MKTG 341 Chapter 2 Notes
MKTG 341 Chapter 2 Notes MKTG 341
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This 3 page Class Notes was uploaded by Angela Potter on Thursday January 28, 2016. The Class Notes belongs to MKTG 341 at Towson University taught by Erin Steffes in Spring 2016. Since its upload, it has received 17 views. For similar materials see Principles of Marketing in Marketing at Towson University.
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Date Created: 01/28/16
Chapter 2 Key Terms Organization: a legal entity that consists of people who share a common mission Business firm: privately owned organization NonProfit organization: nongovernmental organization that serves its customers but does not have profit as an organizational goal Profit: the reward to a business firm for the risk it undertakes in marketing its offerings Strategy: an organizations longerterm course of action that delivers a unique customer experience while achieving its goals. Core Values: the fundamental, passionate, and enduring principles that guide an organization Mission: a statement or vision of an organizations function in society Organizational culture: the set of values, ideas, attitudes, and behavioral norms that is learned and shared among the members of an organization Business: the underlying industry or market sector of an organizations offerings Goals (objectives): targets of performance to be achieved, often by a specific time Market share: ratio of a firms sales to the total sales of all firms in the industry Marketing Dashboard: the visual computer display of essential marketing information Marketing Metric: a measure of the 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 Business portfolio analysis: a technique that mangers use to quantify performance measures and growth targets of their firms strategic business units Diversification Analysis: a technique a from uses to search for growth opportunities from among current and new products and markets Strategic Marketing Process: approach whereby an organization allocates its marketing mix resources to reach its target markets Situational Analysis: taking stock of where a firm or product has been recently, where it is now, and where it is headed SWOT Analysis: acronym describing an organization appraisal of its internal strengths and weaknesses and its external opportunities and threats Market segmentation: the sorting of potential buyers into groups that have common needs and 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 Marketing Tactics: detailed day to day operational decisions essential to the overall success of marketing strategies. Organizations Structure: Board of Directors Corporate Level where top management directs overall strategy for the entire organization Strategic Business Level a subsidiary, division, or unit of an organization that markets a set of related offerings to a clearly defined group of customers Functional Level groups of specialist actually create value for the organization Strategy in Visionary Organizations Organizational Foundation (Why does it exist) core values mission (vision) organizational culture Organizational direction (What will it do) Business Goals (objectives) Business firms can pursue several different types of goals: profit slaes market share quality customer satisfaction employee welfare social responsibility Organizational strategies By Level corporate SBU Functional By Offering Product Service Idea Setting Strategic Directions Growth Share Matrix vertical axis is market growth rate: annual rate of growth of SBU ’s industry horizontal axis is relative market share: sales of SBU / sales of largest firm in industry Diversification Analysis is a technique that helps a firm search for growth opportunities from among current and new markets and well as current and new products Market penetration: increase sales of current products in current markets Market development: sell current products to new markets Product development:selling new products to current markets Diversification: developing new products and selling them in new markets The Strategic Marketing Process The planning phase 1. Situation (SWOT) Analysis 2. Marketproduct focus and goal setting 3. The marketing program There are 4 components of the implementation phase of the strategic marketing process: 1. obtaining resources 2. designing the marketing organization 3. defining precise tasks, responsibilities, and deadlines 4. executing the marketing program designed in the planning phase
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