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MKTG 341 Chapter 2 Notes

by: Angela Potter

MKTG 341 Chapter 2 Notes MKTG 341

Marketplace > Towson University > Marketing > MKTG 341 > MKTG 341 Chapter 2 Notes
Angela Potter
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About this Document

These notes cover Chapter 2
Principles of Marketing
Erin Steffes
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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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