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Chapter 2
Chapter 2 Marketing terms
| Term | Definition |
|---|---|
| Profit | What's left after our total revenue minus expenses |
| Industry | group of companies with similar offerings |
| Strategy | an organization's long-term course of action designed to deliver unique customer experience while achieving its goals |
| 3 levels of strategy | Corporate level, SBU (strategic business unit level), and functional level |
| Functional level | group of specialists create value |
| Departments in functional level | Functions such as finance and marketing |
| Cross functional team | worker bees who implement the strategy |
| Organizational Why | Why does business exist and what is its purpose. Consist of core values, mission/vision, and organizational culture. |
| Core values | enduring principles of an organization that guides conduct over time. Family focused, customer centric. Companies are proud of them |
| Mission/vision | statement of the organization's function in society that often identifies its customers, markets, products, and technologies. 1-3 sentences |
| Market share | Ratio of sales revenue, any % goal |
| Organizational culture | consists of a set of values and norms of behavior that is learned and shared among the members of an organization. How you walk the walk. |
| Organizational What | business, includes goals/objectives, |
| Business | describes what we’re trying to do and industry we’re in. |
| Goals/objectives | statements of an accomplishment of a task to be achieved, often by a specific time |
| Types of goals | profit , sales, market share, quality, customer satisfaction, employee welfare, social responsibility, efficiency |
| Organizational How | Set strategy by level (corporate, functional, SBU) or by product |
| Marketing plan | Apart of organizational how, road map for marketing actions |
| Marketing dashboard | visual computer display of the essential information related to achieving a marketing objective |
| Marketing metric | In marketing dashboard, just one value/trend |
| Strategic marketing process | an approach to use marketing mix to reach target market |
| 4 principles of strategic marketing | Customers are different Customers change Competitors change and react Organizational resources are limited |
| Planning phase | where the bulk of work happens in strategic planning. 3 steps include situational analysis (SWOT), figuring out target market, and the 4 P's |
| SWOT | organizations internal strengths and weakness and external opportunities and threats |
| Implementation phase | carries out marketing plan using 4 steps, Gantt Chart! |
| Implementation Phase 4 steps | Obtaining resources Designing the marketing organization. Defining precise tasks, responsibilities, and deadlines. Executing the marketing program. |
| Execute the marketing through | Marketing strategy and tactics |
| Marketing strategy | What the goal is, this includes the target market and the marketing program. Set up how |
| Marketing Tactics | What does the day to day look like |
| Evaluation Phase | Seeks to keep marketing programs moving correctly. Comparing results with plains, identifies deviations and planning gaps. |
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