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Marketing Test 1
Ch. 2
| Question | Answer |
|---|---|
| The money left after a business firm's total expenses are subtracted from its total revenues and its reward for the risk it undertakes in marketing its offerings | Profit |
| Privately owned organization such as Amazon or Nike that serves customers to earn a profit so it can survive | Business Firm |
| An organization's long-term course of action designed to deliver a unique customer experience while achieving its goals | Strategy |
| Where top mgmnt directs over-all strategy for the entire organization | Corporate Level |
| Subsidiary division, or unit of an organization that markets a set of related offerings to a clearly defined group of customers | Strategic Business Unit |
| Where groups of specialists actually create value for the organization | Functional Level |
| Consist of a small number of people from different departments who are mutually accountable to accomplish a task or a common set of performance goals | Cross-functional teams |
| The fundamental, passionate, and enduring principles that guide its conduct over time | Core Values |
| Statement of the organizations function in society | Mission |
| Set of values, ideas, attitudes and norms of behavior that is learned and shared among the members of an organization | Organizational Culture |
| Describes the clear, broad, underlying industry or market sector of an organization's offering | Business |
| Statements of accomplishments of a task to be achieved | Goals (aka Objectives) |
| The ratio of sales rev. of the firm to the total sales revenue of all firms in the industry, including the firm itself | Market Share |
| The visual computer display of the essential information related to achieving a marketing objective | Marketing Dashboard |
| Measure of the quantitative value or trend of a marketing activity or result | Marketing Metric |
| Road map for the marketing activities of an organization for a specified future time period, such as one year or five years | Marketing Plan |
| Organizations core competencies | Skills, technologies, resources |
| Unique strength relative to competitors that provides superior returns, often based on quality, time, cost, or innovation | Competitive Advantage |
| Quantifies performance measures and growth targets to analyze clients' strategic business units as though they were a collection of separate investments | Business Portfolio Analysis |
| SBUs that generate large amounts of cash | Cash Cows |
| SBUs with a high share of high-growth markets that may need extra cash to finance their own rapid future growth | Stars |
| A tool that helps a firm search for growth opportunities from among current and new markets as well as current and new products | Diversification Analysis |
| Marketing strategy to increase sales of current products in current markets such as Ben and Jerrys | Marketing Penetration |
| Marketing strategy to sell current products to new markets | Market development |
| Whereby an organization allocates its marketing mix resources to reach its target markets | Strategic Marketing Process |
| Taking stock of where the firm or products has been recently, where it is now, and where it is headed in terms of the orgs marketing plans and the external forces and trends affecting it | Situation Analysis |
| Involves aggragating prospective buyers into groups, or marketing segments, that (1) have common needs and (2) will respond similarly to a marketing action | Market Segmentation |
| Those characteristics of a product that make it superior to competitive substitutes | Points of Difference |
| 4 components of the implementation phase | 1) obtaining resources, 2) designing the marketing organization, 3) Developing planning schedules, and 4) Actually executing the marketing program designed in the planning phase |
| The means by which a marketing goal is to be achieved | Marketing Strategy |
| Detailed day-to-day operational decisions essential to the overall success of marketing strategies | Marketing Tactics |
Created by:
tczeltwanger