Mkt Ch. 2

Front 1

Business

Back 1

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

Front 2

Competencies

Back 2

An organization’s special capabilities, including skills, technologies, and resources, which distinguish it from other organizations and provide value to its customers.

Front 3

Competitive Advantage

Back 3

A unique strength relative to competition, often based on quality, time, cost, or innovations.

Front 4

Core Values

Back 4

The fundamental, passionate, and enduring principles of an organization that guide its conduct over time.

Front 5

Corporate Level

Back 5

The level in an organization where top management directs overall strategy for the entire organization.

Front 6

Cross-functional Teams

Back 6

A small number of people from different departments in an organization who are mutually accountable to accomplish a task or common set of performance goals.

Front 7

Functional Level

Back 7

The level in an organization where groups of specialists actually create value for the organization.

Front 8

Goals

Back 8

Statements of an accomplishment of a task to be achieved, often by a specific time. Also called objectives.

Front 9

Market Segmentation

Back 9

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

Front 10

Market Share

Back 10

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

Front 11

Marketing Dashboard

Back 11

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

Front 12

Marketing Metric

Back 12

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

Front 13

Marketing Plan

Back 13

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

Front 14

Marketing Strategy

Back 14

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 15

Marketing Tactics

Back 15

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

Front 16

Mission

Back 16

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

Front 17

Objectives

Back 17

Statements of an accomplishment of a task to be achieved, often by a specific time. Also called goals.

Front 18

Organizational Culture

Back 18

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

Front 19

Points of Difference

Back 19

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

Front 20

Profit

Back 20

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 21

Situation Analysis

Back 21

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

Front 22

Strategic Business Unit (SBU)

Back 22

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

Front 23

Strategic Business Unit (SBU) Level

Back 23

The level in an organization where managers set a more specific strategic direction for their businesses to exploit value creating opportunities.

Front 24

Strategic Marketing Process

Back 24

The approach whereby an organization allocates its marketing mix resources to reach its target market.

Front 25

Strategy

Back 25

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

Front 26

SWOT Analysis

Back 26

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