Chapter 2: Developing Successful Marketing Strategies

Question 0

Strategy

Answer 0

And organizations long-term course of action designed to deliver you need customer experience while achieving its goals.

Question 1

Profit

Answer 1

The money left after a business firms total expenses are subtracted from the total revenue; the reward for the risk of it undertakes in marketing its offerings.

Question 2

Corporate level

Answer 2

Level at which top management direct overall strategy for the entire organization.

Question 3

Marketing accountability

Answer 3

The responsibility for the systematic management marketing resources and processes to achieve measurable gained in return on marketing investment and increased marketing efficiency, while maintaining quality and increasing the value of the corporation.

Question 4

Strategic business unit

Answer 4

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

Question 5

Strategic business unit level

Answer 5

A business unit level or managers that are more specific strategic direction for their businesses to exploit value creating opportunities.

Question 6

Functional level

Answer 6

The level in an organization where groups the specialist actually create value for the organization.

Question 7

Cross functional teams

Answer 7

A small number of people from different departments in an organization who are mutually accountable to accomplish a task or a common set of performance goals.

Question 8

Core values

Answer 8

And organizations Corvalian’s are the fundamental, passionate, and enduring principles that guide it’s conduct overtime.

Question 9

Mission

Answer 9

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

Question 10

Organizational culture

Answer 10

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

Question 11

Business

Answer 11

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

Question 12

Business model

Answer 12

The strategies and organization developed to provide value to the customer as it serves.

Question 13

Goals or objectives

Answer 13

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

Question 14

Market share

Answer 14

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

Question 15

Competencies

Answer 15

And organizations special capabilities, including skills, technologies, and resources, that distinguish it from other organizations and provide value to its customers.

Question 16

Competitive advantage

Answer 16

A unique strengths relative to competitors, often based on quality, time, cost, innovation, customer intimacy, or customer experience management.

Question 17

Quality

Answer 17

Those features and characteristics of a product that influence its ability to satisfy customer needs

Question 18

Benchmarking

Answer 18

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

Question 19

Marketing dashboard

Answer 19

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

Question 20

Marketing metric

Answer 20

A measure of the quantitative value or trend of a marketing activity or results.

Question 21

Strategic marketing process

Answer 21

Process whereby an organization allocate it’s marketing mix resources to reach its target markets.

Question 22

Marketing plan

Answer 22

A roadmap for the marketing activities of an organization for specified future period of time, such as one year or five years.

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 acronym describing an organization’s appraisal of its internal strengths and weaknesses and it’s external opportunities and threats.

Question 25

Market segmentation

Answer 25

Aggregating prospecter buyers into groups, or segments, that how common needs and will respond similarly to marketing action.

Question 26

Points of difference

Answer 26

Characteristics of a product that make it superior to competitive substitutes.

Question 27

Marketing strategy

Answer 27

The means by which a marketing goal is to be achieved, usually characterized by a specific target market and a marketing program to reach it.

Question 28

Marketing tactics

Answer 28

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