Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
23 Cards in this Set
- Front
- Back
|
BENCHMARKING
|
Discovering how others do something better than your own firm so you can imitate or leapfrog competition.
|
|
|
BUSINESS UNIT
|
An organization that markets a set of related products to a clearly defined group of customers.
|
|
|
BUSINESS UNIT LEVEL
|
Level at which business unit managers set the direction for their products and markets.
|
|
|
COMPETENCIES
|
An organization’s special capabilities, including skills, technologies, and resources that distinguish it from other organizations.
|
|
|
COMPETITIVE ADVANTAGE
|
A unique strength relative to competitors, often based on quality, time, cost, or innovation or customer intimacy.
|
|
|
CORPORATE LEVEL
|
Level at which top management directs overall strategy for the entire organization.
|
|
|
CROSS-FUNCTIONAL TEAMS
|
A small number of people from different departments in an organization who are mutually accountable to a common set of performance goals.
|
|
|
FUNCTIONAL LEVEL
|
Level at which groups of specialists actually create value for the organization.
|
|
|
GOALS
|
Targeted levels of performance to be achieved often by a specific time.
|
|
|
MARKET SEGMENTATION
|
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 PLAN
|
A roadmap for the marketing activities of an organization for a specified future period of time, 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 decisions essential to the overall success of marketing strategies.
|
|
|
MISSION
|
A formal statement of the organization’s scope, purpose, markets and products.
|
|
|
ORGANIZATIONAL CULTURE
|
A set of values, ideas, and attitudes that is learned and shared among the members of an organization.
|
|
|
POINTS OF DIFFERENCE
|
Characteristics of a product that make it superior to competitive substitutes.
|
|
|
PROFIT
|
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.
|
|
|
QUALITY
|
Those features and characteristics of a product that influence its ability to satisfy customer needs.
|
|
|
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 plans and external factors and trends affecting it.
|
|
|
STAKEHOLDERS
|
Individuals or groups, either within or outside an organization, that relate to it in what it does and how well it performs.
|
|
|
STRATEGIC MARKETING PROCESS
|
The approach whereby an organization allocates its marketing mix resources to reach its target markets
|
|
|
SWOT ANALYSIS
|
An acronym describing an organization’s appraisal of its internal Strengths and Weaknesses and its external Opportunities and Threats.
|
