Exam 1 Remaining Flashcards
What are the 4 eras in American business history (AKA Evolution of the Market Orientation)
Production, Sales, Marketing Concept, Customer Relationship Era
Which Era lasted up until the 1920s?
The Production Era
Which Era lasted from 1920s to 1960s?
The Sales Era
Which Era Started in the late 1950s?
Marketing Concept Era
Which Era started in the 1980s?
Customer Relationship Era
3 ways to measure success of non-profit orgs?
Define mission narrowly, Perform research, and Develop ‘microlevel’ goals
What does each letter represent with respect to SMART goals?
Specific, Measurable, Attainable, Relevant, and Time-based
Concept: Quatify performance of SBUs on growth share matrix.
Business Portfolio Analysis
Concept: Search for new opportunities among current and new products, current and new markets.
Diversification Analysis
On the growth share matrix, Dogs have ____ relative market share and ____ market growth rate
Low, Low
On the growth share matrix, Stars have ____ relative market share and ____ market growth rate
High, High
On the growth share matrix, Cash Cows have ____ relative market share and ____ market growth rate
High, Low
On the growth share matrix, “?’s” have ____ relative market share and ____ market growth rate
Low, High
Diversification Analysis: Alternative market-product strategy that combines a CURRENT product and a CURRENT market is called:
Market Penetration
Diversification Analysis: Alternative market-product strategy that combines a CURRENT product and a NEW market is called:
Market Development
Diversification Analysis: Alternative market-product strategy that combines a NEW product and a CURRENT market is called:
Product Development
Diversification Analysis: Alternative market-product strategy that combines a NEW product and a NEW market is called:
Diversification
What are the steps in the planning phase of the strategic marketing process?
Situational Analysis (SWOT), Market-Product focus and goal-setting, Marketing Program
What does SWAT stand for during the Situational Analysis in the planning stage of the strategic marketing process?
Strengths, Weaknesses, Opportunities, Threats
Name some activities performed in the Implementation phase of the strategic marketing process:
Obtaining resources, developing planning schedule, marketing strategy, Designing the Marketing organization, Executing the marketing program, Marketing Tactics
Name the 3 steps in “How Strategy Happens”
Establish foundation, Set direction, and Create strategies
Name all 5 Environmental trends:
Social, Economic, Technological, Competitive, Regulatory
_____ culture & norms affect ethical and legal relationships
Societal culture
_____ culture defines the ‘rules of the game’, the ‘fine lines’ between competitive and unethical conduct
Business Culture
_____ culture is a set of values, ideas and attitudes that is learned and shared among members of an organization
Corporate Culture
What term means ‘buyer beware’
Caveat Emptor
Concept: Ethical choices are all filtered through personal moral philosophies of individual decision-makers
Individual Philosophy
______ Philosophy derives from socialization, family, friends, and formal education; & Influenced by society and business and corporate culture of the moment
Moral Philosophy
Certain individual right/duties considered to be universal, no matter the outcome.
Moral Idealism
Believe “The greatest good for the greatest number. If Benefit > Cost, behavior is ethical
Utilitarianism
Term: Recognition of the need for orgs to improve the state of people, planet and profit simultaneously if they are to achieve sustainable, long-term growth
Triple-Bottom Line
Concept: Triple Bottom-Line recognizes the need of organizations to improve what 3 things?
People, the Planet and Profit
Concept: What are the 3 concepts of Social Responsibility?
Profit Responsibility, Stakeholder Responsibility, and Societal Responsibility
Term: Marketing efforts to produce, promote, and reclaim environmentally sensitive products:
Green Marketing
Term: Charitable contributions of a company are directly tied to customer revenues from its products.
Cause Marketing
Term: To develop, implement and evaluate a company’s social responsibility efforts; A systematic assessment of an orgs objectives, strategies, and performance, in terms of social responsibility.
Social Audit
Concept: Conducting business in ways that protect the natural env. while making economic progress
Sustainable Development
Term/Concept: The criteria established by the International Fair Trade Labeling Organization for agricultural commodities.
Fair Trade
