Study Guide: Exam 1
13 Cards in this Set
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What is the Marketing Concept?
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Seek to make a profit by serving the needs of Customer groups
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AMA Definition of Marketing
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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
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Major Types of Marketing
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Product- TangibleService- IntangiblePerson- Actions toward a personPlace- Attract people to a eventCause- Change peoples minds to a certain thingsOrganization- attract people to help
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Steps in the Strategic Planning process?
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Mission, Objectives, Organizational Strategy, Choosing a Strategy, Portfolio Plan
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What should a Mission be?
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Achievable, motivating, specific, long term.
The reason for a companies existence.
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What should objectives be?
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Specific, measurable, action commitments to get mission achieved.
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What can Organizational Strategy be based on?
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Products and MarketsCompetitive AdvantageValue
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What are the 4 Organizational Strategies based on Products and markets?
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Market Penetration- Present Products, Present customers (use more of a product)
Market Development- Present Products/New Customers (Growth, New uses, new markets)
Product Development- New Product, Present Customers (Variations, Improvements)
Diversification- New Product, New Customers …
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What are the 3 Organizational Strategies based on Competitive Advantage?
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5 Forces Model Cost Leadership (Low Cost)Differentiation (Being Unique)
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What Organizational Strategies are based on Value?
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Price, Quality, Service
Product Excellence
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How do you choose an appropriate strategy?
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Base on Mission Statement
Focus and build assets to lead to long term performance
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What is a Strategic Business Unit (SBU)?
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Distinct Mission, Own Competitors, Single business, or collection of related business, Planned Independently
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What are the 6 areas of Situation Analysis?
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Cooperative Environment- (Suppliers, Resellers, Departments in the firm, Subdepartments and employees of the marketing department. Vested Interest in the firm accomplishing its objectives.)
Competitive Environment- Other Firms in the industry
Economic Environment- How the economy affect…
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Study Guide: Exam 1