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MKTG Chapter 2
Fall freshman year first exam for intro to marketing
| Term | Definition |
|---|---|
| Organization | A group of people working together to achieve a common goal |
| Types of organization | For profit, nonprofit, and government agencies |
| Strategy | Organization's long term course of action designed to deliver a unique customer experience while also achieving their goals |
| Core Values | Fundamental passionate enduring principles to guide conduct |
| Mission Statement | A statement that explains what an organization does, who it serves, and what products or services it provides |
| Vision | A statement that describes what an organization wants to become or achieve in the future |
| Culture | Set of values, ideas, attitudes, and norms of behavior learned and shared through members of an organization |
| Market Shares | Ratio/percentage of sales revenue of a firm to total sales revenue of all firms in industry |
| Marketing Plan | Road Map for marketing actions of an organization for a specified future time period |
| Marketing Dashboard | Visual computer display of information related to achieving marketing objective |
| Marketing Metric | Data visualization, measure of quantitive value of trend of marketing action or result |
| Strategic Marketing Process | Approach where an organization decides how to use the marketing mix to reach the target market |
| Strategic Marketing Process 4 Ideas | Customers are different, Customers change, Competitors change and react, Resources are limited |
| SWOT Analysis | Look at strengths (build them), Weaknesses (correct them), Opportunities (exploit them), and Threats (avoid them) |
| Market Segmentation | Dividing potential customers into groups based on similar characteristics or needs |
| Point of Difference | What makes the product/service/organization different to competition |
| Gantt Chart | Used for scheduling term projects with start and finish of tasks and plans |
| Market Tactics | Specific detailed day to day actions an organization takes to carry out marketing mix and marketing strategy |
| Ways to Measure Goals | Measuring sales, market share, or number of customers |
| Profit | Money left after subtracting total expenses from total revenues |
Created by:
Clare572
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