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MKC1 > Chapter 2 Strategic Planning > Flashcards

Chapter 2 Strategic Planning Flashcards

1
Q

Value Proposition

A
  • 30 second elevator speech
  • A statement that summarizes the key benefits or value for target customers.
  • explains why customers should buy a product
  • why stakeholders should donate
  • why prospective employees may want to work for an organization.
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2
Q

Corporate Level Plans

A
  • plans developed for the corporation as a whole take place at the corporate level.
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3
Q

Strategic Business Unit (SBU)

A
  • business or product lines w/in an organization that have their own competitors, customers, & profit centers.
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4
Q

Business Level Plans

A
  • plans developed for each strategic business unit typically have their own mission statement.
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5
Q

First-mover Strategy

A
  • Corporate level strategy theorizing that being the first organization to offer a product in the marketplace w/be the long-term market leader.
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6
Q

Second-mover Strategy

A
  • Corporate level strategy theorizing that closely observing the innovations of the first movers, & improving on them can help an organization gain advantage in the market place.
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7
Q

Strategic Planning Process

A
  • Including conduction a situation analysis & developing the organizations mission statement, objectives, l\value proposition, & Strategies.
  • helps an organization allocate its resources under different conditions to accomplish its objectives, deliver value, & be competitive in a market-driven economy.
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8
Q

Situation Analysis

A
  • An assessment of an organizations internal & external environments.
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9
Q

SWOT analysis

A
  • Strengths
  • Weaknesses
  • Opportunities
  • Threats
  • the SWOT analysis is a tool that frames the situational analysis.
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10
Q

Green Marketing

A
  • Marketing environmentally safe products & services in a way that is good for the environment.
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11
Q

Mission Statement

A
  • defines the purpose of the organization & answers the question of how a company defines its business.
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12
Q

Objectives

A
  • What organizations want to accomplish (the end result) in a given time frame.
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13
Q

Strategies

A
  • Actions (means) taken to accomplish objectives.
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14
Q

Marketing Plan

A
  • Strategic plan at the functional level that provides a firms marketing group w/direction.
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15
Q

Market penetration strategies

A
  • Focus on increasing a firms sales of its existing customers.
    Ex. discount for buying multiple packs of snacks. Fritos.
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16
Q

Product development strategies

A
  • Involve creating new products for existing customers.

Ex. Variation, different flavor, etc.

17
Q

Market Development Strategies

A
  • Focus on entering new markets w/existing products.
18
Q

Franchising

A
  • getting an independent operator the right to use your company’s business model, techniques, & trademarks for a fee.
  • Ex. McDonald’s & Subway
19
Q

Contract Manufacturing

A
  • When companies hire manufacturers to produce their products in another country.
    Ex. cell phones, computers, & printers
20
Q

Joint Ventures

A
  • Combine expertise & investments of two companies & help companies enter foreign markets.
21
Q

Direct Investment

A
  • Owning a company or facility overseas.

- involves the most risk & investment but offers the most control.

22
Q

Diversification Strategices

A
  • Offering products that are unrelated to other existing products produced by the organization.
23
Q

Portfolio

A
  • A group of business units owned by a single firm.
24
Q

Portfolio Planning Approach

A
  • An approach to analyzing various businesses relative to one another.
25
Q

Boston Consulting Group (BCG) Matrix

A
  • A portfolio planning approach that examines strategic business units based on their relative market shares & growth rates.
  • Stars, Cash Cows, Question Marks, or Dogs
26
Q

Star

A
  • business/offering: high market share & high market growth
27
Q

Question Marks (problem children)

A
  • business/offering: a low market share & high market growth.
28
Q

Dogs

A
  • business/offering: low market share & low market growth.
29
Q

Harvest

A
  • When a firm lowers investment in a product or business.

* goal is to earn short-term profits from product regardless of long-term impact on its survival.

30
Q

General Electric (GE) approach

A
  • Examines a business’s strengths & the attractiveness of the industry in which it completes.
31
Q

Cash Cows

A
  • business/offering: high market share & low market growth.

MKC1 (5 decks)

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