Ch. 2 Marketing

Front 1

Profit

Back 1

the money left after a business firm's total expenses are subtracted from its total revenues and is the reward for the risk it undertakes in marketing its offerings

Front 2

Strategy

Back 2

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

Front 3

Corporate Level

Back 3

where top management directs overall strategy for the entire organization.

Front 4

strategic business unit (SBU)

Back 4

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

Front 5

cross-functional teams

Back 5

consist of a small number of people from different departments who are mutually accountable to accomplish a task or a common set of performance goals

Front 6

Core Values

Back 6

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

Front 7

Mission

Back 7

a statement of the organization's function in society, often identifying its customers, markets, products, and technologies.

Front 8

Organizational Culture

Back 8

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

Front 9

Business

Back 9

describes the clear, broad, underlying industry category or market sector of an organization's offering

Front 10

Goals or Objectives

Back 10

statements of an accomplishment of a tack to be achieved, often by a specific time.

Front 11

Market Share

Back 11

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

Front 12

Competencies

Back 12

special capabilities, including skills, technologies, and resources that distinguish it from other organizations and that provide value to its customers

Front 13

Competitive Advantage

Back 13

a unique strength relative to competitors, often based on quality, time, cost or innovation

Front 14

Marketing Dashboard

Back 14

the visual display on a single computer screen of the essential information related to achieving a marketing objective.

Front 15

Marketing Metric

Back 15

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

Front 16

Marketing Plan

Back 16

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

Front 17

Strategic Marketing Process

Back 17

an organization allocates its marketing mix resources to reach its target markets. Divided into phases: Planning, Implementation and Evaluation

Front 18

Situation Analysis

Back 18

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 external factors and trends affecting it.

Front 19

SWOT analysis

Back 19

an acronym describing an organization's appraisal of its internal Strengths and Weaknesses and its external Opportunities and Threats.

Front 20

Market Segmentation

Back 20

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

Front 21

Points of Difference

Back 21

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

Front 22

Marketing Strategy

Back 22

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.

Front 23

Marketing Tactics

Back 23

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

Front 24

What is the difference between a business firm and a nonprofit organization?

Back 24

A business firm is a privately owned organization that serves its customers in order to earn a profit so that it can survive. A nonprofit organization is a nongovernmental organization that serves its customers but does not have profit as an organizational goal. Instead, its goals may be operational efficiency or client satisfaction.

Front 25

What are examples of a functional level in an organization?

Back 25

The functional level in an organization is where groups of specialists form the marketing, finance, manufacturing/operations, accounting, information systems, research & development, and/or human resources departments focus on a specific strategic direction to create value for the organization.

Front 26

What is the meaning of an organization's mission?

Back 26

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

Front 27

What is the difference between an organization's "business" and its "goals"?

Back 27

An organization's business is the clear, broad, underlying industry category or market sector of an organization's offering. Goals (or objectives) are statements of an accomplishment of a task to be achieved, often by a specific time.

Front 28

What is business portfolio analysis?

Back 28

Business portfolio analysis studies a firm's business units as though they were a collection of separate investments.

Front 29

What is the difference between a hedgehog strategy and a blue ocean strategy?

Back 29

The hedgehog strategy involves developing a simple, excellent offering that captures the imagination of the organization and its customers based on the answers to three questions: (1) What can we be the best at in the world? (2) What drives our economic engine? and (3) What are we deeply passionate about? A blue ocean denotes all industries (1) not yet in existence or (2) that are created by expanding industry boundaries. An organization that follows a blue ocean strategy reduces or eliminates some factors in an industry it competes while raising and creating value to buyers on other factors, resulting in a leap of value for both the organization and its customers.

Front 30

What are marketing dashboards and why are they important?

Back 30

A marketing dashboard is the visual display on a single computer screen of the essential information related to achieving a marketing objective. It allows a marketing manager to glance at a graph or table in order to make a decision whether to take action or do more analysis to understand the problem better.

Front 31

What is the difference between a strength and an opportunity in a SWOT analysis?

Back 31

Both are positive factors for the organization, but a strength is an internal factor whereas an opportunity is an external one.

Front 32

What is market segmentation?

Back 32

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

Front 33

What are points of difference and why are they important?

Back 33

Points of difference are those characteristics of a product that make it superior to competitive substitutes. They are the single most important factor in the success of failure of a new product.

Front 34

What is the implementation phase of the strategic marketing process?

Back 34

This is the phace that involves carrying out the marketing plan that emerges from the planning phase. The implementation phase consists of: (1) obtaining resources, (2) designing the marketing organization, (3) developing schedules and (4) executing the marketing program designed in the planning phase.

Front 35

How do the goals set for a marketing program in the planning phase relate to the evaluation phase of the strategic marketing process?

Back 35

The planning phase objectives are used as the benchmarks with which the actual performance results are compared in the evaluation phase.

Front 36

What is the acronym SMART?

Back 36

Specific: Be a precise description of what is to be achieved.
Measurable: Be a quantitative value to show attainment.
Attainable: Be achievable, but challenging.
Relevant: Be pertinent to the organization's mission.
Time-based: Have a deadline for completion