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79 Cards in this Set

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  • Back
organizational strategy
legal entity of common mission. motivates them to develop offerings that create value
business firm
privately owned, serves customers in order to earn profit
profit
money left over after all expenses
nonprofit org
nongovt org serves it customers but doesnt have profit as organizational goal
corporate level
top management directs overall strategy for entire org
functional level
groups of specialists create value for the org
cross functional teams
small number of people from different depts who are mutually accountable to accomplish goals
core values
fundamental principles that guide its conduct over time
mission
statement of the orgs function in society
organizational culture
set of values, ideas, attitudes, and norms of behavior that is learned and shared among others of an org
business
describes the clear, broad, underlying industry or market sector of an organizations offering
sales
if profits are acceptable the firm may elect to inc or maintain sales even though profits may not be maximized
market share
ratio of sales revenue of the firm to the total sales revenue of all firms in the industry
social responsibility
firms may seek to balance the conflicting goals of stakeholders to promote their overall welfare, even at the expense of profits
marketing dashboard
visual comp display of essential info relating to achieving goal
marketing
measure of the quantitative value or trend of a marketing activity or result
marketing plan
road map for the marketing activities of an org for a specific future time period
competitive advantage
unique strength relative to competitors that provides superior returns often based on quality, time, cost, or innovation
business portfolio advantage
to quantify performance measures and growth targets to analyze its clients strategic business units (SBU's) as though they were a collection of separate investments
cash cow
SBU's that generate large amounts of cash, far more than they can invest profitably in themselves
stars
SBU's with a high share of high growth markets that may need extra cash to finance their own rapid future growth
question marks
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
dogs
SBU's with low shares of slow growth markets. although they generate enough cash to sustain themselves, they dont hold promise of becoming real winners for org
diversification analysis
tool that helps a firm search for growth opportunities from among current and new markets as well as current and new products
market penetration
marketing strategy to increase sales of current products in current markets
market development
marketing strategy to sell current products to new markets
product development
marketing strategy to sell new products to current markets
diversification
marketing strategy of developing new products and selling them in new markets
strategic marketing process
org allocates its marketing mix (the 4 P's) resources to reach its target markets
STEP 1 of strategic marketing process
situation SWOT 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 org marketing plans and the external forces and trends affecting it
SWOT
Strengths Weaknesses external Opportunities & Threats
STEP 2 of strategic marketing process
market segmentation
involves aggregating prospective buyers into groups or segments that 1) have common needs 2) will respond similarly to a marketing action
STEP 3 of strategic marketing process
marketing program
the planning phase on the "how" involves developing the 4 P's
marketing strategy
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
detailed day to day operational decisions essential to the overall success of marketing strategies
customer relationship management
process of identifying prospective buyers, understanding them intimately, and developing favorable longterm perceptions of the org and its offerings so buyers will choose them in the marketplace
environmental forces
uncontrollable forces in a marketing decision involving social, economic, technological, competitive and regulatory forces
exchange
trade of things that value between the buyer and seller so that each is better off after trade
market orientation
org that focuses its efforts on 1) continuously collecting information about customers needs 2) sharing this information across depts 3) using it to create customer value
marketing concept
idea that org should 1) strive to satisfy the needs of customers 2) while also trying to achieve the org goals
marketing mix
marketing managers controllable factors- product, price, promotion, and place- that can be used to solve a marketing problem
marketing program
plan that integrates the marketing mix to provide good, service, or idea to prospective buyers
organizational buyers
these manufacturers, wholesalers, retailers, and govt agencies that buy goods and services for their own use or for resale
utility
benefits or customer value received by users of the product
competitive advantage
unique strength relative to competitors that provides superior returns, often based on quality, time, cost or innovation
market share
ratio of sales revenue of the firm to the total sales revenue of all firms in the industry, including the firm itself
marketing metric
a measure of the quantitative value or trend of a marketing activity or result
points of difference
the characteristics of a product that make it superior to competitive substitutes
SBU
subsidiary, division, or unit of an org that markets a set of related offerings to a clearly defined group of customers
consumerism
a grassroots movement started in the 1960's to increase the influence, power, and rights of consumers in dealing with institutions
technology
inventions or innovations from applied science or engineering research
consumer bill of rights
a law that codified the ethics of exchange between buyers and sellers, including the rights to safety, to be informed, to choose, and to be heard
social audit
a systematic assessment of a firms objectives, strategies, and performance in terms of social responsibility
social responsibility
the idea that org are apart of a larger society and are accountable to that society for their actions
triple bottom line
the recognition of the need for org to improve the state of ppl, the planet, and profit simultaneously if they are to achieve sustainable, long term growth
purchase decision process
five stages: problem recognition, info search, alternative evaluation, purchase decision, post purchase behavior
consumer behavior
actions a person takes in purchasing and using services
problem recognition
perceiving a diff between a persons ideal and actual situations big enough to trigger a decision
consideration set
group of brands that a consumer would consider acceptable from among all the brands of which he/she is aware in the product class
cognitive dissonance
feeling ofof post purchase psychological anxiety
extended problem solving
high involvement purchase purchase situations for items such as automobiles and audio systems
limited problem solving
consumers seek little info or rely on word of mouth to help evaluate alternatives
routine problem solving
typically the case for low priced, frequently purchased products
selective perception
filtering of exposure, comprehension, and retention
selective exposure
ppl pay attention to messages that are consistent with their attitudes and beliefs and ignore messages that are inconsistent
selective comprehension
interpreting info so that it is consistent with your attitudes and beliefs
selective retention
consumers dont remember info they see/hear even minutes after they hear it. this is why often they give brochures
subliminal perception
see/hear messages without being aware of them
behavioral learning
process of developing automatic reponses to a situation built up through repeated exposure to it
cognitive learning
making connections between 2 or more ideas or simply observing the outcomes of others behaviors and adjusting to your own accordingly
psychographics
practice of combining psychology, lifestyle, and demographics, is often used to uncover consumer motivations for buying and using products and services
word of mouth
most powerful and authentic info source for consumers bc typically involves trustworthy friends
consumer socialization
process by which people acquire skills, knowledge, and attitudes necessary to function as consumers
traditional family
married couple with children younger than 18 yrs. 22% of all US households
joint decision making
most decisions made by husband and wife
spouse dominant decisions
one is more responsible
social class
relatively permanent, homogeneous divisions in a society into which ppl sharing similar values, interests, and behavior can be grouped
sustainable development
meet personal needs without compromising the ability of future generations to meet their needs
marketing miopia
defining a business narrowly
ex: mcdonalds not only food place but and entertainment place