Marketing – Chapter 2 Terms – Flashcards
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profit
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Profit is the reward to a business firm for the risk it undertakes in offering a product for sale. It is also the money left over after a firm's total expenses are subtracted from its total sales.
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strategy
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Strategy is an organization'slong-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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The corporate level is the levelin an organization where top management directs overall strategy for the entire organization.
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strategic business unit (SBU)
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A strategic business unit (SBU) is 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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strategic business unit (SBU) level
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The strategic business unit (SBU) level is the level in an organization where managers set a more specific strategic direction for their businesses to exploit value creating opportunities.
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functional level
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The functional level is the levelin an organization where groupsof specialists actually create value for the organization.
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cross-functional teams
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Cross-functional teams consist of 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.
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core values
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Core values are the fundamental, passionate, and enduring principles of an organization that guide its conduct over time.
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mission
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A mission is a statement of the organization's function in society, often identifying its customers, markets, products, and technologies. The term is often used interchangeably with vision.
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organizational culture
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An organizational culture consists of a 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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A business is the clear, broad, underlying industry category or market sector of an organization's offering.
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goals or objectives
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Goals or objectives are the 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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Market share is 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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competencies
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Competencies consist of an organization's special capabilities, including skills, technologies, and resources, which distinguish it from other organizations and provide value to its customers.
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competitive advantage
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A competitive advantage is an unique strength relative to competitors, often based on quality, time, cost, or innovation.
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marketing dashboard
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A marketing dashboard is the visual display on a single computer screen of the essential information related to achieving a marketing objective.
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marketing metric
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A marketing metric is 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 marketing plan is a road map for the marketing activities of an organization for a specified future period of time, such as one year or five years.
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strategic marketing process
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The strategic marketing process is the approach whereby an organization allocates its marketing mix resources to reach its target markets.
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situation analysis
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A situation analysis involves taking stock of where the firm or product has been recently, where it is now, and where it is headedin terms of the organization's plans and the external factorsand trends affecting it.
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SWOT analysis
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A SWOT analysis is an acronym describing an organization's appraisal of its internal Strengths and Weaknesses and its external Opportunities and Threats.
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market segmentation
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Market segmentation involves aggregating prospective buyers into groups, or segments, that(1) have common needs and(2) will respond similarly to a marketing action.
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points of difference
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Points of difference are those characteristics of a product that make it superior to competitive substitutes.
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marketing strategy
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Marketing strategy is the means by which a marketing goal is to be achieved, usually characterizedby a specified target market anda marketing program to reach it.
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marketing tactics
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Marketing tactics are the detailed day-to-day operational decisions essential to the overall success of marketing strategies.
