Marketing Exam 1

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business

Back 1

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

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business portfolio analysis 

Back 2

A technique that managers use to quantify performance measures and growth targets to analyze its clients’ strategic business units (SBUs) as though they were a collection of separate investments.

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competitive advantage

Back 3

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

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core values

Back 4

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

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corporate level

Back 5

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

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cross-functional teams

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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.

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diversification analysis

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A tool that helps a firm search for growth opportunities from among current and new markets as well as current and new products.

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functional level

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

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goals

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

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marketing segmentation

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

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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

marketing dashboard

Back 12

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

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marketing metric

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

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marketing plan

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

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marketing strategy

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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.

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marketing tactics

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

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mission

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

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objectives

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

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organizational culture

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

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points of difference

Back 20

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

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profit

Back 21

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.

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situation analysis

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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 marketing plans and the external forces and trends affecting it.

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strategic business level

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

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strategic marketing process

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

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strategy

Back 25

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

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SWOT Analysis

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an acronym describing an organizations appraisal of its internal Strengths and Weaknesses and external Opportunities and Threats.

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GOALS: Profit

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most firms seek to maximize profits - to get as a financial return on their investments (ROI) as possible.

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GOALS: Sales

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if profits are acceptable, a firm may elect to maintain or increase sales even though profits may not be maximized

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GOALS: Market Share

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

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GOALS: Quality

Back 30

a firm may offer the highest quality

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GOALS: Customer Satisfaction

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customers are the reason the organization exists, so their perceptions and actions are important

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GOALS: Employee Welfare

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a firm may recognize the critical importance of its employees by stating its goal of providing them with good employment opportunities and working conditions.

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GOALS: Social Responsibility

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firms may seek to balance the conflicting goals of stakeholders to promote their overall welfare, even at the expense of profits

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BUSINESS PORTFOLIO ANALYSIS: Cash Cows

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SBU's that generate large amounts of cash, far more than they can invest profitably in themselves. They have dominant shares of slow-growth markets and provide cash to cover the organization's overhead and to invest in other SBU's  

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BUSINESS PORTFOLIO ANALYSIS: Stars

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SBUS's with a high share of high-growth markets that may need extra cash to finance their own rapid future growth.  When their growth slows they are likely to become cash cows.

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BUSINESS PORTFOLIO ANALYSIS: Question Marks

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SBU's with a low share of high-growth markets.  They require large injections of cash just to maintain their market share, much less increase it.  

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BUSINESS PORTFOLIO ANALYSIS: Dogs 

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SBUs with low shares of slow-growth markets.  Although they may generate enough cash to sustain themselves, they do not hold the promise of ever becoming real winners for the organization.  Dropping SBUs that are dogs might be necessary, except when relationships with other SBUs, competitive considerations, or potential strategic alliances exist.

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DIVERSIFICATION ANALYSIS: Market penetration

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a marketing strategy to increase sales of current products in current markets

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DIVERSIFICATION ANALYSIS: Market Development

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a marketing strategy to sell the current products to new markets.

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DIVERSIFICATION ANALYSIS: Product Development

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a marketing strategy of selling new products to current markets.

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DIVERSIFICATION ANALYSIS: Diversification

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a marketing strategy of developing new products and selling them in new products

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Steps in the Planning Phase of the Strategic Marketing Process

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1. Situation (SWOT) Analysis
2. Market-Product Focus - "who and what"- set marketing and product goals, select target markets, find points of difference and position the product
3. Marketing Program - "how", product, price, promotion and position strategies.

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Steps in the Implementation Phase of Strategic Marketing Process

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1. Obtaining Resources
2. Designing the Marketing Organization
3. Developing Planning Schedules
4. Executing the Marketing Program

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Steps in the Evaluation Phase of the Strategic Marketing Process

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1. compare the results with plans to identify deviations - find planning gaps.
2. act on deviations - exploit positive and correct negative