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Marketing - 2
Planning, Implementing, and Evaluating Marketing Strategies
Question | Answer |
---|---|
Decentralized Organization | A structure in which decision-making authority is delegated as far down the chain of command as possible. |
Strategic Business Unit (SBU) | A division, product line, or other profit center within the parent company. |
Late-Mover Advantage | The ability of later market entrants to achieve long-term competitive advantages by not being the first to offer a certain product in a marketplace. |
Sales Analysis | Analysis of sales figures to evaluate a firm's performance. |
Competitive Advantage | The result of a company matching a core competency to opportunities it has discovered in the marketplace. |
Strategic Performance Evaluation | Establishing performance standards, measuring actual performance, comparing actual performance with established standards, and modifying the marketing strategy, if needed. |
Marketing Plan | A written document that specifies the activities to be performed to implement and control the organization's marketing strategies. |
Marketing Cost Analysis | Analysis of costs to determine which are associated with specific marketing efforts. |
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. |
Centralized Organization | A structure in which top-level managers delegate little authority to lower levels. |
Marketing Objective | A statement of what is to be accomplished through marketing activities. |
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. |
Performance Standard | An expected level of performance against which actual performance can be compared. |
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 Implementation | The process of putting marketing strategies into action. |
Market Opportunity | A combination of circumstances and timing that permits an organization to take action to reach a particular target market. |
First-Mover Advantage | The ability of an innovative company to achieve long-term competitive advantages by being the first to offer a certain product in the marketplace. |
Strategic Marketing Management | The process of planning, implementing, and evaluating the performance of marketing activities and strategies, both effectively and efficiently. |
Market Share | The percentage of a market that actually buys a specific product from a particular 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. |
Strategic Planning | The process of establishing an organizational mission and formulating goals, corporate strategy, marketing objectives, and marketing strategy. |
Core Competencies | Things a company does extremely well, which sometimes give it an advantage over its competition. |
Mission Statement | A long-term view, or vision, of what the organization wants to become. |
SWOT Analysis | Assessment of an organization's strengths, weaknesses, opportunities, and threats. |
Competitive Advantage | The result of a company matching a core competency to opportunities it has discovered in the marketplace. |
Corporate Strategy | A strategy that determines the means for utilizing resources in the various functional areas to reach the organizations goals. |