Review

Chapters 1-3 Review Cont.

* An organization cannot satisfy the needs of all consumers, so it must focus on one or more subgroups, which are its Target Market.

* Strategy: An organization’s long-term course of action designed to deliver a unique customer experience while achieving its goals.

* Examples of Functional Level in an Organization:

* Marketing Department

* Information Systems Department

* Business Portfolio Analysis: A business portfolio analysis is the understanding of a firm’s strategic business units (SBU’s) as though they were a collection of separate investments.

* Four Market-Product Strategies

* Market Penetration

* Product Development

* Market Development

* Diversification

* Marketing Dashboard: The visual computer display of the essential information related to achieving a marketing objective.

* What is the difference between a strength and an opportunity in a SWOT analysis?

* In a SWOT analysis, a strength is a favorable evaluation of the internal situation at the level of the entire organization, the business unit, the product line, or the specific product. An opportunity is a favorable evaluation of the external situation at the level of the entire organization, the business unit, the product line, or the specific product.

* Market Segmentation: The process of aggregating prospective buyers into a group, or segments, that (1) have common needs and (2) will respond similarly to a market action

* What are “points of difference” and why are they important?

* Points of difference are those characteristics of a product that make it superior to competitive substitutes. This concept is the single most important factor in the success or failure of a new product

* How do the objectives set for a marketing process in the planning phase relate to the evaluation phase of the strategic marketing process?

* In the evaluation phase, the...