Marketing 11th Edition Kerin, Hartley, & Rudelius–Chapter 2

Business
The clear, broad, underlying industry or market sector of an organization’s offering.
Business Model
The strategies an organization develops to provide value to the customers it serves.
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.
Competitive Advantage
A unique strength relative to competitors that provides superior returns, often based on quality, time, cost, or innovation.
Core Values
The fundamental, passionate, and enduring principles of an organization that guide its conduct over time.
Corporate Level
The level in an organization where top management directs overall strategy for the entire organization.
Cross-Functional Teams
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.
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.
Functional Level
The level in an organization where groups of spe-cialists actually create value for the organization.
Goals
Statements of an accomplishment of a task to be achieved, often by a specific time. Also called objectives.
Market Segmentation
Involves aggregating prospective buyers into groups, or segments, that (1) have common needs and (2) will respond similarly to a marketing action.
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.
Marketing Dashboard
The visual computer display of the essential information related to achieving a marketing objective.
Marketing Metric
A measure of the quantitative value or trend of a marketing activity or result.
Marketing Plan
A road map for the marketing activities of an organization for a specified future time period, such as one year or five years.
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.
Marketing Tactics
Detailed day-to-day operational decisions essential to the overall success of marketing strategies.
Mission
A statement of the organization’s function in society that often identifies its customers, markets, products, and technologies. Often used interchangeably with vision.
Objectives
Statements of an accomplishment of a task to be achieved, often by a specific time. Also called goals.
Organizational Culture
The set of values, ideas, attitudes, and norms of behavior that is learned and shared among the members of an organization.
Points of Difference
Those characteristics of a product that make it superior to competitive substitutes.
Profit
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.
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.
Strategic Business Unit (SBU)
A subsidiary, division, or unit of an organization that markets a set of related offerings to a clearly defined group of customers.
Strategic Marketing Process
The approach whereby an organization allocates its marketing mix resources to reach its target markets.
Strategy
An organization’s long-term course of action designed to deliver a unique customer experience while achieving its goals.
SWOT analysis
An acronym describing an organization’s appraisal of its internal
-Strengths
-Weaknesses and its external
-Opportunities and
-Threats.