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Chapter 2 MKTG250
| Term | Definition |
|---|---|
| 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. |
| Marketing Tactics | the detailed, day-to-day operational marketing actions for each element of the marketing mix that contributes to the overall success of marketing strategies |
| 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. |
| Points of Difference | those characteristics of a product that make it superior to competitive substitutes |
| Customer Value Proposition | the cluster of benefits that an organization promises customers to satisfy their needs |
| Market Segmentation | involves aggregating prospective buyers into groups, or segments, that (1) have common needs and (2) will respond similarly to a marketing action. |
| SWOT Analysis | an acronym describing an organization’s appraisal of its internal Strengths and Weaknesses and its external Opportunities and Threats. |
| Situational Analysis | involves 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 |
| Strategic Marketing Process | an approach whereby an organization allocates its marketing mix resources to reach its target markets |
| Diversification Analysis | a technique that helps a firm search for growth opportunities from among current and new markets as well as current and new products |
| Business Portfolio Analysis | technique that managers use to quantify performance measures and growth targets to analyze their firms’ strategic business units (SBU’s) as though they were a collection of separate investments |
| Marketing Metric | measure of the quantitative value or trend of a marketing action or result |
| Marketing Dashboard | the visual computer display of the essential information related to achieving a marketing objective |
| 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. |
| 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. |
| Goal/Objectives | the statements of an accomplishment of a task to be achieved, often by a specific time |
| Business | describes the clear, broad, underlying industry, or market sector of an organization’s offering. |
| Organizational Culture | consists of the set of values, ideas, attitudes, and norms of behavior that is learned and shared among the members of an organization. |
| Mission | statement of the organization’s function in society that often identifies its customers, markets, products, and technologies. The term is often used interchangeably with vision |
| Core Values | the fundamental, passionate, and enduring principles of an organization that guide its conduct over time. |
| Strategy | an organization’s long-term course of action designed to deliver a unique customer experience while achieving its goals. |
| 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 |
| Gnatt | 1Review Past Performance 2Conduct situation analysis SWOT 3Review, revise, recommend market segmentation plan and consumer value proposition 4 Formulate a marketing mix program 5 Review, revise, recommend a marketing budget |
| Gnatt | 6 Obtain approval from top management 7 Finalize launch of marketing (mix) program |
| Planning Phase | SWOT analysis (1) Market-Product Focus, customer value prop, goal setting (2) Marketing Program (3) |
| Implementation Phase | 1. Obtaining resources. 2. Designing the marketing organization. 3. Defining precise tasks, responsibilities, and deadlines. 4. Executing the marketing program. |
| Evaluation Phase | Comparing results with plans: • Identify deviations. • Planning gap. Acting on deviations: • Exploiting a positive deviation. • Correcting a negative deviation. |
| Organizational Foundation (why) | organizational purpose core values mission organzational culture |
| Organizational Direction (what) | Business Goals (objective) - long/short term |
| Organizational Strategies (how) | By- level Corporate, SBU, Functional By product - Good, Service, Idea |
| Cash Cows | money makers low growth high market |
| Stars | high gowth high market |
| dogs | low growth low market |
| question makrs | high growth low market |
| Market penetration | Increase sales of current product in current markets |
| Market development | Sell current products to new markets. |
| Product development | Sell new products to current markets. |
| Diversification | Develop new products to sell in new markets |
Created by:
agk236