Marketing the Core Chapter 2

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
Strategy
an organization’s long-term course of action designed to deliver a unique customer experience while achieving its goals
Core Values
the fundamental, passionate, and enduring principles of an organization that guide its conduct over time
Mission/Vision
a statement of the organization’s function in society that often identifies its customers, markets, products, and technologies.
Organizational Culture
consists of the set of values ideas, attitudes, and norms of behavior that is learned and shared among the members of an organization
Business
the clear, broad, underlying industry or market sector of an organization’s offering
Goals/Objectives
the statements of an accomplishment of a task to be achieved, often by a specific time
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
Business Plan
a road map for the entire organization for a specified future time period
Business Portfolio Analysis
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
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
Strategic Marketing Process
the approach whereby an organization allocates its marketing mix resources to reach its target markets
Situation Analysis
involves 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 factors and trends affecting it
SWOT Analysis
describes an organization’s appraisal of its internal
Strengths and
Weaknesses and its external
Opportunities and
Threats
Market Segmentation
involves aggregating prospective buyers into groups, or segments, that 1)have common needs and 2)will respond similarly to a marketing action
Points of Difference
those characteristics of a product that make it superior to competitive substitutes
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
the detailed day-to-day operational decisions essential to the overall success of marketing strategies