Ama Pcm - Domain 2-2: Marketing Planning

Front 1

Benchmarking

Back 1

Comparing the quality of the company's gods, services, or processes with that of its best-performing competitors.

Front 2

Break-Even Analysis

Back 2

The point at which your product stops costing you money to produce and sell, and starts to generate a profit for your company.

Front 3

Business Model

Back 3

The strategies an organization develops to provide value to the customers it serves. e.g., Netflix is altering its business model to respond to changing consumer demand and technologies.

Front 4

Business Plan

Back 4

A road map for the entire organization for a specified future period of time, such as one year or five years, containing details on R&D, operations, manufacturing, and marketing.

Front 5

Competitive Advantage

Back 5

Unique strength relative to competitors that provides superior returns, often based on quality, time, cost, or innovation.

Front 6

Core Competencies

Back 6

Things a company does extremely well, its specialty.

Front 7

Cross-Functional Teams

Back 7

A small number of people from different departments who are mutually accountable to accomplish a task or a common set of performance goals.

Front 8

Core Values

Back 8

Fundamental, passionate, and enduring principles that guide an organization's conduct over time, developed by founders or senior management. They capture the firm's heart and soul and serve to inspire and motivate employees, shareholders, board of directors, customers, etc.

Front 9

Customer Lifetime Value

Back 9

How much a loyal customer will spend on a particular brand over a lifetime.

Front 10

Functional Grouping

Back 10

Represents the different departments or business activities within a firm (e.g., manufacturing, marketing, and finance).

Front 11

Goals / Objectives

Back 11

Statements of an accomplishment of a task to be achieved by a specific time (could be related to profit, sales, market share, quality, customer satisfaction, employee welfare, and/or social responsibiity).

Front 12

Internal Marketing

Back 12

Management philosophy that coordinates internal exchanges between the organization and its employees to achieve successful external exchanges between the organization and its customers.

Front 13

Line Positions

Back 13

Managers in line positions have the authority and responsibility to issue orders to people who report to them.

Front 14

Staff Positions

Back 14

Managers in staff positions have the authority and responsibiity to advise people in line positions but cannot issue direct orders to them.

Front 15

Market Opportunity

Back 15

A combination of circumstances and timing that permits an organization to take action to reach a particular target market. (e.g., reusable aluminum water bottles instead of plastic)

Front 16

Market Share

Back 16

The percentage of a market that actually buys a specific product from a particular company.

Front 17

Marketing Dashboard

Back 17

The visual computer display of the essential information related to achieving a marketing objective.

Front 18

Marketing Metric

Back 18

Measuring system that quantifies a trend, dynamic, or characteristic. Used to explain why things happened, and to project into the future, and compare results across regions, products, and time periods.

Front 19

Marketing Plan

Back 19

Written document composed of an analysis of the current marketing situation, opportunities and threats for the firm, marketing objectives and strategy specified in terms of the four Ps, action programs, and projected income. Three major phases: planning, implementation, and control.

Front 20

Marketing Strategy

Back 20

Identifies:

- a firm's target market(s)

- a related marketing mix

- the bases on which the firm plans to build a sustainable competitive advantage.

Front 21

Sustainable Competitive Advantage

Back 21

An advantage over the competition that is not easily copied and thus can be maintained over a long period of time.

Front 22

Marketing Tactics

Back 22

Detailed day-to-day operational decisions essential to the overall success of marketing strategies.

Front 23

Mission

Back 23

A statement of the organization's function in society that often identifies its customers, markets, products, and technologies. Answers 2 questions: Who are our customers? What is our core competency?

Front 24

Mission Statement

Back 24

Clear, concise, meaningful, inspirational, and long-term view of what the organization wants to become.

Front 25

Planning Gap

Back 25

The difference between the projection of the path to reach a new goal and the projection of the path of the results of a plan already in place.

Front 26

Points of Difference

Back 26

Characteristics of a product that make it superior to competitive substitutes (e.g., operational, production, locational, or excellence).

Front 27

Product Line Groupings

Back 27

A unit is responsible for specific product offerings (e.g., dinner products or desserts) -- as opposed to functional groupings, such as manufacturing, marketing, and finance.

Front 28

Situation (SWOT) Analysis

Back 28

Taking stock of where the firm or product has been recently, where it is now, and where it is headed in terms of the organization's marketing plans and the external forces and trends affecting it.

Front 29

Strategic Business Unit (SBU)

Back 29

A division, product line, or other profit center within the parent company. Units may each have different products, target markets, and competitors.

Front 30

Strategic Planning

Back 30

The process of establishing an organizational mission and formulating goals, corporate strategy, marketing objectives, marketing strategy, and a marketing plan.

Front 31

Strategy

Back 31

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

Front 32

Total Quality Management (TQM)

Back 32

A philosophy that uniform commitment to quality in all areas of the organization will promote a culture that meets customers' perceptions of quality.

Front 33

Marketing Objective

Back 33

A clear simple statement of what is to be accomplished through marketing activities. Should specify measurable results and a time frame, and be consistent with corporate strategy.

Front 34

Market Growth / Market Share Matrix

Back 34

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.