1.2 Organizational objectives

Mission Statement

Sets out the overall purpose of a business.

Vision Statement

Describes what the business wants to be in the future.

Objectives

Targets that are measurable and have a given timescale.

SMART Objectives

Criteria for setting objectives: Specific, Measurable, Agreed, Realistic, Time-specific.

Stakeholders

Individuals or groups that have an interest or investment in the business.

Corporate Social Responsibility (CSR)

Business responsibility to act morally toward all stakeholders.

Ethics

Set of values and beliefs that influence behavior in business.

Strategy

A long-term plan to achieve the objectives of a business.

Tactical Objectives

Short-term goals that are usually specific and aimed at achieving part of a strategic goal.

Growth Objectives

Targets aimed at increasing the size or market share of the business.

What is a market analysis?

The process of assessing the market for a product or service, which helps businesses understand customer needs and market trends.

What is brand equity?

The value added to a product or service by having a well-known brand name.

What are key performance indicators (KPIs)?

Specific metrics used to evaluate the success of an organization or of a particular activity in which it engages.

What is a business model?

A plan that outlines how a company creates, delivers, and captures value.

What is customer segmentation?

The practice of dividing customers into groups based on shared characteristics for targeted marketing.

What is the 4Ps marketing mix?

Product, Price, Place, Promotion; the key elements that a business uses to market its products.

What does SWOT analysis stand for?

Strengths, Weaknesses, Opportunities, Threats; a strategic planning tool used for assessing a company.

What are direct competitors?

Businesses that offer the same or very similar products or services to the same target market.

What is brand loyalty?

The tendency of consumers to continue buying the same brand of goods or services.

What is a value proposition?

A statement that explains how a product solves a problem or improves a situation for customers.

What is market research?

The process of gathering, analyzing, and interpreting information about a market.

What is a unique selling proposition (USP)?

A marketing concept that refers to the unique benefit or feature that makes a product stand out.

What are distribution channels?

The pathways through which products or services flow from the producer to the consumer.

What is customer relationship management (CRM)?

Strategies and technologies for managing a company's interactions with current and potential customers.

What is qualitative research?

Research that focuses on understanding the qualities and characteristics of a subject.

What is quantitative research?

Research that focuses on quantifying variables and analyzing them using statistical methods.

What is influencer marketing?

A form of social media marketing that uses endorsements from influencers.

What is customer lifetime value (CLV)?

A prediction of the total value a business gets from a customer throughout their relationship.

What are operational objectives?

Goals that are crucial for managing the business effectively on a day-to-day basis.

What is e-commerce?

The buying and selling of goods or services using the internet.

What is a marketing strategy?

A comprehensive plan formulated particularly for achieving the marketing objectives of the organization.

What is a target market?

A specific group of consumers at which a company aims its products and services.

What is a customer persona?

A fictional character that embodies the qualities of a company's ideal customer.

What is relationship marketing?

A marketing strategy focused on fostering long-term relationships with customers.

What is social proof?

A psychological phenomenon where people assume the actions of others reflect correct behavior.

What is public relations (PR)?

The practice of managing the spread of information between an individual or an organization and the public.

What is CRM software?

Technology used by companies to manage interactions with potential customers and clients.

What is a promotional strategy?

A plan for communicating the benefits of a product or service to the target audience.

What is affiliate marketing?

A performance-based marketing strategy where a business rewards outside partners for generating traffic.

What is content marketing?

A strategic marketing approach focused on creating valuable content to attract and engage a clearly defined audience.

What is direct marketing?

A form of advertising where businesses communicate directly to customers.

What is a marketing funnel?

A model that represents the stages a customer goes through before making a purchase.

What is the difference between B2B and B2C?

B2B (business-to-business) refers to transactions between businesses, while B2C (business-to-consumer) refers to transactions between businesses and consumers.