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Strategic Marketing Management
The process of planning, implementing, and evaluating the performance of marketing activities and strategies, both effectively and efficiently.
Strategic Planning
A company establishes an organizational mission and formulates goals, a corporate strategy, marketing objectives, and a marketing strategy.
Mission Statement
Long-term view, or vision, of what the organization wants to become.
Corporate Strategy
A strategy that determines the means for utilizing resources in the various functional areas to reach the organization's goals.
Strategic Business Unit (SBU)
a division, product line, or other profit center within the parent company.
A group of individuals and/or organizations that have needs for products in a product class and have the ability, willingness, and authority to purchase those products.
Market Share
The percentage of a market that actually buys a specific product from a particular company.
Market Growth Matrix
A helpful business tool, based on the philosophy that a product's market growth rate and its market share are important considerations in determining its marketing strategy.
Core Competencies
Things a company does extremely well, which sometimes give it an advantage over its competition
Market Opportunity
A combination of circumstances and timing that permits an organization to take action to reach a particular target market.
Strategic Windows
Temporary periods of optimal fit between the key requirements of a market and the particular capabilities of a company competing in that market.
Competitive Advantage
The result of a company matching a core competency to opportunities it has discovered in the marketplace.
SWOT Analysis
Assessment of an organization's strengths, weaknesses, opportunities, and threats.
First-Mover Advantage
The ability of an innovative company to achieve long-term competitive advantages by being the first to offer a certain product in the marketplace.
Late-Mover Advantage
the ability of later market entrants to achieve long-term competitive advantages by not being the first to offer a certain product in a marketplace.
Marketing Objective
A statement of what is to be accomplished through marketing activities.
Marketing Strategy
A plan of action for identifying and analyzing a target market and developing a marketing mix to meet the needs of that market.
Sustainable Competitive Advantage
An advantage that the competition cannot copy
Marketing Implementation
The process of putting marketing strategies into action
Centralized Organization
Structure in which top-level managers delegate little authority to lower levels.
Decentralized Organization
a structure in which decision making authority is delegated as far down the chain of command as possible.
Strategic Performance Evaluation
Establishing performance standards, measuring actual performance, comparing actual performance with established standards, and modifying the marketing strategy, if needed.
Performance Standard
An expected level of performance against which actual performance can be compared.
Sales Analysis
analysis of sales figures to evaluate a firm's performance
Marketing Cost Analysis
Analysis of cost to determine which are associated with specific marketing efforst.
Marketing Plan
A written document that specifies the activities to be performed to implement and control the organizations marketing strategies.
Integrated Marketing Communications
Coordination of promotion and other marketing efforts for maximum informational and persuasive impact. Goal is to send a consistent message to customers.
A sharing of meaning through the transmission of information
A person, group or organization with a meaning it tries to share with a receiver or an audience.
The individual, group, or organization that decodes a coded message.
Coding Process ( encoding)
converting meaning into a series of signs or symbols.
Communications Channel
the medium of transmission that carries the coded message from the source to the receiver.( printed words, or broadcast media.)
Decoding Process
converting signs or symbols into concepts and ideas.
anything that reduces a communication's clarity and accuracy.
the receiver's response to a decoded message.
Channel Capacity
the limit on the volume of information a communication channel can handle effectively.
Communication to build and maintain relationships by informing and persuading one or more audiences.
Primary Demand
Demand for a product category rather than for a specific brand.
Pioneer Promotion
Promotion that informs consumers about a new product.
Selective Demand
Demand for a specific brand. ( points out strengths and benefits)
Encouraging product trial
promotions such as free samples, coupons, test drives etc.
Promotion Mix
A combination of promotional methods used to promote a specific product.
What are the four elements of a promotion mix?
Personal selling, advertising, public relations, and sales promotion
Paid, non personal communication about an org and its products transmitted to target audience through mass media. Cost efficient and reaches wide audience
Kinesic Communication
communication through the movement of head, eyes, arms, hands, legs, or torso.
Personal selling
paid personal communication seeks to inform customers and persuade them to purchase pro cuts in an exchange situation.
Sales Promotion
activity or material that acts as a direct inducement, offering added value or incentive for the product to resellers, salespeople, or consumers.
Public relations
Broad set of communication efforts to create or enhance favorable relationships between an org and its stakeholders.
Proxemic Communication
communicating by varying the physical distance in face-to-face interactions.
Tactile Communication
communicating through touching.
Target market
size, geographic distribution, and demographic characteristics.
Push Policy
Promoting a product only to the next institution down the marketing channel. Producer->Wholesalers->Retailers ->Consumers. Stresses personal selling.
Pull Policy
Promoting a product directly to consumers to develop strong consumer demands that pulls products through the marketing channel.
Word of mouth communication
personal informal exchanges of communication that customers share with one another about products, brands and companies
Buzz Marketing
An attempt to incite publicity and public excitement surrounding a product through a creative event.
Viral Marketing
A strategy to get consumers to share a marketer's message, often through email or online videos, in a way that spreads dramatically and quickly.
Product Placement
the strategic location of products or product promotions within entertainment media content to reach the product's target market.
Paid nonpersonal communication about an organization and its products transmitted to a target audience through mass media.
Institutional Advertising
Advertising that promotes organizational images, ideas, and political issues.
Advocacy Advertising
ad that promotes a company's positition on a public issue.
Product Advertising
Ad that promote the uses, features, and benefits of products. 2 types of advertising.
Pioneer Advertising
ad that tries to stimulate demand for a product category rather than a specific brand by informing potential buyers about the product.
Competitive Advertising
Tries to stimulate demand for a specific brand by promoting its features , uses, and advantages relative to competing brands.
Comparative Advertising
compare the sponsored brand with one or more identified brands on the basis of one or more product characteristics.
Reminder Advertising
Advertising used to remind consumers about an established brad's uses, characteristics, and benefits.
Reinforcement Advertising
Ads that assures users they chose the right brand and tells them how to get the most satisfaction from it.
Advertising Campaign
the creation and execution of a series of advertisements to communicate with a particular target audience.
How many steps are in an advertising campaign?
8 steps.
Target Audience
The group of people at whom advertisements are aimed. location, geographic distribution, age, income, race, gender, education, lifestyle, and attitudes.
Advertising Platform
Basic issues or selling points to be included in an advertising campaign.
Advertising Appropriation
The advertising budget for a specific time period.
Objective-and-task Approach
Budgeting for an advertising campaign by first determining its objective and then calculating the cost of all the tasks needed to attain them.Most logical
Percent-of-sales Approach
budgeting for an advertising campaign by multiplying the firm's past and expected sales by a standard percentage.
Competition-Matching Approach
Determining an advertising budget by trying to match competitors' advertising outlays.
Arbitrary Approach
budgeting as specified by a high-level executive in the firm.
Media Plan
A plan that specifies the media vehicles to be used and the schedule for running ads. ( Goal is reach largest number of people in advertising target that the budget will allow and achieve appropriate message each and frequency for target audience.
refers to the percentage of consumers in the target audience actually exposed to a particular ad in a stated period
number of times the targeted consumers are exposed to the ad.
Cost Comparison Indicator
A means of comparing the costs of advertising vehicles in a specific medium in relation to the number of people reached. ( ex. cpm)
Cost per thousand impressions - cost comparison indicator for magazines.
Hedge words
may and probably( little effect on women)
Pledging words
definitely and absolutely( little effect on men and women)
Regional Issues
versions of a magazine that differ across geographic regions
the verbal portion of advertisements ( may include headlines, sub headlines, body copy and a signature.) ex. "try it today"
Story board
blueprint combining copy and visual material to show sequence of major sciences in a commercial
an advertisements illustrations and layout
photos, drawing's, graphs, charts, and tables used to spark interests in an ad.
the physical arrangement of an advertisements illustration and copy.
evaluation of advertisements performed before a campaign begins.
consumer jury
a panel of products existing or potential buyers who pretest ads.
evaluation of advertising effectiveness after the campaign.
Recognition Test
a posttest in which respondents are shown the actual ad and are asked if they recognize it.
Unaided Recall Test
a posttest in which respondents are asked to identify advertisements they have seen recently but are not given any recall clues.
Aided Recall Test
a posttest that asks respondents to identify recent ads and provides clues to jog their memory.
Public Relations
communication efforts used to create and maintain favorable relations between an organization and its stakeholders.
Personal Selling
Paid personal communication that attempts to inform customers and persuade them to buy products in an exchange situation.
a news story type of communication about an organization and or its products transmitted through a mass medium at no charge.
news release
a short piece of copy publicizing an event or a product
feature article
a manuscript of up to 3,000 words prepared for a specific publication.
captioned photograph
a photo with a brief description of its contents.
press conference
a meeting used to announce major news events.
Personal selling steps
Prospecting, pre approach, approach, making presentation, overcoming objections, closing the sale, follow up.
developing a database of potential customers.
Pre approach
sales person finding and analyzing information about prospects needs prior to approach.
the manner in which a salesperson contacts a potential customer
the stage in the personal selling process when the salesperson asks the prospect to buy the product.
Order Getters
Salespeople who sell to new customers and increase sales to current customers
Order Takers
Salespeople who primarily seek repeat sales.
Support Personnel
sales staff members who facilitate selling but usually are not involved solely with making sales
Missionary Salespeople
support salespeople, usually employed by a manufacturer, who assist the producer's customers in selling to their own customers.
Trade Salespeople
Salespeople involved mainly in helping a producer's customers promote a product.
Technical Salespeople
support salespeople who give technical assistance to a firm's current customers
Team Selling
the use of a team of experts from all functional areas of a firm, led by a salesperson, to conduct the personal selling process.
Relationship Selling
the building of mutually beneficial long-term associations with a customer through regular communications over prolonged periods of time.
developing a list of qualified applicants for sales positions.
Straight Salary Compensation Plan
Paying salespeople a specific amount per time period, regardless of selling effort. ( sales manager have control, no incentive to close sell)
Straight commission compensation plan
paying sales people according to amount in their sells in a given time period. ( provides max incentive for sales personnel, managers have little control.
Combination Compensation Plan
paying salespeople a fixed salary plus a commission based on sales volume.
Sales Promotion
an activity and/or material intended to induce resellers or salespeople to sell a product or consumers to buy it. two categories ( costumer and trade)
Consumer Sales Promotion Methods
sales promotion techniques that encourage consumers to patronize specific stores or try particular products.
written price reactions used to encourage consumers to buy a specific product.
cents off offers
promotion that allow buyers to pay less than regular price to encourage purchase
Money refunds
sales promotion technique that offer consumers specified amount of money when they mail in proof of purchase for multiple purchases.
sales promo for money back on a single purchase
Point-of-Purchase (POP) Materials
signs, window displays, display racks and similar devices used to attract customers
items offered fee or at a minimal cost as a bonus for purchasing product ( class example of cereal and the free trial gift)
consumer contests
sales promo method in which individuals compete for prizes based on their analytical or creative skills
Consumer games
Sales promo method which individuals compete for prizes based primarily on chance.
Trade Sales Promotion Methods
methods intended to persuade wholesalers and retailers to carry a producer's products and market them aggressively.(buying allowances, buy back allowances, scan back allowances, merchandise allowances, cooperative advertising, dealer listing, premium and sales contests.
Buying Allowance
A temporary price reduction to resellers for purchasing specified quantities of a product.
Buy-Back Allowance
a sum of money given to a reseller for each unit bought after an initial promotion deal is over.
Scan-back Allowance
a manufacturer's reward to retailers based on the number of pieces scanned.
Merchandise Allowance
a manufacturer's agreement to pay resellers certain amounts of money for providing special promotional efforts, such as setting up and maintaining a display.
Cooperative Advertising
An arrangement in which a manufacturer agrees to pay a certain amount of a retailer's media costs for advertising the manufacturer's products.
Dealer Listings
advertisements that promote a product and identify the names of participating retailers that sell the product.
Free Merchandise
a manufacturer's reward given to resellers that purchase a stated quantity of products.
Dealer Loader
A gift, often part of a display, given to a retailer that purchases a specified quantity of merchandise
Premium Money
Extra compensation to salespeople for pushing a line of goods.

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