MKTG 2500 WMU EXAM #1 QUESTIONS AND ANSWERS WITH
COMPLETE SOLUTIONS VERIFIED
marketing objectives
"what" needs to happen; specific, measurable, time-sensitive
marketing strategies
"how" the objectives are going to be accomplished, without getting into specifics
marketing tactics
specific elements of the plan that will deliver the strategy and achieve the objectives
market segmentation
dividing the markets into segments of customers
target marketing
which segments to go after
marketing mix
product, price, place, promotion
customer lifetime value
the value of the entire stream of purchases a customer makes over a lifetime of
patronage
strategic planning
process of developing and maintaining a strategic fit between the organizations goals
and capabilities and its changing marketing opportunities
process of strategic planning
, 1. defining the company mission
2. setting company objectives and goals
3. designing the business portfolio
4. planning marketing and other functional strategies
mission statement
a statement of the organization's purpose- what it wants to accomplish in the larger
environment
product/market expansion grid
a portfolio-planning tool for identifying company growth opportunities through market
penetration, market development, product development, or diversification
positioning
arranging for a product to occupy a clear, distinctive, and desirable place relative to
competing products in the minds of target customers
differentiation
actually differentiating the market offering to create superior customer value
SWOT analysis
overall evaluation of the company's strengths, weaknesses, opportunities, and threats
microenvironment
actors close to the company that affect its ability to serve its customers
examples of microenvironment
the company, suppliers, marketing intermediaries, competitors, publics, and customers
macroenvironment
the larger societal forces that affect the microenvironment
COMPLETE SOLUTIONS VERIFIED
marketing objectives
"what" needs to happen; specific, measurable, time-sensitive
marketing strategies
"how" the objectives are going to be accomplished, without getting into specifics
marketing tactics
specific elements of the plan that will deliver the strategy and achieve the objectives
market segmentation
dividing the markets into segments of customers
target marketing
which segments to go after
marketing mix
product, price, place, promotion
customer lifetime value
the value of the entire stream of purchases a customer makes over a lifetime of
patronage
strategic planning
process of developing and maintaining a strategic fit between the organizations goals
and capabilities and its changing marketing opportunities
process of strategic planning
, 1. defining the company mission
2. setting company objectives and goals
3. designing the business portfolio
4. planning marketing and other functional strategies
mission statement
a statement of the organization's purpose- what it wants to accomplish in the larger
environment
product/market expansion grid
a portfolio-planning tool for identifying company growth opportunities through market
penetration, market development, product development, or diversification
positioning
arranging for a product to occupy a clear, distinctive, and desirable place relative to
competing products in the minds of target customers
differentiation
actually differentiating the market offering to create superior customer value
SWOT analysis
overall evaluation of the company's strengths, weaknesses, opportunities, and threats
microenvironment
actors close to the company that affect its ability to serve its customers
examples of microenvironment
the company, suppliers, marketing intermediaries, competitors, publics, and customers
macroenvironment
the larger societal forces that affect the microenvironment
