Term
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Definition
| the process of establishing an organizational mission and formulating goals, corporate strategy, marketing objectives, marketing strategy, and a marketing plan |
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Definition
| a plan of action for identifying and analyzing a target market and developing a marketing mix to meet the needs of that market |
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Definition
| a written document that specifies the activities to be performed to implement and control the organization's marketing activities |
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Term
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Definition
| things a company does extremely well, which sometimes give it an advantage over its competition |
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Term
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Definition
| a combination of circumstances and timing that permits an organization to take action to reach a particular target market |
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Term
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Definition
| temporary periods of optimal fit between the key requirements of a market and the particular capabilities of a company competing in that market |
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Definition
| the result of a company matching a core competency to opportunities it has discovered in the marketplace |
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Definition
| assessment of an organization's Strengths, Weaknesses, Opportunities, and Threats |
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Definition
| a long-term view, or vision, of what the organization wants to become |
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Definition
| a statement of what is to be accomplished through marketing activities |
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Term
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Definition
| a strategy that determines the means for utilizing resources in the various functional areas to reach the organization's goals |
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| Strategic Business Unit (SBU) |
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Definition
| a division, product line, or other profit center within the parent company |
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Term
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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 |
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Definition
| the percentage of a market that actually buys a specific product from a particular company |
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Term
| Market Growth/Market Share Matrix |
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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 |
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Term
| Sustainable Competitive Advantage |
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Definition
| an advantage that the competition cannot copy |
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Term
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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 |
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Term
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Definition
| the process of putting marketing strategies into action |
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Definition
| the strategy the organization decides on during the planning phase and wants to use |
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Definition
| the strategy that actually takes place |
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Term
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Definition
| individuals who patronize a business - the familiar definition of "customers" |
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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 |
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| Total Quality Management (TQM) |
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Definition
| a philosophy that uniforms commitment to quality in all areas of the organization will promote a culture that meets customers' perception of quality |
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Term
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Definition
| comparing the quality of the company's goods, services, or processes with that of its best-performing competitors |
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Term
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Definition
| giving customer-contact employees authority and responsibility to make marketing decisions without seeking approval of their supervisors |
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Term
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Definition
| a structure in which top-level managers delegate little authority to lower levels |
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Term
| Decentralized Organization |
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Definition
| a structure in which decision-making authority is delegated as far down the chain of command as possible |
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Term
| Marketing Control Process |
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Definition
| establishing performance standards, evaluating actual performance by comparing it with established standards, and reducing the differences between desired and actual performance |
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Term
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Definition
| an expected level of performance against which actual performance can be compared |
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