CHAPTER 2 Flashcards
Pertain to all the support services and institutions, typically involved in logistics and communications.
Marketing Intermediaries
Distribution channels, such as stores and middlemen, shipping and trucking services, and advertising and media outlets.
Marketing Intermediaries
These are the people that have ownership over the firm.
SHAREHOLDERS
Can exercise direct influence on operations, whether welcome or not.
SHAREHOLDERS
All groups that have a stake in the firm’s operations, including all of the above entities.
STAKEHOLDERS
Lesser Influence
STAKEHOLDERS
Immediate Neighborhood, local governments, civic groups, and advocacies.
STAKEHOLDERS
The one that is met with the most hostility or, at the least, with caution or circumspection.
COMPETITORS
Exists to steal market share from one’s firm or even destroy one’s business altogether.
COMPETITORS
Seeks to explain competitive pressures within an industry.
PORTER’S FIVE FORCES MODEL
Pertains to actual and direct competition that occurs between competing firms in the industry.
INDUSTRY RIVALRY
Suppliers can make or break a firm.
BARGAINING POWER OF SUPPLIERS
This threat is a function of how great the barrier to entry is to compete in the industry.
THREAT OF POTENTIAL ENTRANTS
It is said that while competitors can make a firm’s life miserable, it is the ________ that can actually kill it.
SUBSTITUTES
Directly under the control and domain of the firm’s management.
INTERNAL ENVIRONMENT
Refers to the totality of a firm’s tangible and intangible resources, capabilities, and potential.
INTERNAL ENVIRONMENT
Valuing the customers above everything else.
CORE VALUES
What the firm is all about – what it wants to accomplish, how it wants to change the world, and how it seeks to do this.
MISSION AND VISION
How is the management of the firm laid out? Are there clear lines of responsibility? Are the managers’ objectives clearly laid out?
MANAGEMENT STRUCTURE
Firms who are willing to invest in their ____ _____ by way of better incentives, better quality of life, and more pleasant work environments
HUMAN RESOURCES
Properties, plants, and equipment that the firm may have and which represent potential capabilities for the firm.
TANGIBLE RESOURCES
Trademarks, intellectual properties, procedures and protocols and trade secrets.
INTANGIBLE RESOURCES
Pertain to capacities or the lack of it with regard to the firm’s internal environment.
STRENGTH AND WEAKNESSES
Pertain to the trends that can be spotted in the external environment.
OPPORTUNITIES AND THREATS
Used to identify how a firm’s distinctive competencies and unique portfolio of resources can be used to take advantage of environmental trends to achieve company goals.
SWOT ANALYSIS
Maxi-maxi strategies. These are strategies wherein you use your strengths to take advantage of identified opportunities.
STRENGTHS-OPPORTUNITIES
Maxi-Mini. Use your strengths to preemptively minimize potential threats.
STRENGTHS-THREATS
Mini-Maxi. You take advantage of identified opportunities to minimize identified weaknesses.
WEAKNESSES-OPPORTUNITIES
Mini-mini. Preemptively correct weaknesses that make the firm vulnerable to foreseen threats.
WEAKNESSES-THREATS
Function of environmental factors that are at play at any point.
STRETEGY
Essential part of the strategic planning process.
TRENDSPOTTING
Refers to the external environment at large, featuring elements that are beyond the power and influence of a firm and which reflect realities outside the world.
MACRO ENVIRONMENT
Government policies, directions and initiatives that may have an effect on a firm’s operations and well-being.
POLITICAL
Cultural facts, norms and behaviors of the groups and sub-groups that need to be considered by the firm.
SOCIO-CULTURAL
