Below are this chapter's featured key terms. The textbook's full glossary is also available for online searching.
 

benchmarking	Discovering how others do something better than your own firm so you can imitate or leapfrog competition. (See page(s) See page 35 in your textbook.)
business unit	An organization that markets a set of related products to a clearly defined group of customers. (See page(s) See page 31 in your textbook.)
business unit level	Level at which business unit managers set the direction for their products and markets. (See page(s) See page 31 in your textbook.)
competencies	An organization's special capabilities, including skills, technologies, and resources that distinguish it from other organizations. (See page(s) See page 35 in your textbook.)
competitive advantage	A unique strength relative to competitors, often based on quality, time, cost, innovation, or customer intimacy. (See page(s) See page 35 in your textbook.)
corporate level	Level at which top management directs overall strategy for the entire organization. (See page(s) See page 31 in your textbook.)
cross-functional teams	A small number of people from different departments in an organization who are mutually accountable to a common set of performance goals. (See page(s) See page 32 in your textbook.)
culture	The set of values, ideas, and attitudes of a homogeneous group of people that are transmitted from one generation to the next. (See page(s) See pages 33, 79 in your textbook.)
functional level	Level at which groups of specialists actually create value for the organization. (See page(s) See page 31 in your textbook.)
goals or objectives	Convert the mission into targeted levels of performance to be achieved. (See page(s) See page 33 in your textbook.)
market segmentation	Aggregating prospective buyers into groups, or segments, that (1) have common needs and (2) will respond similarly to a marketing action. (See page(s) See pages 43, 238 in your textbook.)
market share	The ratio of sales revenue of the firm to the total sales revenue of all firms in the industry, including the firm itself. (See page(s) See page 33 in your textbook.)
marketing plan	A road map for the marketing activities of an organization for a specified future period of time, such as one year or five years. (See page(s) See page 41 in your textbook.)
marketing strategy“	The means by which a marketing goal is to be achieved, usually characterized by a specified target market and a marketing program to reach it. (See page(s) See page 47 in your textbook.)
marketing tactics	The detailed day-to-day operational decisions essential to the overall success of marketing strategies. (See page(s) See page 47 in your textbook.)
mission	A statement of the organization's scope. (See page(s) See page 32 in your textbook.)
objective and task budgeting	A budgeting approach whereby the company (1) determines its promotion objectives, (2) outlines the tasks to accomplish these objectives, and (3) determines the promotion cost of performing these tasks. (See page(s) See pages 33, 482 in your textbook.)
points of difference	Those characteristics of a product that make it superior to competitive substitutes. (See page(s) See page 44 in your textbook.)
profit	The reward to a business firm for the risk it undertakes in offering a product for sale; the money left over after a firm's total expenses are subtracted from its total revenues. (See page(s) See page 30 in your textbook.)
quality	Those features and characteristics of a product that influence its ability to satisfy customer needs. (See page(s) See page 35 in your textbook.)
situation analysis	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 plans and the external factors and trends affecting it. (See page(s) See page 42 in your textbook.)
stakeholders	Individuals or groups, either within or outside an organization, that relate to it in what it does and how well it performs. (See page(s) See page 32 in your textbook.)
strategic marketing process	The approach whereby an organization allocates its marketing mix resources to reach its target markets. (See page(s) See page 41 in your textbook.)
SWOT analysis	An acronym describing an organization's appraisal of its internal strengths and weaknesses and its external opportunities and threats. (See page(s) See page 42 in your textbook.)