Chapter 2 Vocabulary
downsizing - reducing the business portfolio by eliminating products of business units that are not profitable or that no longer fir the company's overall strategy. |
value chain - the series of departments that carry out value-creating activities to design, produce,market,deliver, and support a firm's product. |
value delivery network - the network made up of the company, supplier, distributors, and ultimately customer who "partners" with each other to improve the performance of the entire system. |
marketing strategy - the marketing logic by which the business unite hopes to create customer value and achieve profitable customer relationship. |
market segmentation - dividing a market into distinct groups of buyers who have distinct needs, characteristics, or behavior and who might require SEPARATE products or marketing programs. |
market segment - a group of customers who respond in a similar way to given set of marketing efforts. |
positioning - arranging for a product to occupy a clear, distinctive and desirable place relative to competing products in the mind of the target customer. |
differentiation - actually differentiating the market offering to create superior customer value. |
marketing mix - the set of controllable tactical marketing tools-products, price, place and promotion- that the firm blends to produce the response it wants in the target market. |
Swot analysis - an overall evaluation of the company's strength, weaknesses, opportunities and threats. |
marketing implementations - the process that turns marketing strategies and plans into marketing actions in order to accomplish strategic marketing objectives. |
marketing control - the process of measuring and evaluating the results of marketing strategies and plans and taking corrective action to ensure that objectives are achieved. |
marketing audit - a comprehensive, systematic, independent, and periodic examination of a company's environment, objectives, strategies, and ACTIVITIES to determine problem areas and OPPORTUNITIES and to recommend a plan of action to improve the company's marketing performance |
return on marketing investment (or marketing ROI) - the net return from a marketing investment divided by the costs of the marketing investment. |