Marketing Chapter Two – Flashcards
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Profit
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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.
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Strategy
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Organization's long-term course of action designed to deliver a unique customer experience while achieving its goals.
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Core Values
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Fundamental passsionate, and enduring principles of an organzation that guide its conduct over time.
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Mission
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Statement of the organzatino's function ins ociety that often identifies its customers markets, products, and technologies.
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Mission is oftern used interchangibly with ______
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Vision
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Organizational Culture
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Consists of 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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Goals/Objectives
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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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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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Measure of the quanitative value of trend of a marketing activity or result.
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Marketing plan
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Road mapf ro the marketing activities of an organziation for a specified future time period, such as one year or five years.
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Business Plan
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Road map for the entire organization for a specified time period, such as one year or five years.
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Business Portfolio Analysis
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Technique that manager use to quantify performance neasures and growth targets to analyze its clients' strategic business units as though they were a collection of seperate investments.
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SBUs stand for
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Strategic Business Units
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Diversification Analysis
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Technique that helps a firm search for growth oppurtunities from among current and new markets as well as current and new products.
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Strategic Marketing Process
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Approach whereby an organziation allocates its marketing mix resources to reach its target markets.
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Situation Analysis
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involves 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 factors and trends affecting it.
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SWOT Analysis
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is an acronym describing an organization's appraisal of its internal Strengths and Weaknesses ansd its Oppurtunities and Threats.
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Market Segmentation
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Involves aggregating prodpective buyers into groups that 1. have common needs and 2. wilil respond simlilarly to a marketing action.
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Points of difference
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Those characterstics of a product that make it superior to competitive substitutes.
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Marketing strategy
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the meana by which a marketing goal is to be achieved, usually characterized by a specified target market and a marketing program to reach it.
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Marketing tactics
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Detailed day-to-day operational decisions essential to the overal success of marketing strategies.
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A unique strength to competitors that provides superior returns, often based on quality, time, cost or innovation, is referred to as a
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competitive advantage
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The highest-ranking person in an organization who oversees the organization's daily operations and spearheads its strategy planning efforts is often referred to as...
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the chief executive officer
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A key role of the marketing department is to "look outward." This is accomplished by
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listening to customers, develping and producing offerings, and implementing marketing program activities.
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All of the following retailers are principal or direct competitors to Lands' End EXCEPT:
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Pierre Cardin
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The second phase of the strategic marketing process is the _________
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implementation phase
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In a BCG growth-share Metrix, a relative market share of 10x at the left end of the scale on its horizontal axis means that the SBU has 10 times the share of its largest competitor, whereas a relative market share of 0.1x at the right end of the scale on its horizontal axis means that
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the SBU has only 10 percent of the share of its largest competitor.
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The goal of a SWOT analysis is to
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identify the critical strategy-related factors that cna impact the firm.
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The term that encompasses and organization's employees, shareholders, board of directors, suppliers, distributors, creditors, unions, government, local communities, and customers is referred to as its
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stakeholders
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SightLife works to solve which societal problem
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it works to end corneal blindess worldwide by finding cornea donors and creating tissue banks.
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Today's visionary organization uses three key elements to specify its foundation, _________, and formulate strategies.
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set a direction.
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What is the difference between a business firm and a non profit organization?
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a business firm is a privately owned organization that serves its customers to earn a profit so it can survive. a nonprofit organization is a nongovernmental organization that serves its customers but does not have a profit as a goal. instead, its goals may be operational efficiency or client satisfaction.
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What are examples of a functional level in an organization?
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the functional level in an organization is where groups of specialist from the marketing, finance, manufacturing/operations, accounting, information systems, research & development, and/or human resources departments focus on a specific strategic direction to create value for the organization.
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What is the meaning of an organization's mission?
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A mission is a statement of the organizations function in society, often identifying its customers, markets, products, and technologies. interchangeably with vision.
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What is the difference between an organizations business and its goals?
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an organizations business describes the clear, broad, underlying industry or market sector of an organizations offering. an organizations goals are statements of an accomplishment of a task to be achieved, often by a specified time. goals convert an organizations mission and business into a long and short term performance targets to measure how well its doing.
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What is the difference between a marketing dashboard and a marketing metric
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a marketing dashboard is the visual computer display of the essential information related to achieving a marketing objective. each variable in a marketing dashboard is a marketing metric, which is a measure of the quantitative value or trend of a marketing activity or result
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What is 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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What are the four market product strategies in diversification analysis?
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1. market penetration- increase marketing sales of current products in current markets 2. market development - sell current products to NEW markets. 3. selling NEW products to current markets 4. diversification - high-risk marketing strategy of developing new products and selling them in new markets
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What are the three steps of the planning phase strategic marketing process
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1. SWOT analysis - involves taking stock of where the product has been recently, where is it now, and where its headed in terms of the organization marketing plans and the external forces and trends. 2. market product focus and goal setting - based on market segmentation 3. marketing program - where an organization develops the marketing mix elements and budget for each offering.
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What are points of difference and why are they important?
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points of difference are those characteristics of a products that make it superior to competitive substitutes -- offerings it faces in the marketplace. They are single most important factor in the success or failure if a new product.
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What is the implementation phase of these strategic carries out the marketing process
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carries out the marketing plan that emerges from the planning phase. consists of 1. obtaining resources 2. designing the marketing organization 3. planning schedules 4. executing the marketing program designed in the planning phase.
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How do the goals set for a marketing program in the planning phrase relate to the evaluation phase of the strategic marketing process?
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planning phase objectives are used as the benchmarks with which the actual performance results are compared in the evaluation phase to identify deviations from the written marketing plans and then correct negative ones or exploit positive ones.
