Chapter 2

Question 1

What is this ?
Letting CONSUMER NEEDS define and drive business

Answer 1

Customer Centricity

Question 2

What r these 4 things?
1. Always put the customer first
2. Always ask why?
3. Study your competition, nobody is too small
4. Embrace change and innovation

Answer 2

How to avoid marketing myopia

Question 3

What is this ?
goods, services or ideas that create value for both the organization and its customers by satisfying their needs and wants

Answer 3

offerings

Question 4

What is this ?
the money left after a for profit organization subtracts its total expenses from its total revenues and it the reward for the risk it undertakes in marketing its offerings

Answer 4

profit

Question 5

What is this ?
an organizations long term course of action designed to deliver a unique customer experience while achieving its goals

Answer 5

strategy

Question 6

What is this ?
where groups of specialists actually create value for the organization

Answer 6

functional level

Question 7

What is this ?
these specialized functions such as marketing and finance

Answer 7

department

Question 8

What is this ?
small number of people from different departments who are mutually accountable to accomplish a task or common set of performance goals

Answer 8

cross-functional teams

Question 9

What is this ?
special capabilities-the skills, technologies, and resources-that distinguish it from other organizations and provide customer value

Answer 9

competencies

Question 10

What is this ?
a unique strength relative to competitors that provides superior returns, often based on quality, time, cost, or innovation

Answer 10

competitive advantage

Question 11

What is this ?
a technique that managers use to quantify performance measures and growth target to analyze their firms strategic business unites as though they were a collection of separate investments

Answer 11

business portfolio analysis

Question 12

What is this ?
a technique that helps a girl search for growth opportunities from among current and new markets as well as current and new products

Answer 12

diversification analysis

Question 13

What is this ?
the allocation of an organizations marketing mix resources to reach its target markets and achieve a competitive advantage

Answer 13

strategic marketing process

Question 14

What is this ?
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 the external forces and trends affecting it

Answer 14

situation analysis

Question 15

What is this ?
describing an organizations appraisal of its internal strengths and weaknesses and its external opportunities and threats

Answer 15

SWOT analysis

Question 16

What is this ?
involves aggregating prospective buyers into groups, or segments, that have common needs and will respond similarly to a marketing action

Answer 16

market segmentation

Question 17

What is this ?
the cluster of benefits that an organization promises customers to satisfy their needs

Answer 17

customer value propostition

Question 18

What is this ?
those characteristics of a product that make it superior to competitive substitutes

Answer 18

points of difference

Question 19

What is this ?
the means by which a marketing goal to be achieved, usually characterized by a specified target market and a marketing program to reach it

Answer 19

marketing strategy

Question 20

What is this ?
the detailed day-to-day operational marketing actions for each element of the marketing mix that contribute to the overall success of marketing strategies

Answer 20

marketing tactics

Question 21

What is this ?
the difference between the projection of the path to reach a new sales revenue goal and the projection of the path of a plan already in place

Answer 21

planning gap