Marketing Chapter 2 Part 2

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Small business saying "locally owned" is an example of

Positioning strategy

When discussing the marketing planning process, STP stands for

Segmentation, targeting and positioning

Additional investment to create more opportunities for students to find jobs is related to

product value

Idea of value based marketing requires firms to charge a price that

Captures the value customers perceive that they are receiving. Value based marketing=customers perceived value

Ebooks create what value since they can be downloaded anywhere

Place value creation. Getting customers products when and where they need them

In value based marketing promotion communicates what

the value proposition to customers through a variety of media

Ads in search engines are an example of what 4 p


"thats great lets keep doing what were doing" ignores what step of the marketing planning process

Evaluate performance

First objective of the evaluate performance phase of marketing planning process is to

review implementation programs and results using metrics.

Starting point for evaluating performance is

compare goals to actual performance and for any goals not met to review implementation programs looking for explanations

Attempt to determine why performance of diff units varied and whether the variation

was due to internal or external factors

Understanding the causes of performance regardless of whether that performance exceeded met or fell below the firms goals

enables firms to make appropriate adjustments

once the causes of above or below goal performance are understood

firms can decide how the marketing plan should be adjusted

After conducting STP analysis and developing strategies for each of the four p’s she now has to make what decisions

resource allocation. She has chosen a target market, determined positioning strategies and developed marketing mixes. She now has to consider available resources and determine how they will be allocated across the different options available for implementation

In most companies, portfolio management is typically done at the SBU or ___ level of the firm

product line.

A ___ is a group of products that consumers may use together or perceive as similar in some wat

product line

relative share of a market is

determined by comparing its market share to market shares of competitors

To determine how attractive a particular market is using bcg portfolio analysis, market growth rate is established as one axis

BGC matrix uses market growth rate on one axis and relative market share on the other

In BCG portfolio analysis, products in low growth markets that have received heavy investment and now have excess funds available to support other products are called

Cash cows. High relative market share in low growth market. Generates excess cash that can support other product lines

High relative market share in high growth market


A dog should be phased out unless its

complementing or boosting the sales of another product

Strategic marketing planning process is

Not always sequential

What are the 4 major growth strategies marketers typically use

Market penetration, market development, product development and diversification

Product development strategy

Firms develop new products for their existing customers

Market penetration strategy

Sell more of her current products to current customers

Market development strateg

Employs the existing marketing offering to reach new market segments

Selling books to us usually and wanting to sell international

Market development growth strategy

Existing product to new customers

Market development strategy

Expanding into international markets is generally

more risky than expansion in domestic markets

Marketers that design and offer new products and services to their existing customers are pursuing a product development growth strategy

Selling more existing services to existing customers is a

market penetration grwoht strategy

Sell new things to current customers

Product development strategy

Introducing newly developed products or services to a market segment the company is not currently serving is called


What is the third step in the marketing planning process

identify opportunities

Marketing planning process steps

Define business mission, situation analysis, identify opportunities, implement marketing mix and allocate resources and evaluate performance

After defining a business mission what should a firm do next to develop a marketing plan

perform a situation analysis

Best way to build a sustainable competitive advantage using product excellence

positioning the product using a clear distinctive brand image

Implementation phase

marketing managers identify and evaluate different opportunities by engaging in segmentation, targeting and positioning (STP)(step 3)


Cultural demographic social technological economic and political forces

Question mark

High growth market but low market share

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