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MP Chapter 2

Developing Successful Marketing and Organizational Strategies

TermDefinition
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.
Created by: mariwalsh
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