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level: Chapter 2: Partnering to Build Customer Engagement

Questions and Answers List

level questions: Chapter 2: Partnering to Build Customer Engagement

QuestionAnswer
What is a mission statement?A statement of the organization's purpose, what it wants to accomplish in the larger environment.
What is Strategic Planning?The process of developing and maintaining a strategic fit between the organization's goals and capabilities and its changing marketing opportunities.
What are the 4 Steps in Strategic Planning?1. Defining the company mission. 2. Setting company objectives and goals. 3. Designing the business portfolio. 4. Planning marketing and other functional strategies.
What is a Business Portfolio?The collection of businesses and products that make up the company.
What are the 2 Steps for planning a Business Portfolio?+ Analyze its current business portfolio. + Shape the future portfolio by developing strategies.
What is a Portfolio Analysis?The process by which management evaluates the products and businesses that make up the company.
What is the Growth-Share Matrix?A portfolio management method that helps companies decide how to prioritize their different businesses by their degree of profitability.
What is Market Penetration?Making more sales to current customers without changing its original products.
What is Market Development?Company growth by identifying and developing new market segments for current company products.
What is the Product/Market Expansion Grid?A portfolio-planning tool for identifying company growth opportunities through market penetration, market & product development or diversification.
What is Diversification?Company growth through acquiring businesses outside the company's current products and markets.
What is Product Development?Company growth by offering modified or new products to current market segments.
What is the Value Chain?The series of internal departments that carry out value-creating activities to design, produce, market, deliver and support a firm's product.
What is the Value Delivery Network?A network composed of the company, suppliers, distributors and customers who partner with each other to improve the performance of the entire system in delivering customer value.
What is Marketing Strategy?The marketing logic by which the company hopes to create customer value and achieve profitable customer relationships.
What are 2 key Questions in the Marketing Strategy?1. Which customers will we serve? (segmentation and targeting) 2. How will we create value for them? (differentiation and positioning)
What is Market Segmentation?Dividing a market into distinct groups of buyers who have different needs, characteristics or behaviour.
What is Positioning?Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers.
What is Differentiation?actually differentiating the market offering to create superior customer value.
What is a Market Segment?A group of consumers who respond in a similar way to a given set of marketing efforts.
What is Market Targeting?Selecting one or more market segments to serve.
What is the Marketing Mix?The set of tactical marketing tools, product, price, place and promotion that the firm blends to produce the response it wants in the target market.
What are the 5 Marketing Management Functions?Analysis, planning, implementation, organization and control.
What is Market Implementation?Turning marketing strategies and plans into marketing actions and objectives.
What is Marketing Control?Measuring and evaluating the results of marketing strategies and plans and taking corrective action to ensure that the objective are achieved.
What is Marketing Return on Investment (ROI) ?The net return from a marketing investment divided by the cost of the marketing investment.