question

business

answer

the clear, broad, underlying industry or market sector of an organization's offering; to help define this, an organization can look at the set of organizations that sell similar offerings

question

business portfolio analysis

answer

a technique that managers use to quantify performance measures and growth targets to analyze their firms' strategic business units (SBUs); tells use which SBU to invest money in and how much

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core values

answer

the fundamental, passionate, and enduring principles of an organization that guide its conduct over time

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diversification analysis

answer

a technique that helps firms search for growth opportunities from among current and new markets as well as current and new products

question

goals (objectives)

answer

statements of an accomplishment of a task to be achieved, often by a specific time; convert an organization's mission and business into long and short term performance targets

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market segmentation

answer

involves aggregating prospective buyers into group or segments that (1) have common needs and (2) will respond similarly to a marketing action

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market share

answer

the ratio of sales revenue of the firm to the total sales revenue of all firms in the industry, including the firm itself

question

marketing dashboard

answer

the visual computer display of the essential information related to achieving a marketing objective

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marketing metric

answer

a measure of the quantitative value or trend of a marketing action or result; each display in a marketing dashboard shows this

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marketing plan

answer

a road map for the marketing actions of an organization for specified future time period, such as one year or five years; most organizations develop

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marketing strategy

answer

the means by which a marketing goal is to be achieved, usually characterized by a specific target market and a marketing program to reach it; implies both the ned sought (target market) and the means to achieve it (marketing program)

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marketing tactics

answer

the detailed day-to-day operational marketing actions for each element of the marketing mix that contribute to the overall success of marketing strategies; example -- writing ads, setting prices, etc.

question

mission

answer

a statement of the organization's function in society that often identifies its customers, markets, products, and technologies. Often used interchangeably with "vision"

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objectives (goals)

answer

statements of an accomplishment of a task to be achieved, often by a specific time

question

organizational culture

answer

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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points of difference

answer

those characteristics of a product that make it superior to competitive substitutes

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profit

answer

the money left after a for-profit organization subtracts its total expenses from its total revenues and is the reward for the risk t undertakes in marketing its offerings

question

situation analysis

answer

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 ti

question

strategic marketing process

answer

the approach whereby an organization allocates it marketing mix resources to reach its target markets

question

strategy

answer

an organization's long-term course of action designed to deliver a unique customer experience while achieving its goals

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SWOT analysis

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an acronym describing an organization appraisal of its internal Strengths and Weaknesses and it external Opportunities and Threats

question

Strengths, Weaknesses, opportunities, threats

answer

What does SWOT stand for?

question

industry

answer

organizations that develop similar offerings form an _________

question

for-profit, non-profit, government agencies

answer

3 types of organizations

question

organization

answer

a legal entity that consists of people who share a common mission, which motivates them to develop offerings (goods, services, or ideas) that create value for both the organization and its customers by satisfying their needs and wants

question

corporate level, strategic business unit level, functional level

answer

3 organizational levels of complex, large businesses

question

Corporate level

answer

organization level of a large, complex business; where top management directs overall strategy for the entire organizations

question

Strategic business unit level

answer

organization level of a large, complex business; a subsidiary, division, or unit of an organization that markets a set of related offerings to a clearly defined target market; at this level, managers set a more specific strategic direction for their businesses to exploit value-creating opportunities

question

True

answer

True or False: For less complex firms with a single business focus, corporate and business unit levels may merge

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functional level

answer

organization level of a large, complex business; where groups of specialists actually create value for the organization; the term department generally refers to these specialized functions such as marketing and finance

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functional level

answer

At what level of organization of a large, complex business is the strategic direction most specified and focused?

question

mission (vision)

answer

By understanding its core values, an organization can take steps to define its _________

question

goals

answer

profit, sales, market share, quality, customer satisfaction, employee welfare, and social responsibility are all examples of type of ______

question

1. Where are we now? 2. Where do we want to go?

answer

To set a strategic direction, an organization needs to answer two difficult questions:

question

competencies, customers, competitors

answer

In setting a strategic direction for an organization, we must ask, "Where are we now?" What three things must we identify when asking this question?

question

Where do we want to go?

answer

A business portfolio analysis helps us answer what question?

question

generate cash, require cash

answer

The purpose of business portfolio analysis is to determine which strategic business units (SBUs or offering) _________ _______ and which one _______ ______ to fund the organization's growth properties

question

cash cows

answer

SBUs with large share of slow growth markets; successful SBU, competition weakened, no serious investments, produces cash (best)

question

stars

answer

SBUs with large shares of high growth markets; profit potential, attracts competition, may need heavy investment

question

question marks

answer

SBUs with low share of high growth markets; build into stars or phase out, require cash to build market share

question

dogs

answer

SBUs with low shares of slow-growth markets; low profit potential, usually discontinued

question

market penetration

answer

marketing strategy to increase sales of current products in current markets

question

market development

answer

marketing strategy to increase sales of current products in new markets

question

product development

answer

marketing strategy to increase sales of new products in current markets

question

diversification

answer

marketing strategy to increase sales of new products in new markets (high risk)

question

1. SWOT Analysis 2. Market-product focus and goal setting 3. Developing the Marketing Program

answer

What are the three steps of the planning phase of the strategic marketing process?

question

True

answer

True or False: The chances of new-product success are increased by specifying both market and product goals

question

goal setting

answer

involves specifying measurable marketing objectives to be achieved

question

Step 2: Market product focus and goal setting

answer

Which step in the planning phase of the strategic marketing process involves the following? -includes market segmentation -goal setting about the market and the product -finding points of difference -position the product telling the marketing manager which customers to target and which customers needs the firm's product offering can satisfy (this steps answers the who and the what)

question

1. Planning phase 2. Implementation phase 3. Evaluation phase

answer

What are the three phases of the strategic marketing process?

question

Step 3: developing the marketing program

answer

Which step in the planning phase of the strategic marketing process involves creating strategies in regard to the 4 P's (produce, price, promotion, place)

question

1. Obtaining resources (to execute the marketing program, human and financial) 2. Designing the marketing organization 3. Defining precise tasks, responsibilities, and deadlines 4. Executing the marketing program designed in the planning phase

answer

What are the four components of the implementation phase of the strategic marketing process?

question

action item list

answer

an aid in the third step of the implementation phase of the strategic marketing process (defining precise tasks, responsibilities, and deadlines); has four columns: the task, the person responsible for completing that task, the date to finish the task, and what is to be delivered; circulated before a meeting; forward-looking, clarify targets, and put strong pressure on people to achieve their designated tasks by the deadline

question

1. compare the results of the marketing program with plans to identify deviations 2. act on these deviations (exploit positive deviations and correct negative ones)

answer

The Evaluation phase of the strategic marketing process seeks to keep the marketing program moving in the direction set for it; In order to do so, the marketing manager must do what 2 things?

question

planning gap

answer

the difference between the projection of the path to reach a new sales revenue goal and the projection of the plan already in place; the purpose of the firm's marketing program is to dil this

question

Gantt chart

answer

efficient way to schedule activities, graph of a program schedule

question

for-profit organization

answer

privately owned organization that serves its customers to earn a profit so that it can survive; the organizational goal is profit

question

nonprofit organization

answer

non-governmental organization that serves its customer but does NOT have profit as an organizational goal

question

offerings

answer

goods and services that an organization provides

question

overall company strategy, long run survival, growth

answer

The goal of marketing strategy is to develop an ________ _______ _________ for _____ - _____ _____ and _______

question

1. Define a mission 2. Set company's objectives 3. Analyze current situation 4. Design specifics of a marketing strategy: Functional strategies and marketing mix

answer

4 steps of marketing strategy

question

clear, concise, motivating, inspirational, market oriented, realistic, fit market environment, states distinctive competencies

answer

Good mission statements should be: (8)

question

objectives

answer

a company's ______ define the intended outcome of carrying out the mission; used to set targets for different levels and lead to more specific business and marketing ________

question

mission, objective

answer

Walmart's ______ is "to give ordinary folk the chance to buy the same thing as rich people" Walmart's ______ is to charge low prices

question

(SMART) Specific Measurable Attainable Relevant Time-Based

answer

What 5 things should objectives be?

question

customer analysis, company analysis, competitor analysis, SWOT analysis, Business Portfolio analysis

answer

In analyzing the current situation to create a market strategy, what 5 types of analyses should be carried out

question

business portfolio

answer

collection of businesses that make up the firm

question

strategic business unit (SBU)

answer

part of the firm that has a distinct missions, product, competitors, and can be planned independently

question

False, other way around

answer

True or False? Cash cows may need heavy investment, while stars do not need investment.

Marketing Chapter 2, Exam 1 – Flashcards

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