MCS 1000 Chapter Notes - Chapter ch.2: Strategic Business Unit, Privately Held Company, Customer Experience

• School: University of Guelph
• Department: Marketing and Consumer Studies
• Course: MCS 1000
• Professor: Sergio Meza

Document Summary

An organization: a legal entity of people who share a common mission. A business firm: a privately owned organization that serves its customers in order to earn a profit. Profit: the money left after a business firm"s total expenses are subtracted from its total revenue: the reward for the risk it undertakes in marketing its offerings. Organizations that develop similar offerings, when grouped together, create an industry. Strategy: an organizations long-term course of action designed to deliver a unique customer experience while achieving its goals. The corporate level: level a which top management directs overall strategy for the entire organization. Top management means the board of directors with a variety of skills and experiences that are invaluable in establishing overall strategy. Marketing accountability: the responsibility for the systematic management of marketing resources and processes to achieve measurable gains in return on marketing investment and increased marketing efficiency, while maintaining quality and increasing the value of the corporation.