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MP Chapter 2
Developing Successful Marketing and Organizational Strategies
Term | Definition |
---|---|
profit | The reward to a business firm for the risk it undertakes in marketing its offerings. |
strategy | An organization's long-term course of action that delivers a unique customer experience while achieving its goals. |
core values | The fundamental, passionate, and enduring principles that guide an organization. |
mission | A statement or vision of an organization's function in society. |
organizational culture | The set of values, ideas, attitudes, and behavioral norms that is learned and shared among the members of the organization. |
business | The underlying industry or market sector of an organization's offering. |
goals (objectives) | Targets of performance to be achieved, often by a specific deadline. |
market share | Ratio of a firm's sales to the total sales of all firms in the industry. |
marketing dashboard | The visual computer display of essential marketing information. |
marketing metric | A measure of the value or trend of a marketing activity or result. |
marketing plan | A road map for the marketing activities of an organization for a specified future time period. |
business analysis portfolio | A technique that managers use to qualify performance measures and growth targets of their firms' strategic business units. |
diversification analysis | A technique a firm uses to search for growth opportunities from among current and new products and markets. |
strategic marketing process | An approach whereby an organization allocates its marketing mix resources to reach its target markets. |
situation analysis | Taking stock out of where a firm or product has been recently, where it is now, and where it is headed. |
SWOT analysis | An acronym describing an organization's appraisal of its internal strengths and weaknesses and its external opportunities and threats. |
market segmentation | The sorting of potential buyers into groups that have common needs and will respond similarly to a marketing action. |
points of difference | Those characteristics of a product that make it superior to competitive substitutes. |
marketing strategy | The means by which a marketing goal is to be achieved. |
marketing tactics | Detailed day-to-day operational decisions essential to overall success of marketing strategies. |