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Unformatted text preview: Marketing Chapter 2 (Developing Successful Marketing and Organizational Strategies) Organization – legal entity of people who share a common mission Business firm – privately owned organization that serves its customers in order to earn a profit so it can survive Profit – money left after a business firm’s total expenses are subtracted from its total revenues and is the reward for the risk it undertakes in marketing its offerings Strategy – organization’s long-term course of action designed to deliver a unique customer experience while achieving its goals Corporate level – top management directs overall strategy for the entire organization Strategic business unit – subsidiary, division, or unit of an organization that markets a set of related offerings to a clearly defined group of customers Strategic business unit level – managers set a more specific strategic direction for their businesses to exploit value-creating opportunities Functional level – where groups of spets actually create value for the organization Cross-functional teams – small number of people from different departments who are mutually accountable to accomplish a task or a common set of performance goals Organizations foundation – provides guidance and inspiration to its employees through three elements: core values, mission and organizational culture Core values – fundamental, passionate, and enduring principles that guide its conduct...
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- Fall '07
- Marketing, fi rm, Strategic business unit, Strategic Marketing Process, Business Portfolio Analysis