_________xunits _________= r__________ Price is an important c_______________ w____________
Pull
Proctor & Gamble uses cents-off campaigns, couponing, and free samples to increase sales of Tide detergent. In other words, it uses a _______ promotional strategy
Large, market needs
Product failure: Despite the amount of time and money spent on developing and testing new products, a ____________ proportion of new product introductions fail The most important factor in successful new product introduction is a good match between the product and m__________ n__________
Longer, cost, top
Product/Service Differentiation tends to provide a __________lasting competitive advantage than does ________competitive advantage. As a result, this strategy is more attractive to many ______ managers.
Marketing mix, target, objectives, mix, target, goals, plan
Promotion is one of the 4 P's in the _____________ _______ which helps to define the ____________ market and overall marketing _______________. The promotional _____ is a combination of all the promotional tools-including advertising, public relations, personal selling, sales promotion, and social media-used to reach the ___________ market and fulfill the organizations overall __________. The promotional mix leads to a promotional ________.
Exchanges, informing, educating, persuading, reminding, advertising, public relations, sales promotion, personal selling
Promotion: 1. Role is to bring about ____________ with target markets by: -I______________ -E_____________ -P_______________ -R______________ 2. Includes integration of -A______________ -P______________ r_______________ -S_____________ p_______________ P______________ s_____________-
Promotion, advertising, public relations, personal selling, sales promotion, social media
Promotional Strategy: A plan for the optimal use of the elements of _____________: A_______________ P____________ r_______________ P___________ s____________ S__________ p____________ S____________ m___________
Attitudes, interested, program, understanding
Public Relations: Evaluates public _______________, identifies areas within the organization that public may be _______________ in, and executes a ______________ to earn public __________________
Strengths
S in SWOT: internal things the business does well
Product, place, promotion, pricing, mutually, target
The Marketing Mix is the unique blend of p_____________, pl____________, prom_____________, and pri_____________strategies designed to produce __________________ satisfying exchanges with a __________ market.
Minimum, exposure, measurably, purchase
Why do companies with new brands that have a small market share tend to spend proportionately more for advertising and sales promotions compared to those with a large market share for existing products? Answer: To achieve a certain __________________ level of _______________ to _____________________ affect _______________ habits
Objectives, succeed, good
Why write a marketing plan? 1. The creation and implementation of a complete marketing plan will allow the organization to achieve marketing ____________________ and to _____________ 2. But, the marketing plan is only as ________ as the information it contains and the effort, creativity, and thought that went into its creation
Public relations, public attitudes, interested, action
__________________ ___________________: the marketing function that evaluates ________________ _______________, identifies areas within the organization that the public may be ________________ in, and executes a program of ______________ to gain public understanding
Market segmentation, similar, identifiable
__________________ ______________________ is the process of dividing a market into meaningful groups that are relatively s___________ and i_______________
Promotion, informs, persuades, reminds, opinion, response
__________________ is communication by marketers that i_____________, p_______________, and r______________ potential buyers of a product in order to influence their _______________ or elicit a _____________
Reach, period, four
__________________ measures the number of target consumers exposed to a commercial at least once during a specific ____________, usually _____________ weeks
Repositioning, existing, new, new product
__________________ occurs when an ______________ product z is targeted toward ______ market segments. It is another type of ________-_____________ development because the product is new to that segment.
Strategic planning, objectives, resources, market
___________________ ________________ is the managerial process of creating and maintaining a fit between the organization's o______________ and r_______________ and the evolving ____________ opportunities.
Frequency, number, intensity
___________________ is a measure of the __________________ of times an individual is exposed to a brand message. It is used to measure the _________________ of a specific medium's coverage
Customer relationship management, interaction, satisfaction, long, profits
____________________ _______________ _________________is a marketing method that tracks _______________ with customers to optimize customer ________________ and ________-term company __________
Advertising, marketer
_____________________ is impersonal, one-way mass communication about a product or organization that is paid for by a ______________
Competitive, unique, superior, patronize, cost, product, service differentiation, niche
______________________ Advantages: -These are the set of ____________ features of a company and its products that are perceived by the target market as significant and ________________ to the competition. A firm's competitive advantage is the reason or reasons that cause customers to _______________ that firm and not the competition. -Reasons that consumers choose one firm vs. another: 1. C_______ 2. p______________/s_______________ d_________________ 3. N_____________
Strategic planning, managerial, fit, objectives, resources, market, long, strategic, resources
______________________ __________________ is the __________________ process of creating and maintaining a ______ between the organization's ________________ and r_________________ and the evolving _________________ opportunities. The goal is to sustain and increase ________-run profitability and growth. ____________ decisions require long-term commitments of ____________.
Integrated marketing communications, customer
_______________________ __________________ _____________________ is the careful coordination of all promotional activities to produce a consistent, unified message that is ______________ focused
Concentrated, niche, resources, narrowly, compete, strong, changing
_________________________ Targeting Strategy: A strategy used to select one segment of a market for targeting market efforts ______________: One segment of a market Advantage: Concentration of ______________, meets _________________ defined segment, small firms can ____________, ______________ positioning Disadvantages: Segments too small, or __________, large competitors may market to niche segment
Marketing objective
__________________________ ________________is defined as a statement of what is to be accomplished through marketing activities.
Multisegment
___________________________ Targeting Strategy: A strategy that chooses two or more well-defined market segments and develops a distinct marketing mix for each
Undifferentiated, savings, competition
______________________________ Targeting Strategy: A marketing approach that views the market as one big market with no individual segments and thus uses a single marketing mix Advantage: potential ______________ on production and marketing costs Disadvantages: Not targeted, company more susceptible to ________________
Segment, needs
A Market _____________ is a subgroup of individuals or organizations sharing one or more characteristics that cause them to have similar product _________
People, organizations, wants, needs, product, purchase, resources
A Market is a group of p_____________ or o_____________________ that has w__________ and n_________ that can be satisfied by ____________ categories, can ____________ these products, and is willing to exchange _________________ for the products.
Designs, implements, maintains, marketing mix, exchanges
A Target Market is a group of people or organizations for which an organization d____________, i____________, and m_____________ a __________________ _______ intended to meet the needs of that group, resulting in mutually satisfying _____________
New product strategy, development, marketing department, business unit, corporation
A _________ _______________ _____________ links the new-product __________________process with the objectives of the m_______________ d_____________, the b____________ u__________, and the c_______________.
Market
A ____________ is people or organizations that have: needs and wants and an ability and willingness to buy.
Strategic business unit
A ________________ ______________________ ____________ is a subgroup of a single business or collection of relates businesses within a larger organization and has listed characteristics: Frito Lay-Doritos, Lays, Ruffles, Sunchips Pepsi Bottling Group-Pepsi, Diet Pepsi, Mountain Dew, Amp Energy
Competitive, offering, target
A ________________ advantage is some unique aspect of a firm's _______________, or of the firm itself, that causes ____________ customers to patronize the firm rather than its competition
Situation analysis, strengths, weaknesses, opportunities, threats
A __________________ ________________ is a study conducted by an organization to identify its internal s_______________ and w________________ and examine external o___________________ and t________
Unique selling proposition
A ____________________ ________________ _____________________ is a desirable, exclusive, and believable advertising appeal selected as the theme for a campaign
Competitive advantage
A _____________________ _________________ is defined as a unique aspect of an organization that causes target consumers to patronize that firm rather than competitors
Commercialization, ordering, production, buildup, distribution, training, trade announcements, advertising
C________________: 1. ___________________ materials 2. P______________ 3. Inventory ________________ 4. ____________________ shipments 5. Sales force _______________ 6. T______________ a___________________ 7. Customer ______________
People, organizations, product categories, buy, resources, not
Characteristics of a Market: All markets share several characteristics: 1. They are composed of p______________ or _____________________ 2. These people or organizations have wants and needs that can be satisfied by particular ________________ _________________ 3. They have the ability to _____ the products they seek 4. They are willing to exchange their ________________, usually money or credit, for desired products A group of people that lacks any one of these characteristics is _______ a market
Impersonal, numbers, behavior, personal, direct, feedback, visible
Communication and the Internet: Traditional Advertising Model: I________________ _______________ driven Unquantifiable consumer ____________ Internet and Social Media Advertising P____________ ____________ communication ______________ driven Highly _____________ communication
Exchange, share, symbols, feelings, ideas, facts, attitudes
Communication is the process by which we e______________ or ______________ meanings through a common set of _____________. People also assign meanings to f_______________, i___________, f_________, and a______________
In, long, narrowly, myopia
Defining the Business Mission: -Answers, "What business are we ___" -The business mission profoundly affects the firm's ________-run resource allocation, profitability, and survival -Business missions' statements that are stated too _____________ suffer from marketing __________ (lack of imagination/foresight)
Age, gender, income, ethnic background, family life cylce
Demographic segmentation: A____ G____________ I__________ E__________ b______________ F___________ l__________ c__________
Strategy, exchanges, opportunity, estimation, competitors, target, one, one, multiple
Describing the target market... -Marketing _______________ involves: 1. The activities of selecting and describing one or more target markets and developing and maintaining a marketing mix that will produce mutually satisfying _____________ with target markets -Marketing _______________ Analysis involves... 1. The description and _____________ of the size and sales potential of market segments that are of interest to the firm and the assessment of key _______________ in these market segments -_____________ market strategy 1. Appeal to the entire market with ____ marketing mix 2. Concentrate on ____ marketing segment 3. Appeal to multiple markets with ______________ marketing mixes
Mission, SWOT analysis, objectives, marketing strategy, implementation evaluation control
Elements of a Marketing Plan: 1. Business _________________ statement 2. Situation or _____________ __________________ 3. o___________________ 4. m_________________ s________________ 5.i ______________________e______________________ c__________________
Institutional advertising
Enhances a company's image rather than promote a particular product
Scanning, relationships, marketing, environmental, social, demographic, economic, technological, political, legal, competitive
Environmental factors in designing a marketing strategy: Environmental ___________________ is the collection and interpretation of information about forces, events and ____________________ in the external environment that may affect the future of the organization or the implementation of the __________________ plan. Designing a marketing strategy is based on six major ___________________ forces 1. S____________ 2. D______________ 3. E______________ 4. T_________________ 5. P________________/L___________ 6. C_________________
Attribute, benefit
Example of _____________: "Dogs Best Friend" is an all-natural skin care lotion for dogs that combines traditional medicines and Nigella sativa seed oils with the newest extraction technology. So? Example of __________: So...Dogs Best Friend acts as a natural replacement for hydrocortisone, antihistamines, and topical antibiotics that is powerful enough to combat inflammation, itching, and pain, yet safe enough to use on dogs of all ages
Lower, brand, network, reliability, image, service
Examples of Product/Service Differentiation: -A product/service differentiation competitive advantage exists when a firm provides something that is unique and valuable to buyers beyond simply offering a ____________ price than that of a competitor -This includes: 1. _____________ names 2. Stronger dealer _______________ 3. Product _______________ 4. i_____________ 5. S_____________
Strategic
Examples of _______________decisions: Macy's implements an additional beauty sales approach General Motors sells the Saab nameplate PepsiCo's decision to focus on "Healthy Fare" and the recent backlash/financial struggle from decreased Pepsi sales
Market development
Expansion into global markets by companies such as McDonald's, Coca-Cola, and Pepsi are examples of _____________ _____________
Message, target, attitudes, ideas
For communication to be effective marketing managers must ensure a proper match between the ______________ to be conveyed and the ______________ market's a______________ and i___________
85, gender
Gender Segmentation: 1. Woman make _____ percent of consumers goods purchases annually 2. Marketers of products such as clothing and cosmetics still segment markets by ____________, and many of these marketers are going after the less-traditional male market
World, market size, market density, climate
Geographic segmentation: -Region of the country or _____________ -M_________ s______ -M_________ d___________ -C_________
Perspective, unique
Global Marketing Questions: Increasing globalization of markets and of competition provides a reason for multinational firms to consider new-product development from a worldwide ________________ Succeeding in some countries (such as China) often requires companies to develop products that meet the __________ needs of these populations
Inform, remind, connect, persuade, target
Goals and Tasks of Promotion: I_____________, r_____________, c____________ and p___________ the ____________ audience.
Informing, persuading, reminding, connecting
I_________________, p____________________, r________________, and c_______________ are the four basic tasks of promotion
Advertising objective
Identifies the specific communication task that a campaign should accomplish for a specified target audience during a specified period
Steak, benefits, benefit, so
Identify Product Benefits: -Sell the sizzle, not the _________ -Sell a product's ____________, not it's attributes -A __________ should answer "what's in it for me?" -Ask "____?" to determine if advertising offers attributes or benefits
Influences, buying, both
Income segmentation: -Income level ________________ customer's wants and determines their ________________ power -Retailers can appeal to: low income high income or _________
Market penetration
Increase market share among existing customers
Establish, change, maintain, corporate identity, advocacy advertising
Institutional advertising promotes the corporation as a whole and is designed to e____________, c_________, or m___________ the corporation's identity Institutional Advertising: C_____________ i______________ A____________ a______________
Diversification
Introduce new products into new markets
Market penetration
Manufacturer cents-off coupons are an example of _______________ ________________.
Purchasing, coupons, contests, free samples, trade shows
Sales promotion consists of all marketing activities that stimulate consumer ________________ such as cou___________, c______________, f___________ s_____________________, and t_________ s______________
Market, product, category, segmenting
Select a m__________ or p____________ _______________ for study is the first step in _________________ a market
Target, change, time
Setting Objectives: The DAGMAR Approach: Define ____________ audience Define desired percentage _________ Define the ________ frame for change
Mission, objectives, SWOT analysis, target, marketing mix, budgets, implementation, research, strategic
Some elements are common to all marketing plans. These include the business ________________ and o_________________, performing a s_________ a_____________, determining a __________ market, and establishing a m________________ m_______. Other elements that may be included are b__________, ____________________ timetables, required marketing _____________ efforts, or elements of advanced ____________ planning
Errors, protect, grow
Strategic __________ can threaten a firm's survival, but a good plan can help p___________ and g__________ the firm.
Main, time, goals
Strategic marketing management addresses two questions: 1. What is the organization's __________ activity at a particular ________? 2. How will it reach its __________?
Threats
T in SWOT: conditions in the external environment that do not relate to existing strengths or favor areas of current weaknesses
Medium
Television is an example of an advertising ____________________
No, fully, gender, age, gender, age
The Concept of Market Segmentation: Types of Market Segmentation: 1. ____ market segmentation 2. ___________ segmented market 3. Market segmentation by __________ 4. Market segmentation by ______ group 5. Market segmentation by __________ and _____ group
Objectives, creative, AIDA
The DAGMAR approach is one method of setting _____________. Once objectives are defined, ____________work can begin on the advertising campaign. Advertising campaigns often follow the __________ model, which was discussed in Chapter 15
Negative, positive, ranking, attributes
The Effects of Advertising on Consumers: Advertising may change a consumer's ___________ attitude toward a product, or reinforce a _____________ attitude. Advertising can affect consumer _______________ of a brand's _______________.
Preferences, needs, objectives, allocate
The Importance of Market Segmentation: 1. Markets have a variety of product needs and _____________________ 2. Marketers can better define customer __________ 3. Decision makers can define ___________________ and _____________ resources more accurately
Product, market needs
The MOST important factor in successful new-product introduction is a good match between the ______________ and the ______________ __________
Mix, target, manager, blended
The Marketing _____ is: a unique blend of product, place (distribution), promotion, and pricing strategy designed to produce mutually satisfying exchanges with a ___________ market. (the 4 P's) The marketing _____________ can control each component of the marketing mix, but the strategies for all four components must be ____________ to achieve optimal results
Product, biological metaphor, introduction, decline
The ____________ life cycle is a _______________ _____________ that traces the stages of a product's acceptance, from its _____________ (birth) to its ___________ (death)
Product
The _____________ is the starting point of the marketing mix. It is difficult to decide on a promotion campaign, determine a price, or design a distribution strategy until the product offering and product strategy are defined.
Marketing plan, manager
The _______________ __________ is a written document that acts as a guidebook of marketing activities for the marketing _______________
Promotional mix, promotional, target, goals
The ________________ ________ is the combination of _________________ tools used to reach the _____________ market and fulfill the organizations overall ___________
Promotional mix
The _________________ ___________ consists of advertising, public relations, sales promotion, personal selling and social media
Mission, benefits, environmental, decisions, objectives, strategies
The foundation of any marketing plan is the firm's _____________ statement. The mission statement is based on an analysis of ___________ sought by present and potential customers and an analysis of existing and anticipated ________________ conditions. The mission statement establishes boundaries for all subsequent d______________, o______________, and s_____________
Competitive advertising
The goal of __________________ _____________________ is to influence demand for a specific brand
Promotional strategy
The main function of a __________________ __________________ is to convince the target customers that a firm's products offer competitive advantages over those of competition
Focus Group
The objective of ____________ ____________ interviews is to stimulate insightful comments through group interaction
Market segmentation
The process of dividing a market into meaningful, relatively similar, identifiable segments or groups
Brainstorming
The process of getting a group to think of unlimited ways to vary a product or solve a problem
Benefit segmentation
The process of grouping customers into market segments according to the benefits they seek from the product
Advertising, public relations, sales promotion, personal selling, social media
The promotional mix consists of a___________________, p____________ r______________, s___________ p____________________, p_______________ s_______________, and s_______________ m_____________
Market segmentation, mixes
The purpose of ____________ __________________ is to: enable the marketer to tailor marketing ___________ to meet the needs of one or more specific groups
Segmentation
The purpose of ___________________ is to group similar consumers and to serve their needs with a specialized marketing mix
Tastes, substitute
The rate of sales decline during the decline stage of the product life cycle is largely governed by how rapidly consumer ____________ change or _______________ products are being adopted
Responsive, differ, same
The requirement for a market segment to be ___________means: the segment identified by a marketer should __________ in how it responds to the marketing mix when compared to another segment confronted with the ________ mix
Significant, superior
The set of unique features of a company and its products that are perceived by the target market as si___________________ and su_______________to the competition is known as a Competitive Advantage
Introduction, growth, maturity, decline
The stages of the product life cycle, in order, are ________________, _____________, _______________ and _______________
Unit, package, warranty, service, brand, image, value, tangible goods, ideas, services
The starting point of the 4 P's include: 1. Physical _____ 2. P______________ 3. W_______________ 4. S____________ 5. B___________ 6. I________ 7. V___________ Products can be: t_______________ g____________ i___________ s_____________
Mass, interpersonal
The two major categories of communication are m_________ and i__________________
Product advertising
Touts the benefits of a specific good or service
Product
Unlike advertising that establishes or maintains a company's identity, ____________________ advertising touts the benefits of a specific good or service
Weaknesses
W in SWOT: internal things company doesn't do well
Benefit
What consumers will receive or achieve by using the product
Future, organizational, marketing, changing, guidebook
What is marketing plan? Planning: The process of anticipating ____________ events and determining strategies to achieve _____________________ objectives in the future Marketing Planning: designing activities relating to _______________ objectives and the ___________________ marketing environment Marketing Plan: A written document that acts as a _______________ of marketing activities for the marketing
Demographics, purchasing habits, market
When selecting a test market city, a researcher should look for a city where the _______________________ and ____________________ _______________ mirror the overall __________ for the product
Marketing, inner, reference, problems, opportunities
Writing a marketing plan allows the examination of the _______________ environment in conjunction with the _____________ workings of the businesses. Once written, it serves as a _____________ point for future activities, and allows the marketing manager to enter the marketplace with an awareness of p______________________ and o_____________
Test marketing, reaction
_________ ________________ is a limited introduction of a product and a marketing program to determine the ______________ of potential customers in a market situation
Dog, low, small, leave
__________: 1. __________ growth potential and a _________ market share 2. Usually eventually ___________ the marketplace
Hold, cash cows
__________: For effective ____________ _________, goal would be to hold/preserve market share
Place, where, raw, usable, needed
___________ (also known as distribution): 1. Product availability _________ and when customers want them 2. All activities from _______ materials to finished products 3. Ensure products arrive in ________ condition at designated places when ____________
Cash cow, maintain, low, dominant, resist, demand
____________ __________: 1. Generates more cash than it needs to _____________ its market share 2. ________ growth in market but product has _______________ market share 3. Should ____________ pressure to extend the basic line unless they can dramatically increase ___________
Concept tests, prototype
____________ ____________ evaluate new-product ideas usually before any _____________________ has been created
Divest
____________: -Get rid of SBUs with low shares of low growth markets is often appropriate -Used for dogs/problem children
Build
____________: If the company has potential to be a star, this would be a good goal
Benefit segmentation
_____________ _________________ is the process of grouping customers into market segments per the benefits sought from the product.
Market development, new
_____________ __________________ is a strategy that attempts to attract ______________ customers to existing products.
Pricing
_____________ is the most flexible element of the marketing mix.
Star, fast, large, rapid, reinvesting, distribution
_____________: 1. ___________ growing market leader 2. Usually have __________ profits but need lots of cash to finance ______________ growth 3. Best way to market is to protect existing market share by __________________ earnings in product improvement, better _______________________, more promotion and production efficiency
Harvest
_____________: -Effective for all except stars -Goal: increase short-term cash return without much concern for long-term impact
Niche, single, limited, geographic
______________ Competitive Advantage: -Seeks to target and effectively serve a ___________ segment of the market. -Is used by small companies with _______________ resources -May be used in a limited ________________ market
Market research, planning, collecting, analyzing, management
______________ _______________ is the process of p______________, c_____________, and a_______________ data relevant to a marketing decision. The results of this analysis are then communicated to ____________________
Sustainable, unique, sources, assets, patents, copyrights, locations, equipment, technology, customer service, promotion
______________ competitive advantage is an advantage that cannot be copied by the competition. A firm that has successfully achieved a competitive advantage will stake out a position _________ in some manner from its rivals. ______________ of sustainable competitive advantage: -Skills and ___________ of an organization: -P_________ -C______________ -L_______________ -E____________ -T______________ -C______________ s____________ -P______________
Costs, margin, experience, efficient, frills, subsidies, target, design, engineering, delivery, innovations
______________ of Competitive Advantages: -Having a "Cost Competitive" Advantage means being the low-cost competitor in an industry while maintaining a satisfactory profit ______________ Sources of Cost Reduction 1. __________________ curves: Cost decline as experience with a product increases and encompasses marketing, manufacturing, and administration costs 2. ____________________ labor: labor costs in low-skill, labor intensive industries can be reduced by going offshore or by outsourcing 3. No-___________ products: Removing frills and options can reduce costs 4. Government _______________: grants and interest-free loans for ________________ industries 5. Product _______________: cutting edge design and reverse engineering 6. Re-_______________ in the form of pruning product lines, closing obsolete factories, or renegotiating supplier contracts can make firms more efficient 7. New service ______________ methods: outpatient surgery/walk-in clinics..online only magazines 8. Product ______________: New technology and simplified production techniques can reduce production costs
Screening, first
_______________: The _________ filter in the product development process, which eliminates ideas that are inconsistent with the organization's new-product strategy or are inappropriate for some other reason
Question mark, problem, growth, profit, share, high, cash
________________ _____________ (_________________ child) 1. Rapid ___________, but poor ____________ 2. Low market _____________ in a _____________ growth industry 3. They need a lot of ________
Product development, new, present
________________ __________________ is a marketing strategy that creates ________ products for ______________ markets.
Product positioning
________________ ____________________is the process of creating the desired image of the firm's product
Strategic, long
________________ plans require ___________-term resource commitments
Market penetration, present, existing
_________________ __________________ is a strategy of increasing market share for ______________ products in _______________ markets.
