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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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Definition
| A structure in which top-level managers delegate little authority to lower levels |
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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
| Things a company does extremely well, which sometimes give it an advantage over its competition |
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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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| 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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Definition
| Giving customer-contact employees authority and responsibility to make marketing decisions without seeking approval of their supervisors |
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Definition
| Individuals who patronize a business—the familiar definition of “customers” |
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Definition
| The strategy the organization decides on during the planning phase and wants to use |
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Definition
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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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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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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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Definition
| A combination of circumstances and timing that permits an organization to take action to reach a particular target market |
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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
| 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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Definition
| The process of putting marketing strategies into action |
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Definition
| A statement of what is to be accomplished through marketing activities |
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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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Definition
| The systematic process of assessing marketing opportunities and resources, determining marketing objectives, defining marketing strategies, and establishing guidelines for implementation and control of the marketing program |
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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 long-term view, or vision, of what the organization wants to become |
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Definition
| An expected level of performance against which actual performance can be compared |
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Definition
| The strategy that actually takes place |
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Term
| 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
| 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
| 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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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
| Assessment of an organization’s strengths, weaknesses, opportunities, and threats |
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Term
| total quality management (TQM) |
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Definition
| A philosophy that uniform commitment to quality in all areas of the organization will promote a culture that meets customers’ perceptions of quality |
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