Chapter 2- Developing successful Marketing Strategy Flashcards
Profit
Total revenue-Total cost
Strategy
An organizations long term course of action designed to deliver a unique customer experience while achieving its goals
Corporate level
Top management directs overall strategy for the entire organization
Strategic business unit
A subsidiary division or unit of an organization that markets a set of related offerings to a clearly defined group of customers
Functional level
The level in an organization where groups of specialists actually create value for the organization
Cross-functional teams
A small number of people from different departments in an organization who are mutually accountable to accomplish a task or common set of performance goals
Core values
An organizations core values are the fundamental passionate and enduring principles that guide its conduct over time
Misson
Statement of the organizations function in society often identifying its customers markets products and technologies
Organizational culture
A set of values ideas attitudes and norms of behaviour that is learned among the members of an organization
Market share
The ratio of sales revenue of the form to the total sales revenue of all firms in the industry including the firm itself
SMART-Goal setting criteria
Specific, measurable, attainable, relevant, time based
Competencies
Special capabilities, including skills, tech, and resources that distinguish it from other organizations
Benchmarking
Discovering how others do something better than your own firm so that you can imitate or leapfrog competition
4 aspects of market-product analysis
- ) Market penetration
- ) Market development
- ) Product development
- ) Diversification
Marketing Penetration
a marketing strategy of increasing sales of present products in existing markets
Market Development
Marketing strategy of selling existing products to new markets
Product Development
marketing strategy of selling new products to existing markets
Diversification
marketing strategy of developing new products and selling them in new markets
Marketing Dashboard
The visual computer display of the essential info related to achieving a marketing objective
Marketing Metric
A measure of the quantitive value or trend of a marketing activity or result
Strategic marketing process
Whereby an organization allocates its marketing mix resources to reach its target markets
Marketing Plan
A road map for the marketing activities of an organization for a specified future period of time
Situation Analysis
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 plans and the external factors and trends affecting it
SWOT Analysis
An effective shorthand summary of the situations analysis
Strengths- weaknesses- opportunities- threats
Marketing Segmentation
Grouping buyers into specific groups that will a.) have common needs and b.) respond similarity to a marketing action
Points of Difference
Characteristics of a product that make it superior to competitive substitutes
Marketing Tactics
Detailed day to day operational decisions essential to the overall success of marketing strategies
3 levels of strategy in organizations
- ) Corporate level
- )Strategic business unit
- )The functional level
