Chapter 3; Basic Marketing Concepts Flashcards
Corporation
A business that is legally separate and distinct from its owner or owner. Under the law, corporations possess many of the same rights and responsibilities as individuals.
A type of business-specific to the U.S. that protects its owners from personal responsibility for its debts or liabilities
LLC
Businesses owned by “member-owners” democratically controlled by their member-owners
Co-Op
Corporate lvl, Business Unit lvl, Functional lvl
3 Organizational Levels of Strategy
Top management directing overall strategy for the entire organization
The level creates value for the shareholders of the firm (stock performance, profitability)
Corporate lvl
The level which business unit managers set the direction for their products
Develop value-creating opportunities
Business Unit lvl
Where groups of specialists actually create value for the organization
Usually called departments
Function lvl
The people who are affected by what the business does and how well it performs
Owners, employees
Customers, suppliers, government agencies, unions, investors, communities
Stakeholders
Planning, Implementing, Controlling
3 Phases of a Strategic Plan
An action-based statement that declares the purpose of an organization and how they serve their customers
Mission Statement
An aspirational statement made by an organization that articulates what they would like to achieve
Vision Statement
Profit, Customer Satisfaction, Market share, Environmental Responsibility, Sales, Employee Welfare, Social Responsibilities, Quality
Goals
Forms the foundation of the company’s marketing program
SWOT
Strengths
Weaknesses
Opportunities
Threats
SWOT
Putting the Planning Stage into action
Unless you do, all your planning has been a waste of time
Nothing will happen without deadlines
Implementing
