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MKC1Collins
Chpt 1 Intro to Marketing and Chpt 2 Strategic Planning
| Question | Answer |
|---|---|
| Value proposition | a thirty-second “elevator speech” stating the specific benefits a product or service offering provides a buyer. It shows why the product or service is superior to competing offers. |
| Target Markets | groups of customers, they want to reach when they are developing their value propositions |
| Strategic planning | a process that helps an organization allocate its resources to capitalize on opportunities in the marketplace |
| strategic business unit (SBU) | a business or product line within an organization that has its own competitors, customers, and profit center for accounting purposes. |
| strategic planning process | includes conducting a situation analysis and developing the organization’s mission statement, objectives, value proposition, and strategies |
| Situational Analysis | An assessment of an organization's internal and external environments |
| SWOT internal factors | Strengths and Weaknesses |
| SWOT external factors | Opportunities and Threats |
| Porters Five Forces | Supplier Power, Buyer Power, Competitive Rivalry, Threat of Stubstitution, Threat of New Entry. |
| mission statement | Defines the purpose of the organization and answers the question of how a company defines its business. |
| contract manufacturing | When companies hire manufacturers to produce their products in another country. |
| strategic planning process | A process that helps an organization allocate its resources under different conditions to accomplish its objectives, deliver value, and be competitive in a market-driven economy. |
| franchising | Granting an independent operator the right to use your company’s business model, techniques, and trademarks for a fee. |
| export | Sell products to buyers in foreign markets. |
| portfolio | A group of business units owned by a single firm. |
| joint venture | An entity that is created when two parties agree to share their profits, losses, and control with one another in an economic activity they jointly undertake. |
| product development strategy | Creating new products or services for existing markets. |
| General Electric (GE) approach | A portfolio planning approach that examines a business’ strengths and the attractiveness of industries. |
| corporate level plans | Plans developed for the corporation as a whole take place at the corporate level. |
| first mover strategy | Corporate level strategy theorizing that being the first organization to offer a product in the marketplace will be the long-term market leader. |
| portfolio planning approach | An approach to analyzing various businesses relative to one another. |
| situation analysis | An assessment of an organization’s internal and external environments. |
| harvest | When a firm lowers investment in a product or business. |
| objectives | What organizations want to accomplish (the end results) in a given time frame. |
| direct investment | Owning a company or facility overseas. |
| green marketing | Marketing environmentally safe products and services in a way that is good for the environment. |
| target market | The group of customers toward which an organization directs its marketing efforts. |
| mystery shopper | A person who is paid to shop at a firm’s establishment or one of its competitors’ to observe the level of service, cleanliness of the facility, and so forth, and report his or her findings to the firm. |
| marketing plan | A document that is designed to communicate the marketing strategy for an offering. The purpose to influence executives, suppliers, distributors, and other important stakeholders of the firm so they will invest money, time, and ensure plan is a success |
| business level plans | Plans developed for each strategic business unit typically have their own mission statement. |
| star | Business or offering with high growth and a high market share. |
| market penetration strategy | Selling more of existing products and services to existing customers. |
| second mover strategy | Corporate level strategy theorizing that closely observing the innovations of the first movers, and then improving on them can help an organization gain advantage in the marketplace. |
| cash cow | Business or offering with a large share of a shrinking market. |
| divest | When a firm drops or sells a product or business. |
| diversification strategy | Offering products that are unrelated to other existing products produced by the organization. |
| license | Sell the right to use some aspect of the production process, trademark, or patent to individuals in foreign markets. |
| SWOT analysis | An acronym for strengths, weaknesses, opportunities, and threats, the SWOT analysis is a tool that frames the situational analysis. |
| Boston Consulting Group (BCG) matrix | A portfolio planning approach that examines strategic business units based on their relative market shares and growth rates. Businesses are classified as stars, cash cows, question marks (problem children), or dogs. |
| dog | Business or offering with low growth and a low market share. |
| question marks or problem children | Businesses or offerings with a low share of a high-growth market. |
| market development strategy | Selling existing products or services to new customers or foreign markets. Exporting, licensing, franchising, joint ventures, and direct investment are methods that companies use to enter international markets. |
| strategies | Actions (means) taken to accomplish objectives. |
| strategic business unit (SBU) | Businesses or product lines within an organization that have their own competitors, customers, and profit centers. |
| logistics | The physical flow of materials in the supply chain. |
| supply chain | All of the organizations that participate in the production, promotion, and delivery of a product or service from the producer to the end consumer. |
| value era | From the 1990s to the present, some argue that firms moved into the value era, competing on the basis of value; others contend that the value era is simply an extension of the marketing era and is not a separate era. |
| service-dominant logic | An approach to business that recognizes that customers do not distinguish between the tangible and the intangible aspects of a good or service, but rather see a product in terms of its total value. |
| exchanging | The act of transacting value between a buyer and a seller. |
| market oriented | The degree to which a company follows the marketing concept. |
| one-to-one era | From the 1990s to the present, the idea of competing by building relationships with customers one at a time and seeking to serve each customer’s needs individually. |
| exchange | The transaction of value, usually economic, between a buyer and seller. |
| social marketing | Marketing conducted in an effort to achieve social change. |
| selling orientation | A philosophy that products must be pushed through selling and advertising in order for a firm to compete successfully. |
| marketing plan | A document that is designed to communicate the marketing strategy for an offering. The purpose of the plan is to influence executives, suppliers, distributors, and other important stakeholders of the firm so they will invest money, time, and effort to ens |
| nonprofit marketing | Marketing activities conducted to meet the goals of nonprofit organizations. |
| creating | In marketing, a term that involves collaboration with suppliers and customers in order to generate offerings of value to customers. |
| offering | The entire bundle of a tangible good, intangible service, and price that composes what a company offers to customers. |
| communicating | In marketing, a broad term meaning describing the offering and its value to potential customers, as well as learning from customers. |
| marketing | “The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.” |
| delivering | In marketing, as in delivering value, a broad term that means getting the product to the consumer and making sure that the user gets the most out of the product and service. |
| sustainability | An example of social responsibility that involves engaging in practices that do not diminish the earth’s resources. |
| production era | A period beginning with the Industrial Revolution and concluding in the 1920s in which production-orientation thinking dominated the way in which firms competed. |
| selling era | A period running from the 1920s to until after World War II in which the selling orientation dominated the way firms competed. |
| marketing era | From 1950 to at least 1990 (see service-dominant logic era, value era, and one-to-one era), the dominant philosophy among businesses is the marketing concept. |
| social responsibility | The idea that companies should manage their businesses not just to earn profits but to advance the well-being of society. |
| value | Total sum of benefits received that meet a buyer’s needs. See personal value equation. |
| service-dominant logic era | The period from 1990 to the present in which some believe that the philosophy of service-dominant logic dominates the way firms compete. |
| marketing concept | A philosophy underlying all that marketers do, driven by satisfying customer wants and needs. |
| production orientation | A belief that the way to compete is a function of product innovation and reducing production costs, as good products appropriately priced sell themselves. |
| personal value equation | The net benefit a consumer receives from a product less the price paid for it and the hassle or effort expended to acquire it. |
Created by:
bobcollins
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