Introduction to Marketing-Chapter 2 – Flashcards
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profit
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the money left after a business firm's total expenses are subtracted from its total revenues and is the risk it undertakes in marketing its offerings
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strategy
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an organization's long-term course of action designed to deliver a unique customer experience while achieving its goals
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corporate level
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where top management directs overall strategy for the entire organization
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CMO
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chief marketing officer
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strategic business unit (SBU)
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a subsidiary, division, or unit of an organization that markets a set of related offerings to a clearly defined group of customers
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functional level
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where groups of specialists actually create value for the organization
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cross-functional teams
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a small number of people from different departments who are mutually accountable to accomplish a task or a common set of performance goals
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core values
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the fundamental, passionate, and enduring principles that guide an organization's conduct over time
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mission
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a statement of the organization's function in society that often identifies its customers, markets, products, and technologies
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organizational culture
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the set of values, ideas, attitudes, and norms of behavior that is learned and shared among the members of an organization
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business
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the clear, broad, underlying industry or market sector of an organization's offering
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business model
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the strategies an organization develops to provide value to the customers it serves
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goals/objectives
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statements of an accomplishment of a task to be achieved, often by a specific time
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market share
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the ratio of sales revenue of the firm to the total sales revenue of all firms in the industry, including the firm itself
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marketing dashboard
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the visual computer display of the essential information related to achieving a marketing objective
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marketing metric
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a measure of the quantitative value or trend of a marketing activity or result
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marketing plan
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a road map for the marketing activities of an organization for a specified future time period
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competitive advantage
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a unique strength relative to competitors that provides superior returns, often based on quality, time, cost, or innovation
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business portfolio analysis
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a technique that managers use to quantify performance measures and growth targets to analyze their firms' strategic business units as though they were a collection of separate investments
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diversification analysis
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a technique that helps a firm search for growth opportunities from among current and new markets as well as current and new products
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market penetration
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a marketing strategy to increase sales of current products in current markets
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market development
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a marketing strategy to sell current products to new markets
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product development
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a marketing strategy of selling new products to current markets
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diversification
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a marketing strategy of developing new products and selling them in new markets
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strategic marketing process
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whereby an organization allocates its marketing mix resources to reach its target market
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situation analysis
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taking stock of where the firm or product has been recently, where it is now, and where it is headed from there in terms of the organization's marketing plans and the external forces and trends affecting it
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SWOT analysis
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strengths, weaknesses, opportunities, threats
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market segmentation
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the aggregation of prospective buyers into groups or segments that have common needs and will respond similarly to a marketing action
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points of difference
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characteristics of a product that make it superior to competitive substitutes
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marketing strategy
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the means by which a marketing goal is to be achieved
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marketing tactics
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detailed day-to-day operational decisions essential to the overall success of marketing strategies
