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Chapter 2
| Question | Answer |
|---|---|
| Profit | The money left after a for-profit organization subtracts its total expenses from its total revenues and is the reward for the risk it undertakes in marketing its offerings. |
| Strategy | An organization’s long-term course of action designed to deliver a unique customer experience while achieving its goals. 3 levels: Corporate, business, and functional (IT, finance, marketing, HR, R&D, Manufacturing Operations) |
| Organizational Purpose | Describes why an organization exists, what problems it wishes to solve, and who it wants to be to every person it touches through its work. |
| Core Values | The fundamental, passionate, and enduring principles of an organization that guide its conduct over time |
| Mission/Vision | A statement of the organization’s function in society that often identifies its customers, markets, products, and technologies. |
| Organizational culture | The values, ideas, attitudes, and norms of behavior that are learned and shared among the members of an organization. |
| Business | The clear, broad, underlying industry or market sector of an organization’s offering. |
| Goals/Objectives | Statements of an accomplishment of a task to be achieved, often by a specific time. Employee Welfare, Social Responsibility, Efficiency (non profit organizations), Quality |
| Market Share | The ratio of sales revenue of the firm to the total sales revenue of all firms in the industry, including the firm itself. |
| Marketing Plan | A road map for the marketing actions of an organization for a specified future time period, such as one year or five years. |
| Marketing Dashboard | The visual display of the essential information related to achieving a marketing objective. |
| Marketing Metric | A measure of the quantitative value or trend of a marketing action or result. |
| Strategic Marketing Process | The approach whereby an organization allocates its marketing mix resources to reach its target markets. Customers are different Customers change Competitors change and react Resources limited |
| 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 marketing plans and the external forces and trends affecting it. |
| SWOT analysis (common type of situational analysis) | An acronym describing an organization’s appraisal of its internal Strengths and Weaknesses and its external Opportunities and Threats. |
| Market Segmentation | Involves aggregating prospective buyers into groups, or segments, that (1) have common needs and (2) will respond similarly to a marketing action. |
| CustomerValue Proposition | The cluster of benefits that an organization promises customers to satisfy their needs. |
| 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, usually characterized by a specified target market and a marketing program to reach it. |
| MarketingTactics | The detailed day-to-day operational marketing actions for each element of the marketing mix that contribute to the overall success of marketing strategies |
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