Marketing 301- chapter 2
core competencies
Things a company does extremely well, which sometimes give it an advantage over its competition
marketing objective
A ______ states what is to be accomplished through marketing activities.
sales analysis
Analysis of sales figures to evaluate a firm's performance
SWOT analysis
Assessment of an organization's strengths, weaknesses, opportunities, and threats
decentralized organization
Decision-making authority is delegated as far down the chain of command as possible in a(n) ________.
breaks down and classifies costs to determine which are associated with specific marketing efforts
Marketing cost analysis ___________________.
Marketing Objectives
performance standards are derived from _________________.
threats
when conducting a SWOT analysis, which of the following are barriers that could prevent an organization from reaching its objective?
market opportunity
A combination of circumstances and timing that permits an organization to take action to reach a particular target market
target market, marketing mix
A marketing strategy is the selection of a(n) _______ and the creation of a(n) _____ that will satisfy the needs of target-market members.
marketing strategy
A plan of action for identifying and analyzing a target market and developing a marketing mix to meet the needs of that market
marketing objective
A statement of what is to be accomplished through marketing activities
corporate strategy
A strategy that determines the means for utilizing resources in the various functional areas to reach the organization's goals
decentralized organization
A structure in which decision-making authority is delegated as far down the chain of command as possible
centralized organization
A structure in which toplevel managers delegate little authority to lower levels
marketing plan
A written document that specifies the activities to be performed to implement and control the organization's marketing strategies
performance standard
An expected level of performance against which actual performance can be compared
marketing cost analysis
Analysis of costs to determine which are associated with specific marketing efforts
strategic performance evaluation
Establishing performance standards, measuring actual performance, comparing actual performance with established standards, and modifying the marketing strategy, if needed
strategic planning
The process of establishing an organizational mission and formulating goals, corporate strategy, marketing objectives, marketing strategy, and a marketing plan
market implementation
The process of putting marketing strategies into action
assigning responsibility for completing each activity to one or more employees, teams, or managers
Which of the following is the last step of establishing a marketing implementation timetable?
a marketing plan
Which of the following provides a uniform marketing vision for the firm and is the basis for internal communications?
executive summary
Which of the following provides an overview of the entire marketing plan so that readers can quickly identify the key issues and their roles in the planning and implementation process?
strategic business unit SBU
A division, product line, or other profit center within the parent company
market
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
mission statement
A long-term view, or vision, of what the organization wants to become
sustainable competitive advantage
An advantage that the competition cannot copy
training
An essential element of communicating with marketing employees is _____________.
late- mover advantage
The ability of later market entrants to achieve long-term competitive advantages by not being the first to offer a certain product in the marketplace is called ______________.
market share
The percentage of a market that actually buys a specific product from a particular company
Strategic Marketing Management
The process of planning, implementing, and evaluating the performance of marketing activities and strategies, both effectively and efficiently
organizational mission and goals
The strategic planning process begins with
market opportunity
When the right combination of circumstances and timing permits an organization to take action to reach a particular target market, there exists a(n) ________________.
market development
Which of the following competitive growth strategies strives to increase sales of current products in new markets?
market growth/market share matrix
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
strategic windows
Temporary periods of optimal fit between the key requirements of a market and the particular capabilities of a company competing in that market
first mover advantage
The ability of a company to achieve long-term competitive advantages by being the first to offer an innovative product in the marketplace
late mover advantage
The ability of later market entrants to achieve long-term competitive advantages by not being the first to offer a product in a marketplace
competitive advantage
The result of a company matching a core competency to opportunities it has discovered in the marketplace
business analysis
Which of the following is NOT a component of the marketing plan?
establishing a timetable for implementation
Which of the following is NOT one of the steps in strategic performance evaluation?
market growth/ makret share matrix
Which of the following is based on the philosophy that a product's market growth rate and its market share are important considerations in determining marketing strategy?