Marketing Chapter 2

legal entity that consists of people who share a common mission These people will develop offerings (goods, ideas) that create value for the organization

Privately owned organization such as Google that serves its customers to earn a profit so that I can survive

Money left after a business firm’s total expenses are subtracted from its total revenues

Is a nongovernmental organization that serves its customers but does not have profit as the organizational goal.. Ex: Protecting the environment

An organizations long tern course of action designed to deliver a unique customer experience while achieving its goals.

Top management directs overall strategy for the entire organization. “Board of directors of senior management”

Subsidiary, division, or unit of an organization that markets a set of related offering to clearly defined group of customers

managers set a more specific strategic direction for their businesses to exploit value-creating opportunities

groups of specialists actually create value for the organization

Is used to inspire employees to have core values, a mission, and organization culture.

Are the fundamental, passionate, and enduring principles that guide its conduct over time

Statement of the organization function in society that often indentifies its customers, markets, products, and technologies

set of values, ideas, attitudes, and norms of behavior that is learned and shared among the members of an organization

Clear, broad, underlying industry or market sector of an organizations offering Ex: Theodore Levitt argues that senior managers of 20^th century American railroads defined their business as a railroad business instead of developing strategies to compete with airlines, barges…this made railroad companies go bankrupt

statements of an accomplishment of a task to be achieved, often by a specific time Ex: Netflix wants to be top movie provider online as of 2012 *A business can pursue what goals such as profit, sales, market share, quality, customer satisfaction, employee welfare, and social responsibilities