Definitions

Question 1

Market Share Leader

Answer 1

They want to offer a powerful and efficient solution that enables dominance

Question 2

Quality Leader

Answer 2

Customers are willing to pay a premium knowing they are getting a better product/service

Question 3

Innovative Leader

Answer 3

Constantly being first to market with new products and/or major innovations on existing products

Question 4

Variety Leader

Answer 4

Offering a myriad of solutions to better address a need

Question 5

Service Leader

Answer 5

Either by offering exceptional service to support a product OR building a powerful service that is unique and valuable

Question 6

Technology Leader

Answer 6

Within their market they have a recognized ability to introduce value through technology

Question 7

Flexibility Leader

Answer 7

Have it your way. The firm has developed a way to offer a product ‘exactly’ as you would like

Question 8

Relationship Leader

Answer 8

The firm has established a strong ad continuing relationship with the customer base

Question 9

Prestige Leader

Answer 9

Their value is helping other look like they have made it

Question 10

Knowledge Leader

Answer 10

The source for important, relevant, and accurate information

Question 11

Bargain Leader

Answer 11

Simple, works, cheap – typically not a brand carrier

Question 12

Global Leader

Answer 12

The world is their oyster

Question 13

Value Leader

Answer 13

Brand names for less

Question 14

Integrity Leader

Answer 14

Recognized for honesty and putting values ahead of profit – something critical to the target audience

Question 15

Social Responsibility Leader

Answer 15

Not only do they provide a product/service of value but they also serve an additional/ meaningful purpose through their values

Question 16

Profit

Answer 16

The reward to a business firm for the risk it undertakes in offering a product for sale; the money left over after a firm’s total expenses are subtracted from its total revenues

Question 17

Corporate Level

Answer 17

The corporate level is where tip management directs overall strategy for the entire organization

Question 18

Functional Level

Answer 18

The functional level is where groups of specialists actually create value for the organization

Question 19

Cross Functional Teams

Answer 19

Include a small number of people from different departments in an organization who are mutually accountable to a common set of performance goals

Question 20

Mission

Answer 20

A statement of the organization’s scope

Question 21

Goals

Answer 21

Convert the mission into targeted level of performance to be achieved

Question 22

Market Share

Answer 22

The ratio of sales revenue of the firm o the total sales revenue of all firms in the industry

Question 23

Competencies

Answer 23

An organization’s special capabilities, including skills, technologies, and resources

Question 24

Competitive Advantage

Answer 24

A unique strength relative to competitors

Question 25

Quality

Answer 25

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

Question 26

Benchmarking

Answer 26

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

Question 27

Strategic Marketing Process

Answer 27

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

Question 28

Marketing Plan

Answer 28

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

Question 29

Situation Analysis

Answer 29

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 plans and the external factors and trends affecting it

Question 30

SWOT Analysis

Answer 30

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

Question 31

Market Segmentation

Answer 31

The process of aggregating prospective buyers into groups that have common needs and will respond similarly to a marketing action

Question 32

Points of Difference

Answer 32

Characteristics of a product that make it superior to competitive substitutes

Question 33

Marketing Strategy

Answer 33

The means by which a marketing goal is to be achieved

Question 34

Marketing Tactics

Answer 34

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

Question 35

Objectives

Answer 35

Convert the mission into targeted levels of performance to be achieved

Question 36

Organizational Culture

Answer 36

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

Question 37

Business

Answer 37

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

Question 38

Core Values

Answer 38

The fundamental, passionate, and enduring principles that guide its conduct over time

Question 39

Marketing Metric

Answer 39

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

Question 40

Strategic Business Unit (SBU)

Answer 40

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

Question 41

Strategic Business Unit Level

Answer 41

At this level, managers seta more specific strategic direction for their businesses to exploit value-creating opportunities. For less complex firms with a single business focus, the corporate and business unit levels may merge

Question 42

Strategy

Answer 42

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