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Marketing Lesson 4

Developing Successful Marketing and Corporate Strategies

QuestionAnswer
Levels in Organization Corporate Level, Business Unit, Functional Level
Corporate Level and Business Unit Level Strategy Business, Mission, Organizational Culture, Goals
Functional Level Strategy Informational Systems, Finance, Research and Development, Marketing, Manufacturing, Human Resources
Mission a statement of the organization's function in society, often identifying its customers, markets, products, and technologies
Strategic Business Unit subsidiary, division, or unit of an organization that markets a set of related offerings to a clearly defined group of customers
Strategic Business unit level managers set a more specific strategic direction for their businesses to exploit value-creating opportunities
Functional Level where groups of specialists actually create value for the organization
core values the fundamental, passionate, and enduring principles that guide its conduct over time
Strategy Experience while achieving its goals
Organizational Culture set of values, ideas, attitudes, and norms of behavior that is learned and shared among the members of an organization
goals or objectives statements of an accomplishment of a task to be achieved, often by a specific time
Market share the ratio of sales revenue of the firm to the to total sales revenue of all firms in the industry
Competencies an organizations special capabilities, including skills, technologies, and resources that distinguish it from other organizations and that provide value to its customers
Competitive Advantage a unique strength relative to competitors, often based on quality, time, cost, or innovation
Bechmarking discovering the best practices of organization in its own and other industries and imitating them
Business Portfolio Analysis analysing where your business is and where it should go. Market growth rate and market share. question marks, stars, cash cows, dogs
Market product analysis market penetration, market development, product development, diversification
Marketing dashboard the visual display on a single computer screen of the essential info related to achieving a marketing objective
marketing metric a measure of the quantitative 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
Market penetration selling more of the same product to the same market
Product Development Selling a new product to current market
Market Development Selling a current product to a new market
Diversification Selling a new product to a new market
Strategic Marketing process an organization allocates its marketing mix resources to reach its target market
Situation Analysis taking stock of where the firm or product has been recently, where it is now, and where it is headed in terms of the organization's plans and the external factors and trends affecting it
SWOT analysis Strenghts: Build, Weaknesses: correct, Opportunities: exploit and Threats: avoid
Points of difference those characteristics of a product that make it superior to competitive substitutes
Market segmentation involves aggregating prospective buyers into groups, or segments, that 1. have common needs and 2. will respond similarly to a marketing action
strategic marketing process 1.SWOT analysis 2.Market-Product Focus and Goal Setting (set marketing and product goals, select target markets, find points of difference, position product) 3. Marketing Program 4.Evaluation phase
Marketing Mix Product, Price, Promotion, Place
Strategic Marketing Process: Obtaining resources, designing the marketing organization, Developing schedules
marketing strategy the means specified target market and a marketing program to reach it
marketing tactics detailed day to day operational decisions essential to the overall success of marketing strategies.
Created by: lfowler322
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