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.