BUS MKG 1.2 - BOLUSO

• mission statement explains the company’s purpose and primary goals. An excellent mission statement is clear, meaningful, and inspiring.
• vision statement expresses what the business aspires to become in the world. It articulates the outcome that it envisions through the achievement of its mission statement.
• Company values or core values are a collection of guiding principles and essential beliefs that empower individuals to operate as a team toward a common business goal.
• goal is a broad aim established to start the business planning process
• objective is a specific milestone reached to achieve a goal
• Organizations typically use the

  SMART criteria to determine and design their objectives.
• SMART means Specific, Measurable, Achievable, Relevant, Time-bound
• Specific Objectives are clear and detailed, leaving no room for confusion or misinterpretation.
• Measurable Objectives specify the metrics to assess the organization’s

  performance.
• Achievable Objectives set targets that the team could accomplish.
• Relevant Objectives align with the individual and organizational goals.
• Time-bound : Objectives are set to be accomplished in a given date, timeframe, or

  deadline.
• Key Performance Indicators (KPIs) are quantifiable measures that organizations use to describe their performance and track their progress against a specific objective or target.
• Elements of KPI: Measurement, Target, Data Source, Reporting frequency
• goal of marketing is to establish and

  maintain profitable customer relationships.
• marketing goals: acquire new customers, retain customers, upsell and cross-sell, increase customer satisfaction, launch new product, and improve product position
• Customer acquisition is the process of drawing in new customers or clients.
• buyer's journey the process in which buyers become aware, consider, and decide to buy a product or avail a

  service.
• Customer retention refers to the activities and efforts made by companies and businesses to increase customer loyalty.
• upselling is the activity of persuading customers to buy an upgraded or more expensive version of a product or service.
• Cross-selling is a sales approach that encourages customers to spend more by recommending a product related to the one they are already purchasing.
• increased customer satisfaction is consistency in providing positive customer value.
• product launch is a coordinated effort to bring a product to market and announce it to the public.
• Product positioning is the strategy of deciding and presenting how the market sees, thinks, or feels about the company’s product compared to the competing ones.