chpt2 Flashcards
business
The clear, broad, underlying industry or market sector of an organization’s offering.
business portfolio analysis
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.
core values
The fundamental, passionate, and enduring principles of an organization that guide its conduct over time.
customer value proposition
The cluster of benefits that an organization promises customers to satisfy their needs.
diversification analysis
A technique that helps a firm search for growth opportunities from among current and new markets as well as current and new products.
objectives
Statements of an accomplishment of a task to be achieved, often by a specific time. Also called goals.
market segmentation
Involves aggregating prospective buyers into groups, or segments, that (1) have common needs and (2) will respond similarly to a marketing action.
market share
The ratio of sales revenue of the firm to the total sales revenue of all firms in the industry, including the firm itself.
marketing dashboard
The visual display of the essential information related to achieving a marketing objective.
marketing metric
A measure of the quantitative value or trend of a marketing action or result.
marketing plan
A road map for the marketing actions of an organization for a specified future time period, such as one year or five years.
marketing strategy
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.
marketing tactics
The detailed day-to-day operational marketing actions for each element of the marketing mix that contribute to the overall success of marketing strategies.
mission
A statement of the organization’s function in society that often identifies its customers, markets, products, and technologies. Often used interchangeably with vision.
objectives
Statements of an accomplishment of a task to be achieved, often by a specific time. Also called goals.
organizational culture
The set of values, ideas, attitudes, and norms of behavior that is learned and shared among the members of an organization.
organizational purpose
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.
points of difference
Those characteristics of a product that make it superior to competitive substitutes.
profit
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.
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 organization’s marketing plans and the external forces and trends affecting it.
strategic marketing process
The approach whereby an organization allocates its marketing mix resources to reach its target markets.
strategy
An organization’s long-term course of action designed to deliver a unique customer experience while achieving its goals.
SWOT analysis
An acronym describing an organization’s appraisal of its internal Strengths and Weaknesses and its external Opportunities and Threats. p. 41
The board of directors oversees
the three levels of strategy in organizations
corporate, business unit, and functional
Functional Level:
groups create
value for the organization
Department
groups with a
specific function (ex: marketing)
Cross-Functional Teams
Groups
with a common purpose/task
Visionary organizations:
(1) establish a foundation, (2) set a direction,
and (3) create strategies to successfully
develop and market their offerings
S.M.A.R.T
Specific
Measurable
Relevant
Attainable
Time-Based
Strategies and Plan Vary by Level
- Corporate
- SBU
- Functional
And Vary by Offering
- Product
- Service
- Idea
Dollar Sales and Dollar Market Share
Dollar Sales ($) = Average Price times the Quantity sold $.
Market Share (%) = Ben & Jerry’s Sales ($) divided by
Total Industry Sales ($)
Competencies
Give a competitive Advantage
Must Understand Customers’ Wants
The strategic marketing process
has three phases
planning, implementation,
and evaluation
