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Marketing Chapter 2
| Term | Definition |
|---|---|
| strategic planning | the process of establishing an organizational mission and formulates goals, a corporate strategy, marketing objectives, a marketing strategy, and a marketing plan |
| marketing strategy | a plan of action for identifying and analyzing a target market and developing a marketing mix to meet the needs of that market |
| marketing plan | a written document that specifies the marketing activities to be performed to implement and control the organization's marketing activities |
| core competencies | things a company does extremely well, which sometimes give it an advantage over its competition |
| market opportunity | a combination of circumstances and timing that permits an organization to take action to reach a particular target market |
| strategic windows | temporary periods of optimal fit between the key requirements of a market and the particular capabilities of a company competing in that market |
| competitive advantage | the result of a company matching a core competency to opportunities it has discovered in the marketplace |
| SWOT analysis | assessment of an organization's strengths, weaknesses, opportunities, and threats |
| mission statement | a long-term view of what the organization wants to become |
| marketing objective | a statement of what is to be accomplished through marketing activities |
| corporate strategy | a strategy that determines the means for utilizing resources in the various functional areas to reach the organization's goals |
| strategic business unit (SBU) | a division, product line, or other profit center within the parent company |
| market | a group of individuals and/or organizations that have needs for products in a product class and have the ability, willingness, and authority to purchase those products |
| market share | the percentage of a market that actually buys a specific product from a particular company |
| market growth/market share matrix | a helpful business tool, based on the philosophy that a product's market growth rate and its market share are important considerations in determining its marketing strategy |
| sustainable competitive advantage | an advantage that the competition cannot copy |
| marketing planning | the systematic process of assessing marketing opportunities and resources, determining marketing objectives, defining marketing strategies, and establishing guidelines for implementation and control of the marketing program |
| marketing implementation | the process of putting marketing strategies into action |
| intended strategy | the strategy the organization decides on during the planning phase and wants to use |
| realized strategy | the strategy that actually takes place |
| external customers | individuals who patronize a business- the familiar definition of "customers" |
| internal customers | the company's employess |
| internal marketing | a management philosophy that coordinates internal exchanges between the organization and its employees to achieve successful external exchanges between the organization and its customers |
| total quality management (TQM) | a philosophy that uniform commitment to quality in all areas of the organization will promote a culture that meets customer's perceptions of quality |
| benchmarking | comparing the quality of the company's goods, services, or processes with that of its best-performing competitors |
| empowerment | giving customer-contact employees authority and responsibility to make marketing decisions without seeking approval of their supervisors |
| centralized organization | a structure in which top-level managers delegate little authority to lower levels |
| decentralized organization | a structure in which decision-making authority is delegated as far down the chain of command as possible |
| marketing control process | establishing performance standards, evaluating actual performance b comparing it with established standards, and reducing the differences between desired and actual performance |
| performance standard | an expected level of performance against which actual performance can be compared |
Created by:
lilready44
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