15521721
Description
Flashcards by nathan fulcher, updated more than 1 year ago
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Created by nathan fulcher
over 6 years ago
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| Question | Answer |
| chapter 2 | -developing sucessful marketing strategies (internal) |
| linked prosperity | -encourages success of all constituents including employees, suppliers, customers, and neighbours. they set to achieve it with a 3 part mission statement -product, economic, and social mission |
| organization | -legal entity of people who share a common mission. the mission motivates them to develop offerings (products, ideas, services, experiences) that create value for btoh the organ adn its customers by satisfying customer needs and wants |
| business firm | - privately owned organization designed to make a profit |
| profit | -money left after a business firms total expenses are subtracted from total revenue |
| non-for-profit | -not government |
| strategy | -an organization long term course of action designed to deliever a unique customer experience while achieving its goals |
| corporate level | -where top management directs overall strategy for the entire organizations |
| strategic business unit | -which is subsidary divison, or unit of an organizition that markets a set of related to clearly defined group of customers... managers set a more specific strategic direction for their businesses to expoit value-creating opportunites |
| functional level strategy (department) | -where groups of specialist actually create value for the organization. department refers to these specialized function |
| cross functional teams | -consist of a small number of people from different departments who are mutally accountable to accomplish a task or a common set of performance goals |
| core values | -are the fundamental, passionate, and enduring principles that guide its conduct over time |
| misssion | - a statement of the organizations function in society |
| organizational culture | -exists, which is a set of values, ideas, attitudes, and norms of behavior that is learned and shared among the members of an organization |
| business | - descirbes the clear, braod, underlying industry or market sector of an organizations offering |
| business model | -the strategies an orgnaization develops to provide value to the customers it sevres |
| goals or objectives | -are statements of an accomplishment of a task to be achieved, often by a specific time |
| SMART | sustainable measurable attainable relevant time-based |
| business firms pursue different types of goals | profit sales market share quality customer satisfaction employee welfare social responsibility |
| marketing plan | - is a road map for the marketing actions of an organization for a specified future time period, such as one year of five years |
| competencies | -which are special capabilities, including skills, technologies, and resources that distinguish it from other organization and that provide value to its customers |
| competitive advantage | - unique strength relative to competitors that is based on quality, time, cost, innovation, customer intimacy. or customer experience managment |
| quality | - means those features and characteristics of a product that influence its ability to satisfy customer needs |
| benchmarking | - can also involve studying operations in completely different businesses and applying this new knowledge to your own business |
| business portfolio analysis (growth strategy one) | -successful organizations have a portfolio or range of offerings (products and services) that possess different growth rate and market shares within the industry in which they operate |
| 4 groups businesses portfolio analysis market growth (y axis) relative unit market share (x axis) | -question marks -stars -cash cows -dogs |
| Market-product analysis (growth strategy two) | -for any product there is, a new market, current market. new products, current products |
| product development | - selling new products in existing markets |
| market penetration | - selling more products in existing markets |
| market delopement | -selling an existing products in new markets (either geographic or new segments) |
| diversifaction | -selling a new product in new markets related diversification unrelated diversification |
| marketing dashboard | -is a visual computer display of the essential information related to achieving a marketing objective |
| strategic marketing processes | - whereby an organization allocates its marketing mix resources to reach its target markets -planning, implementation, evaluation |
| SWOT analysis | -is 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 |
| swot anal | bulid on a strengths correct weaknesses exploit opportunity avoid a disaster-laden threat |
| market segmentation | -which involves aggregating prospective buyers into groups or segments 1) have common needs 2) will respond similarly to a marketing action |
| points of difference | -or those characteristic of a products that make it superior to competitive substitutes |
| marketing program | the how aspect - step 3 in the planning phase, how to integerate the marketing mix and the budget |
| implementation phase of stratgic marketing processes | -obtaining resources -designing the marketing organization -developing schdueles -executing the marketing program |
| marketing strategy | - is the means by which a marketing goal is to be acheived, usually characterizied by a specified target market and a marketing program to reach it. marketing strategy is used losely to imply both the end sought (target market) and the means to achieve it (marketing prorgram) |
| marketing tactics (implementation phase) | -are detailed day to day operational decisions essential to the overall success of marketing strageties |
| the evaluation phase | 1-compare results with goals identify deviation 2-to act on these deviation, act on negative deviations and exploit positive deviations |
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