Ch. 2 Developing Successful Organizational and Marketing Strategies Flashcards
A legal entity that consist of people who share a common mission (1) for profit organization, (2) nonprofit organizations, (3) government agencies
Organization
Often called a business firm, is a privately owned organization such as Target,Nike, or Keurig that serves its customers to earn a profit so that it can survive
For-profit organization
The money left over after a for profit organization subtracts it’s total expenses from its total revenue and is the reward for the risk it undertakes in marketing it’s offerings
Profit
A non-governmental organization that serves its customers but does not have profit as an organizational goals
Nonprofit organization
A federal, state, county, or city unit that provides a specific service to its constituents
Government agency
And organizations long-term course of action design to deliver a unique customer experience while achieving its goals
Strategy
The fundamental, passionate, and enduring principles of an organization that guide it’s conduct over time
Core values
Employees, shareholders, Board of Directors, suppliers, distributors, creditors, unions, government, local communities, and customers
Stakeholders
A statement of the organizations function in society that often identifies its customers, market, products, and technologies. Often used interchangeably with vision
Mission
The set of values, ideas, attitude, and norms of behavior that has learned and shared among the members of an organization
Organizational culture
The clear, broad, underlying industry or market sector of an organization’s offering
Business
Statement of an accomplishment of a task to be achieved, often by a specific time.
Goals or objectives
The ratio of sales revenue of the firm to the total sales revenue of all firms in the industry, including the firm itself
Market share
A roadmap for the marketing actions of an organization for a specific future time period, such as one year or five years
Marketing plan
The approach whereby an organization allocates its marketing mix resources to reach its target market
Strategic marketing process
Taking stock of where the firm or product has been recently, where it is now, and where it is headed in terms of the organizations marketing plans and external forces and trends affecting it
Situation analysis
An acronym describing an organizations appraisal of its internal Strengths and Weaknesses and it’s external Opportunities and Threats
SWOT analysis
Involves aggregating perspective buyers into groups, or segments, that (1) have common needs and (2) will respond similarly to a marketing action
Market segmentation
The means by which a marketing goal is to be achieved, usually characterized by a specified target market and marketing program to reach out
Marketing strategy
