Mktg 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 reward for the risk it undertakes for its offerings
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Strategy
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an organizations 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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are the fundamental, passionate, and enduring principle of an organization that guide its conduct over time. These must be communicated and supported
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Mission
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A statement of the organizations function, often identifies customers, markets, products and technologies. (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 members of an organization
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Business
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The clear, broad, underlying industry or market sector of an organizations offering "What we do" "What business are we in"
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Goals/Objectives
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Are statements of an accomplishment of a task to be achieved, often by a specific time Ex: Sales, profit, mkt share, quality
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Market Share
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Is the ratio of sales revenue of the firm/ total sales revenue of all firms in industry
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Marketing Dashboard
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The visual computer display of 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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Data visualization
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Graphically presents info for quick spot deviations, take corrective actions
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Marketing plan
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is a road map for the *marketing activities* of an organization for a specific future time period (1 or 5 years)
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Business plan
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Is a road map for the *entire organization* for a specified future time (1 or 5 years)
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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 SBUs as through 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 (Ben N jerry ex)
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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 *Planning phase, implementation, evaluation*
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Situation analysis
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(step 1 of the planning phase) 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 marketing plans and external factors that affect 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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(step 2 of planning phase) Involves aggregating prospective buyers into groups or segments that (1) have common needs (2) will respond similarly to a marketing action
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Marketing Program
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(Step 3 of planning phase) Each element of the marketing mix is combined that provides a cohesive program
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The Implementation phase
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Obtaining resources Designing the marking organization Defining tasks, responsibilities, and deadlines executing the marketing program
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The Evaluation Phase
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Compare results Acting deviations
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Points of difference
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Are those characteristics of a product that make it superior to the competitive substitutes
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Market strategy
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is the means by which a marketing goal is to be achieved, (usually a specified target market and a marketing program.)
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Marketing tactics
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Detailed day to day operation decisions essential to the overall success of marketing strategies
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A visionary organization first examines its organizational foundation and its organizational direction to determine its organizational
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strategies
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Southwest Airlines' __________ is to be dedicated "to the highest quality of Customer Service delivered with a sense of warmth, friendliness, individual pride, and Company Spirit."
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mission
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The outdoor brand The North Face intends to capture some of its competitors' business in Europe in the next few years, even amid the current debt crisis there. The firm cites the active lifestyles there and the relatively low cost of entry for its backpacking and hiking sports gear, which attracts those planning a low-budget "staycation." The North Face most likely has a __________ goal
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market share
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The choice of which __________ to display on a marketing dashboard is critical for a busy marketing manager, who can be overwhelmed with irrelevant data.
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marketing metrics
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The __________ phase of the strategic marketing process usually results in a __________ that sets the direction for the marketing activities of an organization.
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planning; marketing plan
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What is a unique strength relative to competitors, often based on quality, time, cost, or innovation referred to as?
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competitive advantage
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In BCG's business portfolio analysis, __________ generate more revenue than they can use, allowing an organization to cover its overhead and invest in other SBUs.
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cash cows
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In diversification analysis, product development refers to the marketing strategy of
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selling new products to current markets.
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The last phase of the strategic marketing process is known as
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evaluation
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The marketing department is part of which strategic level in an organization?
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functional level
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What is the implementation phase of the strategic marketing process?
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carries out the marketing plan that emerges from the planning phase and consists of: (1) obtaining resources; (2) designing the marketing organization; (3) developing planning schedules; and (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 phase relate to the evaluation phase of the strategic marketing process?
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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.
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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 the difference between an organization's business and its goals?
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An organization's business describes the clear, broad, underlying industry or market sector of an organization's offering. An organization's goals (or objectives) are statements of an accomplishment of a task to be achieved, often by a specific time. Goals convert an organization's mission and business into long- and short-term performance targets to measure how well it is doing.
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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 specialists 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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SMART
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Specific Measurable Attainable Relevant Time-based
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Organization Strategies
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(1) variation by level (2) variation by offering
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Competitors
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Distinctions among them are increasingly blurred
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Q marks
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Low share, need large injections of cash to maintain
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Stars
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May need extra cash to finance rapid growth, when growth slows may become cash cows.
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Cash cows
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Make large amounts of cash, can cover overhead and make new products
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Dogs
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Low share, slow growth. Do not have any more real potential
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Market Penetration
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Selling more Ben N Jerrys ice cream to Americans
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Product Development
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Selling clothes under Ben N Jerrys name in America
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Market Development
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Selling more Ben N Jerrys ice cream to Brazilians
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Diversification
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Selling clothes under Ben N jerrys name in Brazil
