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marketing chaper2
| Question | Answer |
|---|---|
| Profit | the money left after a business firm's total expenses are subtracted from its total revenues and is the reward for the risk it undertakes in marketing its offerings |
| corporate level | The level in an organization where top management directs overall strategy for the entire organization |
| strategic business unit (SBU) | a subsidiary, division, or unit or an organization that markets a set of related offerings to a clearly defined group of customers |
| functional level | the level in an organization where groups of specialist actually create value for the organization. |
| cross-functional teams | A small number of people from different departments in an organization who are mutually accountable to accomplish a task or common set of performance goals. |
| core values | the fundamental, passionate, and enduring principles of an organization that guide its conduct over time. |
| mission | a statement of the organization's function in society, often identifying its customers, markets, products, and technologies. Often used interchangeably with vision. |
| organizational culture | The set of values, ideas, attitudes, and norms of behavior that is 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 ask to be achieved, often by a specific time. |
| 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 dashboard | The visual computer display of the essential information 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 such as one year or five years. |
| competitive advantage | a unique strength relative to competitors that provides superior returns, often based on quality, time, cost, or innovation |
| business portfolio analysis | a technique that manages use to quantify performance measures and growth targets to analyze its clients strategic business units SBU's as tough they were collection of separate investments. |
| diversification analysis | a tool that helps a firm search for growth opportunities from among current and new markets as well as current and new products. |
| strategic marketing process | the approach whereby an organization allocates its marketing mix resources to reach its target markets. |
| 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 | An acronym describing an organizations appraisal of its internal Strengths and weaknesses and its external opportunities and threats |
| marketing tactics | detailed day to day operational decisions essential to the overall success of marketing strategies |
| 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. |
Created by:
butlerj