Shared Flashcard Set

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BA 350
Chapter 2
30
Business
Undergraduate 3
03/07/2011

Additional Business Flashcards

 


 

Cards

Term
Strategic Planning
Definition
the process of establishing an organizational mission and formulating goals, corporate strategy, marketing objectives, marketing strategy, and a marketing plan
Term
Marketing Strategy
Definition
a plan of action for identifying and analyzing a target market and developing a marketing mix to meet the needs of that market
Term
Marketing Plan
Definition
a written document that specifies the activities to be performed to implement and control the organization's marketing activities
Term
Core Competencies
Definition
things a company does extremely well, which sometimes give it an advantage over its competition
Term
Market Opportunity
Definition
a combination of circumstances and timing that permits an organization to take action to reach a particular target market
Term
Strategic Windows
Definition
temporary periods of optimal fit between the key requirements of a market and the particular capabilities of a company competing in that market
Term
Competitive Advantage
Definition
the result of a company matching a core competency to opportunities it has discovered in the marketplace
Term
SWOT Analysis
Definition
assessment of an organization's Strengths, Weaknesses, Opportunities, and Threats
Term
Mission Statement
Definition
a long-term view, or vision, of what the organization wants to become
Term
Marketing Objective
Definition
a statement of what is to be accomplished through marketing activities
Term
Corporate Strategy
Definition
a strategy that determines the means for utilizing resources in the various functional areas to reach the organization's goals
Term
Strategic Business Unit (SBU)
Definition
a division, product line, or other profit center within the parent company
Term
Market
Definition
a group of individuals and/or organizations that have needs for products in a product class and have the ability, willingness, and authority to purchase those products
Term
Market Share
Definition
the percentage of a market that actually buys a specific product from a particular company
Term
Market Growth/Market Share Matrix
Definition
a helpful business tool, based on the philosophy that a product's market growth rate and its market share are important considerations in determining its marketing strategy
Term
Sustainable Competitive Advantage
Definition
an advantage that the competition cannot copy
Term
Market Planning
Definition
the systematic process of assessing market opportunities and resources, determining marketing objectives, defining marketing strategies, and establishing guidelines for implementation and control of the marketing program
Term
Marketing Implementation
Definition
the process of putting marketing strategies into action
Term
Intended Strategy
Definition
the strategy the organization decides on during the planning phase and wants to use
Term
Realized Strategy
Definition
the strategy that actually takes place
Term
External Customers
Definition
individuals who patronize a business - the familiar definition of "customers"
Term
Internal Customers
Definition
the company's employees
Term
Internal Marketing
Definition
a management philosophy that coordinates internal exchanges between the organization and its employees to achieve successful external exchanges between the organization and its customers
Term
Total Quality Management (TQM)
Definition
a philosophy that uniforms commitment to quality in all areas of the organization will promote a culture that meets customers' perception of quality
Term
Benchmarking
Definition
comparing the quality of the company's goods, services, or processes with that of its best-performing competitors
Term
Empowerment
Definition
giving customer-contact employees authority and responsibility to make marketing decisions without seeking approval of their supervisors
Term
Centralized Organization
Definition
a structure in which top-level managers delegate little authority to lower levels
Term
Decentralized Organization
Definition
a structure in which decision-making authority is delegated as far down the chain of command as possible
Term
Marketing Control Process
Definition
establishing performance standards, evaluating actual performance by comparing it with established standards, and reducing the differences between desired and actual performance
Term
Performance Standard
Definition
an expected level of performance against which actual performance can be compared
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