Chapter 2 (her pwrpoint) Flashcards
1
Q
People with a common mission are in a
A
Organization
2
Q
A group of like organizations with similar mission is known as
A
Industry
3
Q
What is the formula for profit?
A
Profit= Revenue-Cost
4
Q
What is the biggest difference between for-profit businesses and nonprofit organizations?
A
The measure of accomplishment
5
Q
Which type of organization am I describing below?
- Formed to make money, or profits
- Measure accomplishments is generally profit ( or loss)
A
For-Profit Organization
6
Q
Which type of organization am I describing below?
- Purpose to earn enough profit to cover expenses and further goals
- Success measure on how effectively services are delivered
A
Non- Profit Organization
7
Q
What is the organizational structure?
A
Board of Directors
Corporate-Level strategy
Business unit-level strategy
Functional-level strategy
Departments
8
Q
What section of the organizational structure jointly supervises the activities of an organization
A
Board of Directors
9
Q
What section of the organizational structure makes decisions that affect the whole company?
A
Corporate-level strategy
10
Q
What section of the organizational structure makes decisions about specific areas of business?
A
Business unit-level strategy
11
Q
What section of the organizational structure involves decisions about day-to-day operations to support company goals?
A
Functional-level strategy/departments
12
Q
What is the organization structure of a distribution channel?
A
Board of directors
Corporate level officers
Functional-level strat
Departments
13
Q
slide 7-8
A
14
Q
What term can be described as the road map for the entire organization over time?
This term can be separated into short term ( 1 year) and long term (3-5 years) and focuses on decisions pertaining to all the functional growth strategies
Includes: goals and mission for organization
A
Business Plan
15
Q
Slide11!
A
16
Q
What plan determines how the business plan will be achieved? The road map for marketing activities of the company and is an INTEGRAL part of the business plan?
A
Marketing Plan
17
Q
T/F- With visionary organizations, plans get more and more detailed and specific as you go down the pyramid
A
True
18
Q
What structure is the visionary organization shaped?
A
Pyramid
19
Q
Explain the categories of the visionary organization from least specific to most or top of pyramid to bottom
A
Vision
Mission
Goals
Strategies
Tactics
Action Plans
20
Q
This term explains why the company exists and is an element that is transversal and perennial
A
Mission
21
Q
Improve the quality of life of children around the world.
This sentence describes the action of a:
Mission
Goal
KPI
Strategy
A
Mission
22
Q
What you hope to accomplish this year is known as a?
A
Goal
23
Q
Increasing donations is an example of
Mission
Goal
KPI
Tactic
A
Goal
24
Q
The goal using the SMART criteria is known as the
A
Objective
25
Increasing donations by 20% in one year is an example of:
Mission
Goal
Objective
Tactic
Objective
26
T/F- Goals and Objectives are interchangeable- and in many cases mean the same thing
True
27
The key indicators for measuring the success of your objectives is known as
KPI
28
What is an example of a KPI
dollar amount donations compared to the dollar amount donations of last year
29
How you will achieve your objective is known as the
Strategy
30
What is an example of a strategy?
Improving the customer experience
31
The implementation, the action, or the concrete part of the organization is known as the
Tactic
32
Indicators to measure the success of the tactics are known as
Metrics
33
What is the visionary organizations formula?
Organization foundation (why) +
Organizational foundation( what) =
Organizational strategies (how)
34
Core values
mission (values)
organizational culture make up
A) Organizational foundation
B) Organizational direction
C) Organizational strategies
A) Organizational foundation
35
Business plan
Goals( objective)
- short
-long term make up
A) Organizational foundation
B) Organizational direction
C) Organizational strategies
B) Organizational direction
36
By level:
Corporate
SBU
Functional
By product:
Good
service
idea
Represent
A) Organizational foundation
B) Organizational direction
C) Organizational strategies
C) Organizational strategies
37
Enduring principles that guide the organization are known as
Core Values
38
Statement of purpose or function in society is known as
Mission (vision)
39
Enduring the principles that guide values/ideas/norms of behavior is known as
Organizational culture
40
SLIDE 18 for species missions for ben and jerry's
41
What are some examples of KPI (key performance indicators)
Profit
Sales($ or #)
Market Share
Quality
Customer Satisfaction
Employee welfare
Social responsibility
42
Statement of an accomplishment of a task to be achieved by a specific time is known as a
Goal or Objective
43
Specific objectives ( to be accomplished) described in a marketing plan is known as
Marketing Goals
44
T/F- Goals should be SMART
True
45
Describe SMART
S- Specific
M- Measurable
A- Attainable
R- Relevant
T-Timely
46
An organizations long-term course of action designed to deliver a unique customer experience while achieving goals is known as a
Strategy
47
Why is strategy needed?
- Can't be all things to all people
- Limited Resources
- Need to decide where to focus
48
What does SBU stand for?
Standard Business Unit
49
Means by which a marketing goal is to be achieved and includes: firm's target mix, marketing mix, and method of obtaining sustainable competitive advantage is known as the
Marketing Strategy
50
Specify action taken to support marketing strategies is known as
Marketing Tactic
51
What are some tactics used for digital marketing?
Branding
Social media
Content Marketing
Email Marketing
Video Production
SEO
Web Design
App Development
SEM
52
What is this statement declaring?
Increase overall attendance at parks by 20%
A) Goal
B) Strategy
C) Tactic
A) Goal
53
What is this statement declaring?
- Attract new visitors to resort (adults)
- Encourage existing visitors to stay longer
A) Goal
B) Strategy
C) Tactic
B) Strategy
54
What is this statement declaring?
- Develop new attractions that appeal to adult audiences (Avatar)
- Increase operating hours of "half day" parks (Animal Kingdom)
- Update old attractions with new tech and visuals
-Offer fast passes on more attractions
A) Goal
B) Strategy
C) Tactic
C) Tactic
55
Slide 27 for visual of goal/strat/tactic
56
What are two questions needed to ask before setting a strategic direction?
Where are we now?
Where do we want to go?
57
When setting strategic direction and asking where are we now? what does that include
Competencies
Customers
Competitors
58
When setting strategic direction and asking where do we want to go? what does that include
Business portfolios analysis
Diversification analysis
59
Something your firm does better or good/service that is offered that competitors do not is known as a
- possibly short lived
Competitive advantage
60
Something the firm can persistently do better than its competitors that cannot be easily replicated
- longer term and is the ultimate goal to be successful is known as a
Sustainable Competitive Advantage
61
When determining where the company is now they must look at
- who buys the product/ services
-target markets/segments
- differs by business segement
This falls under which category?
Customers
62
Where do competitors exist?
Within industry
outside of industry
and can change depending on business segments
63
The measure of quantitative value or trend of a marketing action or result that is used to spot deviations (positive or negative) from the plan is known as
Marketing Metrics
64
When tracking strategic performance of a market the firm focuses on
Growth
Share
Demand potential
65
When tracking strategic performance of the firms competitiveness they focus on
Relative product quality
Relative service quality
Relative price and value
66
When tracking strategic performance of customers the firm focuses on
Customer satisfaction
Retention
Loyalty of customers
67
The ratio of revenue of a firm to the Toal revenue of all firms in industry is known as
Market Share
68
How do you calculate market share?
Sales revenue/ Total industry sales
69
slide 38 example
70
The increase in demand for type of product or service over time is known as
Markt growth
71
What is the calculation of market growth?
( Current year sales- Previous year sales)
DIVIDED BY
Previous Years Sales
72
T/F- Market growth can be shown as $ value or as a %
True
73
slide 40 example
73
What type of analysis is used to quantify performance measures and growth targets to analyze business units as separate investments?
Business Portfolio Analysis (BCG Matrix)
74
Slide 44!
75
Which analysis is used to help a firm search for growth opportunities?
Diversification Analysis
76
Which diversification strategy seeks to increase sales of existing products to existing markets
Market Penetration Strategy
77
Which diversification strategy creates growth by selling new products in existing markets?
Product Development Strategy
78
Which diversification strategy introduces existing products to new markets?
Market Development Strategy
79
Which diversification strategy emphasizes both new products and new markets to achieve growth?
Diversification Strategy
80
What product emphasis/strategy does Tylenol rapid release fall into
A) Market Penetration
B) Product Development
C) Market Development
D) Diversification Strategy
B) Product Development
81
What product emphasis/strategy does Starbucks Coffee Liqueur fall into
A) Market Penetration
B) Product Development
C) Market Development
D) Diversification Strategy
D) Diversification Strategy
82
What product emphasis/strategy does the Nintendo Wii being played by older generations fall into
A) Market Penetration
B) Product Development
C) Market Development
D) Diversification Strategy
C) Market Development
83
What product emphasis/strategy does the Starbucks Rewards app fall into
A) Market Penetration
B) Product Development
C) Market Development
D) Diversification Strategy
A) Market Penetration
84
Written documents that include:
Analysis of current situation (SWOT)
Marketing objectives
Marketing objectives and strategies in terms of 4 P's
Action program (tactics)
Projected income or other measures of success
Budget is known as the
Marketing Plan
85
List the stages in order of the marketing planning process
Planning Phase:
Step 1: Situation (SWOT) Analysis
Step 2: Market- product focus and goal setting
Step 3: Marketing program
Marketing plan
Implementation Phase
Evaluation Phase
86
What does step 1 of the planning phase consist of?
- Evaluate situation (internal and external)
- SWOT Analysis ( Strength, Weaknesses, Opportunities, Threats)
- Identify industry trends
- Analyze competitors
- Assess the organization
- Research present and prospective customers
87
What are some strengths of internal (business)
Advantages of proposition
Capabilities
Competitive advantage
USP's (unique selling points)
Resources, Assets, People
Experience, knowledge, data
continue more on slide 63
88
What are some weaknesses of internal (business)
Disadvantages of proposition
Gaps in capabilities
Lack of competitive strength
Reparation, presence, and reach
Financials
Own known vulnerabilities
continue more on slide 63
89
What are some opportunities of external (environment) issues
Market developments
Competitors vulnerabilities
Industry or lifestyle trends
Tech development and innovation
Global influences
more on slide 63
90
What are some threats of external environment issues
Political effects
Legislative effects
Environmental effects
IT developments
Competitor intentions- various
Market demand
more on slide 63
91
What are the SWOT analysis actions required to help aid in Step 1 of the situation analysis?
Build on a strength
Correct a weakness
exploit an opportunity
avoid a disaster laden threat
92
What must be completed in step 2 of the Planning phase?
Step 2: Market- Product Focus & Goal Setting
- Set goals for your marketing plan- what marketing plan should accomplish
- STP takes place- segmentation, targeting, positioning
- Determine which products with be directed towards which customers
- Market Segmentation: involves aggregating buyers into groups or segments that
-- have a common need and will respond similarly to a marketing action
93
What term involves aggregating prospective buyers into groups or segments that have a common need and will respond similarly to a marketing action
Market Segmentation
94
What must be completed in step 3 of the Planning phase?
Step 3: Marketing Program
-Develop marketing strategy
- Develop marketing mix- how to satisfy target market needs/wants
- 4 P's of the Marketing Mix
Product
Price
Place
Promotion
95
Under step 3 of the planning phase, what does the product category entail
Features
Brand Names
Packaging
Service
Warranty
96
Under step 3 of the planning phase, what does the price category entail
List prices
Discounts
Allowances
Credit terms
Payment periods
97
Under step 3 of the planning phase, what does the promotion category entail
Advertising
Personal Selling
Public Relations
Sales promotion
Direct Marketing
98
Under step 3 of the planning phase, what does the place category entail
Outlets
Channels
Coverage
Transportation
Stock level
99
During the implementation phase, the company is required to
- Obtain resources
- Design the marketing organization
- Define precise tasks, responsibilities and deadlines
- Execute the plan
100
What must be completed during the evaluation phase?
Step 5 (evaluation phase) - Evaluate performance using marketing. metrics
- Compare results to goals set for plan
- Act on deviations
- Exploit a positive deviation
- Correct a negative deviation
- Important b/c this is how companies improve performance and grow
101
