chpt2

Question 1

business

Answer 1

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

Question 2

business portfolio analysis

Answer 2

A technique that managers use to quantify performance measures and growth targets to analyze their firms’ strategic business units (SBUs) as though they were a collection of separate investments.

Question 3

core values

Answer 3

The fundamental, passionate, and enduring principles of an organization that guide its conduct over time.

Question 4

customer value proposition

Answer 4

The cluster of benefits that an organization promises customers to satisfy their needs.

Question 5

diversification analysis

Answer 5

A technique that helps a firm search for growth opportunities from among current and new markets as well as current and new products.

Question 6

objectives

Answer 6

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

Question 7

market segmentation

Answer 7

Involves aggregating prospective buyers into groups, or segments, that (1) have common needs and (2) will respond similarly to a marketing action.

Question 8

market share

Answer 8

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

Question 9

marketing dashboard

Answer 9

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

Question 10

marketing metric

Answer 10

A measure of the quantitative value or trend of a marketing action or result.

Question 11

marketing plan

Answer 11

A road map for the marketing actions of an organization for a specified future time period, such as one year or five years.

Question 12

marketing strategy

Answer 12

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

Question 13

marketing tactics

Answer 13

The detailed day-to-day operational marketing actions for each element of the marketing mix that contribute to the overall success of marketing strategies.

Question 14

mission

Answer 14

A statement of the organization’s function in society that often identifies its customers, markets, products, and technologies. Often used interchangeably with vision.

Question 15

objectives

Answer 15

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

Question 16

organizational culture

Answer 16

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

Question 17

organizational purpose

Answer 17

Describes why an organization exists, what problems it wishes to solve, and who it wants to be to every person it touches through its work.

Question 18

points of difference

Answer 18

Those characteristics of a product that make it superior to competitive substitutes.

Question 19

profit

Answer 19

The money left after a for-profit organization subtracts its total expenses from its total revenues and is the reward for the risk it undertakes in marketing its offerings.

Question 20

situation analysis

Answer 20

Taking stock of where the firm or product has been recently, where it is now, and where it is headed in terms of the organization’s marketing plans and the external forces and trends affecting it.

Question 21

strategic marketing process

Answer 21

The approach whereby an organization allocates its marketing mix resources to reach its target markets.

Question 22

strategy

Answer 22

An organization’s long-term course of action designed to deliver a unique customer experience while achieving its goals.

Question 23

SWOT analysis

Answer 23

An acronym describing an organization’s appraisal of its internal Strengths and Weaknesses and its external Opportunities and Threats. p. 41

Question 24

The board of directors oversees
the three levels of strategy in organizations

Answer 24

corporate, business unit, and functional

Question 25

Functional Level:

Answer 25

groups create
value for the organization

Question 26

Department

Answer 26

groups with a
specific function (ex: marketing)

Question 27

Cross-Functional Teams

Answer 27

Groups
with a common purpose/task

Question 28

Visionary organizations:

Answer 28

(1) establish a foundation, (2) set a direction,
and (3) create strategies to successfully
develop and market their offerings

Question 29

S.M.A.R.T

Answer 29

Specific
Measurable
Relevant
Attainable
Time-Based

Question 30

Strategies and Plan Vary by Level

Answer 30

• Corporate
• SBU
• Functional

Question 30

And Vary by Offering

Answer 30

• Product
• Service
• Idea

Question 31

Dollar Sales and Dollar Market Share

Answer 31

Dollar Sales ($) = Average Price times the Quantity sold $.

Market Share (%) = Ben & Jerry’s Sales ($) divided by
Total Industry Sales ($)

Question 32

Competencies

Answer 32

Give a competitive Advantage

Question 33

Must Understand Customers’ Wants

Question 34

The strategic marketing process
has three phases

Answer 34

planning, implementation,
and evaluation