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Marketing Strategy
A firm's target market, marketing mix, and method of obtaining a sustainable competitive advantage TERM 2
Sustainable Competitive Advantage
DEFINITION 2 Something a firm can persistently do better than its competitors TERM 3
Customer Excellence
DEFINITION 3 Involves a focus on retaining loyal customrs and excellent customer service TERM 4
Operational Excellence
DEFINITION 4 Involvs a firm's focus on efficient operations & excellent supply chain management TERM 5
Product Excellence
DEFINITION 5 Involves achieving high-quality products
Locational Excellence
a method of achieving excellence by having a strong physical location and or internet presence TERM 7
Marketing Plan
DEFINITION 7 Written document composed of an analysis of current marking situation TERM 8
Planning Phase
DEFINITION 8 Part of strategic planning 1.)Defines the mission of vision of a business2.) Evaluate the situation TERM 9
Implementaton Phase
DEFINITION 9 Marketing managers identify and evaluate different opportunities by engaging in segmentaton, targeting, and positioning TERM 10
Control Phase
DEFINITION 10 Managers evaluate the performance of the marketing strategy and take any necessary corrective actions
Target Marketing or Targeting
Process of evaluating the attractiveness of various segments and then deciding which to pursue as a market TERM 17
Market Positioning
DEFINITION 17 Defines marketing mix variables so that customers have a clear, desirable, distinctive understanding of what the product does or represents TERM 18
Products
DEFINITION 18 Anything that is of value to a consumer and can be offered through a coluntary marketing exchange TERM 19
Metric
DEFINITION 19 A measuring system that quantifies a trend, dynamic, or characteristic TERM 20
Strategic Business Unit (SBU)
DEFINITION 20 A division of a firm that can managed and operated somewhat independently from other divisions and may have a different mission or objectives
Product Line
Groups of associated items such as those thta consumers use together or think of as part of a group of similar products TERM 22
Market Share
DEFINITION 22 Percentage of a market accounted for by a specific entity TERM 23
Relative Market Share
DEFINITION 23 A measure of the products strength in a particular market TERM 24
Market growth
rate
DEFINITION 24 Annual rate of growth of the specific market in which the product competes TERM 25
Market Penetration Strategy
DEFINITION 25 Employs the existing marketing offering to reach new market segments Domestic or International
