Chapter 02 Flashcards Preview

MKTG 305-01 > Chapter 02 > Flashcards

Flashcards in Chapter 02 Deck (19):
1

Profit

the money left after afor-profit organization subtracts its total expenses from its total revenues and is the reward for the risk it undertakes in marketing its offerings.

2

Strategy

an organization’slong-term course of action designed to deliver a unique customer experience while achieving its goals.

3

Core values

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

4

mission

a statement of the organization’s function in society that often identifies its customers, markets, products, and technologies. The term is often used interchangeably with vision

5

organizational culture

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

6

business

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

7

Goals or objectives

the statements of an accomplishment of a task to be achieved, often by a specific time.

8

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.

9

marketing plan

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

10

business plan

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

11

marketing dashboard

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

12

marketing metric

a measure of the quantitative value or trend of a marketing action or result.

13

Business portfolio analysis

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

14

Diversification analysis

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

15

strategic marketing process

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

16

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 marketing plans and the external forces and trends affecting it.

17

SWOT analysis

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

18

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.

19

Marketing tactics

the detailed, day-to-day operational marketing actions for each element of the marketing mix that contributes to the overall success of marketing strategies