Marketing 301 Chapter 2 What are the various competitive forces Porter s Five Forces are the threat of new entrants threat of existing substitutes bargaining power of buyers bargaining power of suppliers and rivalry among existing competitors How is an organization structured There are three organizational levels 1 Corporate Level Top management directs overall strategy for the entire 2 Strategic Business Unit SBU Level Managers set a more specific strategic direction for their businesses to exploit more value creating opportunities Each Unit is a subsidiary division or unit of an organization that markets a set of related offerings to a clearly defined group of customers 3 Functional Level Groups of specialists actually create value for the organization organization What is a mission statement A statement of the organization s function in society that often identifies its customers markets products and technologies its long term vision What is a business model The strategies an organization develops to provide value to the customers it serves What is a goal and an objective Terms used interchangeably they are statements of an accomplishment of a task to be achieved by a specific time What is a competitive advantage A unique strength relative to competition that provides superior returns often based on quality time cost or innovation What types of goals or objectives do organizations have o Profit Sales o o Market share ratio of sales revenue of the individual firm to total sales revenue of all firms in the industry o Quality o Customer satisfaction o Employee welfare o Social responsibility What is a marketing dashboard and its function and purpose The visual computer display of the essential information related to achieving a market objective Its purpose is to provide extensive information in an easily accessible and easily readable format so a marketing manager can make a decision or choose to analyze a problem further What are the dimensions and the various elements of the Boston Consulting Group Matrix business portfolio analysis approach It is a technique that managers use to quantify performance measures and growth targets to analyze their firm s SBUs as though they were a collection of separate investments It is based on quadrants o Cash cows SBUs that generate large amounts of cash o Stars SBUs with a high share of high growth markets that may need extra cash to finance future growth o Question marks SBUs with a low share of high growth markets that require large amounts of cash just to maintain their market share o Dogs SBUs with low shares of low growth markets that may maintain their position but show no promise of being truly profitable for the firm What are four market product strategies discussed in this course There are four components of the implementation stage 1 Obtaining resources 2 Designing the Marketing Organization outlining the hierarchy of varying positions 3 Developing Planning Schedules meetings that address tasks that need to be done and timelines in which teams have to do them 4 Executing the Marketing Program What is a SWOT analysis and what does each letter in the acronym represent Effective summaries of a situation to better understand the organization itself and the organization relative to its competitors and the industry Strengths o o Weaknesses o Opportunities o Threats What are the components of competitive positioning 1 Set marketing and product goals 2 Select target markets determine which segments will be goal customers 3 Find points of difference characteristics of a product that make it superior to 4 Position the product how the product is perceived in potential customers competitive substitutes minds
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