Marketing and Strategy Flashcards
A company’s reward for undertaking risk of doing business; Revenues minus Expenses =
Profit
An organization’s long-term course of action designed to deliver value to customer while achieving organization’s goals is called:
Strategy
What do you call: a set of values, ideas, attitudes, & norms of behavior, that are learned, shared and passed on, among members of a community?
Culture
What do you call: An organization’s special capabilities, i.e. skills, technologies, resources that distinguish it from other organizations, and provide customer value
Core Competency
What is the point that differentiates a product/service from others in a very compelling way?
Unique Selling Point ; Unique Selling Proposition ; USP
What is a group of consumers who respond in a similar way to a given set of marketing efforts called?
Market Segment
The process of evaluating each market segment’s attractiveness, and selecting one or more segments to enter
Target Market
What is a visual computer display of essential information related to achieving a marketing objective called?
Marketing Dashboard
Name the process of developing & maintaining a strategic fit between organization’s goals & capabilities, and its changing market opportunities. Includes defining clear company mission, setting supporting objectives, designing appropriate businesses and products, and coordinating functional strategies.
Strategic Planning
What do you call a group of businesses that markets related offerings to a particular market; usually a subset of a large multinational corporation?
Strategic Business Unit AKA SBU
What is an organization’s fundamental and enduring principles that guide its conduct over time; affect all stakeholders (employees, founders, shareholders, directors, suppliers, distributors, creditors, unions, government, local communities, customers)
Core Values
What is the statement of organization’s purpose? i.e. what it wants to accomplish in the world; clear, concise, enduring, inspirational
Mission Statement
The quantitative measure of value or trend of a marketing activity or result is called
Marketing Metric
Concept: ways to expand market size using current and new products, in current and new markets
Market Growth Strategies
Concept: how an organization allocates its marketing mix resources to reach its target markets in 3 phases
Strategic Marketing Process
