The document contains discussion questions about marketing management concepts including the 3 components of the marketing management process (planning, implementation, controlling), the definition of a target market, and the 4 P's of the marketing mix. It also provides descriptions of key marketing strategy terms like marketing plan, marketing program, customer equity, profit, and the different opportunities for marketers including market penetration, market development, product development, and diversification.

1. CHAPTER 2 DISCUSSION QUESTIONS
1) What are the 3 components of the marketing management process?
2) A fairly homogeneous group of customers to whom a company wishes to
appeal is known as what?
3) The controllable variables the company puts together to satisfy a target market
are known as what?
4) What is the difference between target marketing & mass marketing?
5) What are the 4 P's in the marketing mix?
6) Is the customer part of the marketing mix?
7) What is a written statement of a marketing strategy & the time-related details
for carrying out the strategy?
8) What blends all of the firm's marketing plans into one big plan?
9) Define "Customer equity."
10) What is the difference between the a firm's revenues (total dollar sales) & the
total costs it runs up to make those sales?
11) What is a useful aid for identifying relevant screening criteria & for zeroing in
on a feasible strategy?
12) Explain each of the following opportunities available to marketers:
A) market penetration
B) market development
C) product development
D) diversification

2. MARKETING MANAGEMENT PROCESS
1) PLANNING
-PLANNING MARKETING ACTIVITIES.
-MANAGERS SET GUIDELINES FOR THE IMPLEMENTING JOB
& SPECIFY EXPECTED RESULTS.
2) IMPLEMENTATION
-DIRECTING THE IMPLEMENTATION OF THE PLANS.
-THE PLANS ARE CARRIED OUT & ASSESSSED.
3) CONTROLLING
-CONTROLLING THE PLANS.
-MANAGERS DETERMINE IF EVERYTHING HAS WORKED OUT
AS PLANNED.

3. TARGET MARKET
“A FAILRY HOMOGENEOUS (SIMILAR) GROUP OF
CUSTOMERS TO WHOM A COMPANY WISHES TO APPEAL.”

4. MARKETING STRATEGY
“SPECIFIES A TARGET MARKET & A RELATED MARKETING MIX.”
-IT IS A BIG PICTURE OF WHAT A FIRM WILL DO IN SOME MARKET.
-IT CONTAINS 2 INTERRELATED PARTS:
1) TARGET MARKET
-A FAIRLY HOMOGENEOUS GROUP OF CUSTOMERS TO WHOM A
COMPANY WISHES TO APPEAL.
2) MARKETING MIX
-THE CONTROLLABLE VARIABLES THE COMPANY PUTS
TOGETHER TO SATISFY THIS TARGET GROUP.

5. WHAT ARE THE DEMOGRAPHIC & PSYCHOGRAPHIC
CHARACTERISTICS OF THE FOLLOWING
ORGANIZATION’S TARGET CUSTOMERS?
1) NFL
2) ULTIMATE FIGHTING CHAMPIONSHIP
3) VICTORIA’S SECRET
4) UNDER ARMOUR
5) THE BIG BANG THEORY
6) THE REAL HOUSEWIVES SERIES

12. TARGET MARKETING
“IDENTIFYING A TARGET MARKET AFTER DETAILED
RESEARCH, & DEVELOPING SPECIFIC MARKETING CAMPAIGNS
FOCUSED AT IT.”
-SEES CUSTOMERS AS DIFFERENT.
MASS MARKETING
“AN ATTEMPT TO APPEAL TO AN ENTIRE MARKET WITH ONE
BASIC MARKETING STRATEGY UTILIZING MASS DISTRIBUTION &
MASS MEDIA.”
-SEES CUSTOMERS AS SIMILAR.

13. SUPER BOWL
THE LAST MASS MARKETING EVENT?
2012 SUPER BOWL (GIANTS 21 PATRIOTS 17)
-U.S. VIEWERS:
-111 MILLION
-OVER 1/2 OF US POPULATION
-MOST WATCHED PROGRAM IN AMERICAN TV HISTORY
-21 OF THE TOP 46 NETWORK PRIME-TIME TELECATS IN US (1964-2010) ARE
SB’S
-WORLDWIDE VIEWERS:
-167 MILLION
-30 SECOND COMMERCIAL COST:
-$3.5 million (MOST EXPENSIVE IN SB HISTORY)
-FIRST SB TO BE LEGALLY STREAMED ONLINE TO COMPUETRS & MOBILE
DEVICES.

14. COST PER THOUSAND (CPM)
-A FORMULA USED IN MARKETING TO DETERMINE THE COST EFFECTIVENESS
OF A MARKETING CAMPAIGN.
-IT CONSIDERS THE COST FOR THE AIRTIME (COMMERCIAL), AD SPACE (PRINT
AD), ETC. TO REACH 1000 SETS OF EYEBALLS.
-2012 SB HAD A CPM OF $27 (FOR EVERY 1000 SETS OF EYEBALLS IT COST
MARKETERS $27 TO REACH THEM.)
-A “HIT” TV PROGRAM AIRING ON A WEEK NIGHT (MODERN FAMILY) HAS A CPM
OF $35.
-ACCORDING TO USA TODAY SUPER BOWL AD METER THE MOST POPULAR
2012 SUPER BOWL AD WAS BY DORITOS

15. MARKETING MIX VARIABLES

17. MARKETING PLAN
“A WRITTEN STATEMENT OF A MARKETING STRATEGY & THE TIME-
RELATED DETAILS FOR CARRYING OUT THE STRATEGY.”
-IT SHOULD SPELL OUT THE FOLLOWING IN DETAIL:
1) WHAT MARKETING MIX WILL BE OFFERED, TO WHOM (TARGET
MARKET), & FOR HOW LONG?
2) WHAT COMPANY RESOURCES ($, PEOPLE, ETC.) WILL BE NEEDED
AT WHAT RATE (MONTHLY, QUARTERLY, YEARLY, ETC.)?
3) WHAT RESULTS ARE EXPECTED (SALES, PROFIT, CUSTOMER
SATISFACTION LEVELS, ETC.)?

18. MARKETING PROGRAM
“BLENDS ALL OF THE FIRM’S MARKETING PLANS INTO ONE “BIG” PLAN.”
-NIKE HAS DEVELOPED DIFFERENT PRODUCTS THAT ARE TARGETED TO THE
SPECIFIC NEEDS OF DIFFERENT TARGET MARKETS.
-THE MARKETING PLAN FOR EACH PRODUCT FITS INTO NIKE’S OVERALL
MARKETING PROGRAM.

19. CUSTOMER EQUITY
“THE EXPECTED EARNINGS STREAM OF A
FIRM’S CURRENT & PROSPECTIVE
CUSTOMERS OVER SOME PERIOD OF TIME.”
PROFIT
“THE DIFFERENCE BETWEEN THE FIRM’S
REVENUES (TOTAL DOLLAR SALES) & THE
TOTAL COSTS TO MAKE THE SALES.”
-CUSTOMERS ARE KEY; THEY ARE THE
SOURCE OF THE REVENUE.
CUSTOMER LIFETIME VALUE (CLV)
“THE NET PROFIT ATTRIBUTED TO THE ENTIRE
FUTURE RELATIONSHIP WITH A CUSTOMER.”

20. TYPES OF OPPORTUNITIES TO PURSUE

21. MARKET PENETRATION
“TRYING TO INCREASE SALES OF A FIRM’S PRESENT PRODUCTS IN
PRESENT MARKETS—PROBABLY THROUGH A MORE AGGRESSIVELY
MARKETING MIX.”

22. MARKET DEVELOPMENT
“TRYING TO INCREASE SALES BY SELLING PRESENT PRODUCTS IN
NEW MARKETS.”

23. PRODUCT DEVELOPMENT
“OFFERING NEW OR IMPROVED PRODUCTS FOR PRESENT MARKETS.”

24. DIVERSIFICATION
“A STRATEGY FOR COMPANY GROWTH THROUGH STARTING UP OR
ACQUIRING BUSINESSES OUTSIDE THE COMPANY’S CURRENT
PRODUCTS & MARKETS.”