Class 2 Flashcards
How does a company fulfill its mission
It distributes tasks and powers among various functions or organizational units
What is the marketing plan
An analytical framework that features three general elements: a situation analysis, a set of strategies and an action program
What must be examined during a situation analysis
The company’s markets, the competition and the business environment
What is the next step after situation analysis
Setting marketing objectives
What ressources are allocated
The budget and human ressources
What is the marketing strategy
Identification of markets segments, positioning, differentiation and innovation
How should you decide the marketing mix
Making coordinated strategic decisions to obtain a synergy effect
What happens during the implementation
Statement of activities for each of the marketing mix variables
Defining responsibilities for each member of the marketing unit
Coordinating operations
Schedule of activities
What happens in the control
Contingency plan
Description of the means of control
Scorecard
What is essential during the control
Internal data, including performance indicators and external data from the information system
What is a marketing audit
Comprehensive, systematic and periodic critical examination of a company’s main marketing orientations in its environment and its implementation of them
What is the SWOT model
It summarizes and integrates all the information issuing from the diagnosis of the company’s internal and external environment in one tool.
What is the first dimension
It traces the origin of phenomena that may impact the organization’s activities
What is the second dimension
How the information from the internal and external environments will impact the company’s operations and performance
What is the TOWS model
The advantage is that it integrates all of this information in one analytical model that then serves as a strategic planning tool.
What are the two methods for internal analysis
- Analyzing each of the components of the internal environment and seeing how the organization is positioned relative to each of these components
- Focus on each of the primary and support activities that make up the value chain
- Identifying existing best practices in a given sector (best in the class)
What is a mission
A mission statement is a concise explanation of the organization’s reason for existence. It describes the organization’s purpose and its overall intention
What are the components of the internal environment
Resources and corecompetencies
Current offer
Prior performance
Business relations
What are the resource
Human, financial, information and purchasing (competitive advantage)
What are the primary activities of an organization
Inbound logistics
Operations
Outbound logistics
Marketing
Sales and service
What are inbound logistics activities
Related to reception, storage and procurement
What are operations activities
Transformation of inputs into products
Outbound logistics activities
Distribution and storage of finished goods
What are the activities related to after-sale service
Customer satisfaction and retention, installation, repair, return
What are the support activities
Infrastructure
HR management
Technological development
Purchasing and procurement
What is the microenvironment
The competitive environment : set of factors that are in direct contact with the organization. It is semi-controllable
Who are the actors that affect the microenvironment
Suppliers and customers
How does the NAICS classifies businesses
Per NAICS code for production of similar products
What is competition
The result of the interaction between organizations that offer products and services intended to satisfy the same need.
What are the components of the microenvironment
1) Competitive rivalry
2) Bargaining power of suppliers
3) Bargaining power of customers
4) Threat of new entrants
5) Threat of substitute products or service
