Chapter 2: Developing Successful Marketing Strategies Flashcards
Strategy
And organizations long-term course of action designed to deliver you need customer experience while achieving its goals.
Profit
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.
Corporate level
Level at which top management direct overall strategy for the entire organization.
Marketing accountability
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.
Strategic business unit
A subsidiary area, division, or unit of an organization that markets a set of related offerings to a clearly defined group of customers.
Strategic business unit level
A business unit level or managers that are more specific strategic direction for their businesses to exploit value creating opportunities.
Functional level
The level in an organization where groups the specialist 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 a common set of performance goals.
Core values
And organizations Corvalian’s are the fundamental, passionate, and enduring principles that guide it’s conduct overtime.
Mission
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 behavior that is learned and shared among members of an organization.
Business
The clear, broad, underlying industry or market sector of an organization’s offering.
Business model
The strategies and organization developed to provide value to the customer as it serves.
Goals or objectives
Statements of an accomplishment of a task to be achieved, often by specific time.
Market share
The ratio sales revenue of the firm to the total sales revenue of all firms in the industry, including the firm itself.
Competencies
And organizations special capabilities, including skills, technologies, and resources, that distinguish it from other organizations and provide value to its customers.
Competitive advantage
A unique strengths relative to competitors, often based on quality, time, cost, innovation, customer intimacy, or customer experience management.
Quality
Those features and characteristics of a product that influence its ability to satisfy customer needs
Benchmarking
Discovering how others do something better than your own firms that you can imitate or leapfrog competition.
Marketing dashboard
The visual computer display of the essential information related to achieving a marketing objective.
Marketing metric
A measure of the quantitative value or trend of a marketing activity or results.
Strategic marketing process
Process whereby an organization allocate it’s marketing mix resources to reach its target markets.
Marketing plan
A roadmap for the marketing activities of an organization for specified future period of time, such as one year or five years.
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.
