Chapter 2 Flashcards
What is this ?
Letting CONSUMER NEEDS define and drive business
Customer Centricity
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
How to avoid marketing myopia
What is this ?
goods, services or ideas that create value for both the organization and its customers by satisfying their needs and wants
offerings
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
profit
What is this ?
an organizations long term course of action designed to deliver a unique customer experience while achieving its goals
strategy
What is this ?
where groups of specialists actually create value for the organization
functional level
What is this ?
these specialized functions such as marketing and finance
department
What is this ?
small number of people from different departments who are mutually accountable to accomplish a task or common set of performance goals
cross-functional teams
What is this ?
special capabilities-the skills, technologies, and resources-that distinguish it from other organizations and provide customer value
competencies
What is this ?
a unique strength relative to competitors that provides superior returns, often based on quality, time, cost, or innovation
competitive advantage
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
business portfolio analysis
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
diversification analysis
What is this ?
the allocation of an organizations marketing mix resources to reach its target markets and achieve a competitive advantage
strategic marketing process
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
situation analysis
What is this ?
describing an organizations appraisal of its internal strengths and weaknesses and its external opportunities and threats
SWOT analysis
What is this ?
involves aggregating prospective buyers into groups, or segments, that have common needs and will respond similarly to a marketing action
market segmentation
What is this ?
the cluster of benefits that an organization promises customers to satisfy their needs
customer value propostition
What is this ?
those characteristics of a product that make it superior to competitive substitutes
points of difference
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
marketing strategy
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
marketing tactics
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
planning gap
