Marketing Chapter22 MAR 250
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This 1 page Class Notes was uploaded by Melanie Guerrero on Saturday April 23, 2016. The Class Notes belongs to MAR 250 at Pace University taught by Harvey Markowitz in Winter 2016. Since its upload, it has received 7 views. For similar materials see Principles of Marketing (20335) in Marketing at Pace University.
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Date Created: 04/23/16
Chapter 22 Action item list – an aid to implementing a plan that consists of four columns, 1. The task 2. The person responsible for completing that task 3. The date to finish the task 4. What is to be delivered Cost focus strategy – involves controlling expenses and, in turn, lowering product prices targeted at a narrow range of market segments Cost leadership strategy – focuses on reduces expenses and, in turn, lowers product prices while targeting a broad array of market segments Differentiation focus strategy – requires products to have significant points of difference in order to target one or only a few market segments Differentiation strategy – requires products to have significant points of difference in product offerings, brand image, higher quality, advanced technology, or superior service to charge a higher price while targeting a broad array of market segments Functional groupings – such as manufacturing, marketing, and finance, that represent the different departments or business activities within a firm Generic business strategy – one that can de adopted by an firm, regardless of the product or industry involved, to achieve a competitive advantage Geographical groupings – which sales territories are subdivided according to geographical location Line positions – managers who have the authority and responsibility to issue orders to people who report them Market-based groupings – utilize specific customer segments, such as the banking, health care, or manufacturing segments Marketing ROI – the application of modern measurement technologies to understand, quantify, and optimize marketing spending Product line groupings – in which a unit is responsible for specific product offerings Program champion – a person who is willing and able to “cut the red tape” to move the program forward Sales response function – the expense of the marketing effort to the marketing results obtained Share points – percentage points of market share, as the common basis of comparison to allocate marketing resources effectively for different product lines within the same firm Staff positions – have the authority and responsibility to advise people in line positions but cannot issue direct orders to them Synergy analysis – seeks market-product opportunities by finding the optimum balance between marketing efficiencies verses R&D-manufacturing efficiencies Time-based agenda – a meeting agenda that shows the running time allocated to each agenda item
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