Mrkt 3001 - Ch 02

Front 1

Profit

Back 1

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.

Front 2

Corporate level

Back 2

Where top management directs overall strategy for the entire organization.

Front 3

Business

Back 3

An organization that markets a set of related products to a clearly defined group of customers.

Front 4

Business unit level

Back 4

The level at which business unit managers set the direction for their products and markets to exploit value-creating opportunities.

Front 5

Functional level

Back 5

Where groups of specialists actually create value for the organization.

Front 6

Cross-functional teams

Back 6

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

Front 7

Mission

Back 7

A statement of the organization’s scope, often identifying its customers, markets, products, technology, and values.

Front 8

Stakeholders

Back 8

The people who are affected by what the company does and how well it performs.

Front 9

Organizational culture

Back 9

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

Front 10

Goals or Objectives

Back 10

Convert the mission into targeted levels of performance 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

An organization’s special capabilities, including skills, technologies, and resources that distinguish it from other organizations.

Front 13

Competitive advantage

Back 13

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

Front 14

Quality

Back 14

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

Front 15

Benchmarking

Back 15

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

Front 16

Strategic marketing process

Back 16

where a organization allocates its marketing mix resources to reach its target markets.

Front 17

Marketing plan

Back 17

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 18

Situation (SWOT) 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 the external factors and trends affecting it.

Front 19

SWOT analysis

Back 19

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

Front 20

Market segmentation

Back 20

Involves aggregating prospective 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

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

Front 24

-Core Values
-Mission
-Organizational culture

Back 24

The elements of "Organizational Foundation"

Front 25

-Business
-Goals

Back 25

The elements of "Organization direction"

Front 26

-Levels of business
+ Corporate level
+ Strategic business unit
+ Functional level
- Offering of business
+ Product
+ Service
+ Idea

Back 26

The elements of "Organizational strategies"

Front 27

"Organizational Foundation"
+
"Organization direction"

=
"Organization strategies"

Back 27

Process of setting a directional and formulating a strategy

Front 28

-Where are we now?
- Where do we want to go?

Back 28

2 questions of Setting strategic direction

Front 29

- Compentencies
- Customers
- Competitors

Back 29

Elements of "Where are we now"

Front 30

- Business portfolio analysis
- Diversification analysis

Back 30

Elements of " Where do we want to go?" (growth strategies)

Front 31

-Obtaining resources
-designing the markets
-developing planning schedules
-actually executing the marketing program

Back 31

Concepts of Implementation Phase

Front 32

-Planning phase
-Implementation phase
-Evaluation phase

Back 32

Phases of strategic marketing process