Chapter 02

Question 1

Profit

Answer 1

the money left after afor-profit organization subtracts its total expenses from its total revenues and is the reward for the risk it undertakes in marketing its offerings.

Question 2

Strategy

Answer 2

an organization’slong-term course of action designed to deliver a unique customer experience while achieving its goals.

Question 3

Core values

Answer 3

the fundamental, passionate, and enduring principles of an organization that guide its conduct over time.

Question 4

mission

Answer 4

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

Question 5

organizational culture

Answer 5

the set of values, ideas, attitudes, and norms of behavior that is learned and shared among the members of an organization.

Question 6

business

Answer 6

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

Question 7

Goals or objectives

Answer 7

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

Question 8

Market share

Answer 8

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

Question 9

marketing plan

Answer 9

a road map for the marketing actions of an organization for a specified future time period, such as one year or five years.

Question 10

business plan

Answer 10

a road map for the entire organization for a specified future period of time, such as one year or five years.

Question 11

marketing dashboard

Answer 11

the visual computer display of the essential information related to achieving a marketing objective.

Question 12

marketing metric

Answer 12

a measure of the quantitative value or trend of a marketing action or result.

Question 13

Business portfolio analysis

Answer 13

a technique that managers use to quantify performance measures and growth targets to analyze their firms’strategic business units (SBUs) as though they were a collection of separate investments.

Question 14

Diversification analysis

Answer 14

a technique that helps a firm search for growth opportunities from among current and new markets as well as current and new products.

Question 15

strategic marketing process

Answer 15

an approach whereby an organization allocates its marketing mix resources to reach its target markets.

Question 16

situation analysis

Answer 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 organization’s marketing plans and the external forces and trends affecting it.

Question 17

SWOT analysis

Answer 17

an acronym describing an organization’s appraisal of its internal Strengths and Weaknesses and its external Opportunities and Threats.

Question 18

Marketing strategy

Answer 18

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.

Question 19

Marketing tactics

Answer 19

the detailed, day-to-day operational marketing actions for each element of the marketing mix that contributes to the overall success of marketing strategies