module 2 Flashcards
utility
The want-satisfying power of a good/service
Identify the four types of Utility?
Place, time, form, ownership
customer loyalty
a customer’s commitment to a company and its products/brand for the long run
customer retention
low propensity among a firms customer base to consider switching to other providers
Customer switching
customer abandoning a product
value chain
Set of activities that an organization carries out to create value for its customers.
Identify all the nine relevant strategic activities an organization engages in to create value for the customer?
Firm infrastructure Human resource management Tech development Procurement Inbound logistics Operations Outbound logistics Marketing and sales service
market planning
The ongoing process of developing and implementing market-driven strategies for an organization.
market plan
The resulting doc that records the marketing planning process in a useful framework
Identify all the elements of Marketing planning?
Mission statement Situational analysis Objectives Strategy development Monitoring and controlling
According to the Course material, what is the SMART format and what does it represent?
Designed to articulate what is to be achieved. Specific, measurable, attainable, relevant, time-bound
market driven strategic planning
SBU(strategic business unit) level of a firm that acts to marshal the various resource and functional areas towards central purpose around the customer.
strategic business unit
Autonomous division of a large company that operates independently but within the corporate umbrella, exercising control over most of the factors affecting its long-term performance.
two approaches used in portfolio analysis
BCG and GE business screen
what are the two dimensions used in the BCG matrix?
market growth rate and competitive positioning
what are the four strategy recommendations in the BCG matrix
star, ?, cash cow, dog
mission
orgs purpose, reason for existance
vision
where the company sees itself in the future
goals
what the company wishes to accomplish in support of the mission and vision
3 types of org strategies
functional, business, corporate
five forces driving industry competition
Potential entrants Buyers Supplier Industry competitors Substitutes
Macro-environmental factors
political, legal ethical, sociocultural/demographic techological economic natural
internal environmental factors
Threat of new entrants
Rivalry among existing firms
Threat of substitute products
Bargaining power of buyers
what value does the SWOT analysis bring to the situation analysis of the marketing planning process step?
helps companies know what could hinder their success.
