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Study Guide: Exam 1
What is the Marketing Concept? |
Seek to make a profit by serving the needs of Customer groups |
AMA Definition of 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 |
Major Types of Marketing |
Product- TangibleService- IntangiblePerson- Actions toward a personPlace- Attract people to a eventCause- Change peoples minds to a certain thingsOrganization- attract people to help |
Steps in the Strategic Planning process? |
Mission, Objectives, Organizational Strategy, Choosing a Strategy, Portfolio Plan |
What should a Mission be? |
Achievable, motivating, specific, long term.
The reason for a companies existence. |
What should objectives be? |
Specific, measurable, action commitments to get mission achieved. |
What can Organizational Strategy be based on? |
Products and MarketsCompetitive AdvantageValue |
What are the 4 Organizational Strategies based on Products and markets? |
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 (Entirely new or unrelated markets) |
What are the 3 Organizational Strategies based on Competitive Advantage? |
5 Forces Model Cost Leadership (Low Cost)Differentiation (Being Unique) |
What Organizational Strategies are based on Value? |
Price, Quality, Service
Product Excellence |
How do you choose an appropriate strategy? |
Base on Mission Statement
Focus and build assets to lead to long term performance |
What is a Strategic Business Unit (SBU)? |
Distinct Mission, Own Competitors, Single business, or collection of related business, Planned Independently |
What are the 6 areas of Situation Analysis? |
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 affects the market
Social Environment- General culture, and social tradition and norms
Political Environment- Public, social and business critics, other organizations
Legal Environment- Government Law |