Ch. 2 Developing Successful Organizational and Marketing Strategies

Question 1

A legal entity that consist of people who share a common mission (1) for profit organization, (2) nonprofit organizations, (3) government agencies

Answer 1

Organization

Question 2

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

Answer 2

For-profit organization

Question 3

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

Answer 3

Profit

Question 4

A non-governmental organization that serves its customers but does not have profit as an organizational goals

Answer 4

Nonprofit organization

Question 5

A federal, state, county, or city unit that provides a specific service to its constituents

Answer 5

Government agency

Question 6

And organizations long-term course of action design to deliver a unique customer experience while achieving its goals

Answer 6

Strategy

Question 7

The fundamental, passionate, and enduring principles of an organization that guide it’s conduct over time

Answer 7

Core values

Question 8

Employees, shareholders, Board of Directors, suppliers, distributors, creditors, unions, government, local communities, and customers

Answer 8

Stakeholders

Question 9

A statement of the organizations function in society that often identifies its customers, market, products, and technologies. Often used interchangeably with vision

Answer 9

Mission

Question 10

The set of values, ideas, attitude, and norms of behavior that has learned and shared among the members of an organization

Answer 10

Organizational culture

Question 11

The clear, broad, underlying industry or market sector of an organization’s offering

Answer 11

Business

Question 12

Statement of an accomplishment of a task to be achieved, often by a specific time.

Answer 12

Goals or objectives

Question 13

The ratio of sales revenue of the firm to the total sales revenue of all firms in the industry, including the firm itself

Answer 13

Market share

Question 14

A roadmap for the marketing actions of an organization for a specific future time period, such as one year or five years

Answer 14

Marketing plan

Question 15

The approach whereby an organization allocates its marketing mix resources to reach its target market

Answer 15

Strategic marketing process

Question 16

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

Answer 16

Situation analysis

Question 17

An acronym describing an organizations appraisal of its internal Strengths and Weaknesses and it’s external Opportunities and Threats

Answer 17

SWOT analysis

Question 18

Involves aggregating perspective buyers into groups, or segments, that (1) have common needs and (2) will respond similarly to a marketing action

Answer 18

Market segmentation

Question 19

The means by which a marketing goal is to be achieved, usually characterized by a specified target market and marketing program to reach out

Answer 19

Marketing strategy