Chapter 2- Developing successful Marketing Strategy

Question 1

Profit

Answer 1

Total revenue-Total cost

Question 2

Strategy

Answer 2

An organizations long term course of action designed to deliver a unique customer experience while achieving its goals

Question 3

Corporate level

Answer 3

Top management directs overall strategy for the entire organization

Question 4

Strategic business unit

Answer 4

A subsidiary division or unit of an organization that markets a set of related offerings to a clearly defined group of customers

Question 5

Functional level

Answer 5

The level in an organization where groups of specialists actually create value for the organization

Question 6

Cross-functional teams

Answer 6

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

Question 7

Core values

Answer 7

An organizations core values are the fundamental passionate and enduring principles that guide its conduct over time

Question 8

Misson

Answer 8

Statement of the organizations function in society often identifying its customers markets products and technologies

Question 9

Organizational culture

Answer 9

A set of values ideas attitudes and norms of behaviour that is learned among the members of an organization

Question 10

Market share

Answer 10

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

Question 11

SMART-Goal setting criteria

Answer 11

Specific, measurable, attainable, relevant, time based

Question 12

Competencies

Answer 12

Special capabilities, including skills, tech, and resources that distinguish it from other organizations

Question 13

Benchmarking

Answer 13

Discovering how others do something better than your own firm so that you can imitate or leapfrog competition

Question 14

4 aspects of market-product analysis

Answer 14

1. ) Market penetration
2. ) Market development
3. ) Product development
4. ) Diversification

Question 15

Marketing Penetration

Answer 15

a marketing strategy of increasing sales of present products in existing markets

Question 16

Market Development

Answer 16

Marketing strategy of selling existing products to new markets

Question 17

Product Development

Answer 17

marketing strategy of selling new products to existing markets

Question 18

Diversification

Answer 18

marketing strategy of developing new products and selling them in new markets

Question 19

Marketing Dashboard

Answer 19

The visual computer display of the essential info related to achieving a marketing objective

Question 20

Marketing Metric

Answer 20

A measure of the quantitive value or trend of a marketing activity or result

Question 21

Strategic marketing process

Answer 21

Whereby an organization allocates its marketing mix resources to reach its target markets

Question 22

Marketing Plan

Answer 22

A road map for the marketing activities of an organization for a specified future period of time

Question 23

Situation Analysis

Answer 23

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

Question 24

SWOT Analysis

Answer 24

An effective shorthand summary of the situations analysis

Strengths- weaknesses- opportunities- threats

Question 25

Marketing Segmentation

Answer 25

Grouping buyers into specific groups that will a.) have common needs and b.) respond similarity to a marketing action

Question 26

Points of Difference

Answer 26

Characteristics of a product that make it superior to competitive substitutes

Question 27

Marketing Tactics

Answer 27

Detailed day to day operational decisions essential to the overall success of marketing strategies

Question 28

3 levels of strategy in organizations

Answer 28

1. ) Corporate level
2. )Strategic business unit
3. )The functional level