MKTG 3650 Chapter 2 Francisco Guzman University of North Texas – 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 reward for 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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the level in an organization where top management directs overall strategy for the entire organization.
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Strategic Business Unit (SBU)
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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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Functional Level
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is the level in an organization where groups of specialists actually create value for the organization.
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Cross-Functional Teams
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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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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 statement of the organization's function in society that often identifies its customers, markets, products, and technologies. The term is often used interchangeably with 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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Business Model
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the strategies an organization develops to provide value to the customers it serves.
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Goals or 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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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, such as one year or five years.
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Business Plan
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a road map for the entire organization for a specified future time period, such as one year or five years.
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Competitive Advantage
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an 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 its clients' strategic business units (SBUs) 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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Strategic Marketing Process
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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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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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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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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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are those characteristics of a product that make it superior to competitive substitutes.
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Marketing Strategy
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is 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.
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Marketing Tactics
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are the detailed day-to-day operational decisions essential to the overall success of marketing strategies.
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Market Penetration
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selling in current market
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Market Development
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now selling to other/new places, maybe outside of county
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Product Development
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gaining more market by selling and gaining new products.
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Diversification
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selling a new product and testing it for the first time.
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In marketing, an offering refers to
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a product, service, or idea that creates value for both the organization and its customers by satisfying customer need and wants.
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Today's organizations can be divided into two groups, which are
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business firms and nonprofit organizations
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Since its launch, Netflix has changed it's "business model" in order to
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respond to changing consumer demand and the evolution of new technologies
