Chapter 19- Strategic Marketing Process Flashcards Preview

Business 210-Marketing > Chapter 19- Strategic Marketing Process > Flashcards

Flashcards in Chapter 19- Strategic Marketing Process Deck (14)
Loading flashcards...
1
Q

Share Points

A

% points of a market share; often used as the common basis of comparison to allocate marketing resources effectively

2
Q

Generic Business Strategy

A

Strategy that can be adopted by any firm, regardless of the product of industry involved to achieve competitive advantage

3
Q

Cost leadership Strategy

A

Focuses on reducing expenses and lowering produce prices while targeting a broad array of market segments

4
Q

Differentiation Strategy

A

Requires products to have significant points of difference in product offerings, brand image, higher quality to charge a higher price while targeting a broad array of market segments

5
Q

Cost focus strategy

A

Involves controlling expenses, in turn, lowering product prices targeting a narrow range of market segments

6
Q

Product champion

A

A person who is able and willing to cut red tape and move the program forward

7
Q

Action item List

A

An aid to implementing a market plan, consisting of three columns; 1. the task 2. the name of person responsible for completing task 3. the date task has to be finished

8
Q

Line positions

A

People in line positions, such as senior marketing managers who have the authority and responsibility to issue orders to the people who repot them

9
Q

Staff positions

A

People in staff positions who have the authority and responsibility to advise people in the line positions but cannot issue direct orders to them

10
Q

Product line groupings

A

Organizational groupings in which a unit is responsible for specific product offerings

11
Q

Functional Groupings

A

Organizational grouping such as manufacturing, marketing, and finance

12
Q

Geographical Groupings

A

Unit is subdivided according to geographical location

13
Q

Market based grouping

A

Utilize specific customer segments

14
Q

Marketing ROI

A

Application of modern measurement technologies to understand, quantify, and optimize marketing spending