Unit1 Flashcards
Mission Statement
a long term view, or vision of what the organization wants to become
Core Competencies
Things that a company does extremely well, which gives it an advantage over its competition
Corporate Identity
Companies develop and manage their corporate identity
Business Unit Strategy
x
Stars
product with a dominant share of the market and good prospects for growth
Cash cows
a dominant share of the market but low prospects for growth (Apple iphone)
Dogs
Have a subordinate share of the market and low prospects for growth (printed newspaper)
Question marks
have a small share of a growing market and generally require a large amount of cash to build market share
Market opportunity
a combination of circumstances and timing that permits an organization to take action to reach a particular target market
Strategic windows
periods of optimal fit between the key requirements of a market and the particular capabilities of a company competing in that market
competitive advantage
the result of a company matching a core competency to opportunities it has discovered in the marketplace
SWOT analysis
strengths, weakness, opportunities, and threats
First - mover advantages
the ability of an innovative company to achieve long-term competitive advantages by being the first to offer a certain product in the marketplace
First - mover risks
High cost associated with creating a new product from scratch (electric car example)
Late - mover advantages
Can see what they did right and what they did wrong. You can learn from their mistakes and see if the market is ready for it
Late - mover risks
First mover may have patents on technology and trade secrets that prevent the late mover
Marketing Objective
A statement of what it is to be accomplished through marketing activities
Environmental Scanning
The process of collecting information about forces in the marketing environment
Environmental Analysis
The process of interpreting the information gathered through environmental scanning
Brand Competitors
Firms that market products with similar features and benefits to the same customers at similar prices
Product Competitors
Firms that compete in the same product class but market products with different features, benefits, and prices
Buying Power
Resources, such as money, goods, and services that can be traded in exchange
Income
For an individual, the amount of money receivved through wages, rent, investments and payments for a given period.
Disposable Income
Income after taxes
Discretionary Income
income available for spending and saving after an individual has purchased the basic necessities
