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-Form utility
-Time utility
-Place utility
-Ownership utility |
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Definition
| the four types of utility |
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| Value (BLANK) is the firm’s communication of the unique value of its products to its customers. |
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| The advantageous outcome from the advantage found in a product feature. |
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| The want-satisfying power of a good or service. Its four types are form, time, place and ownership. |
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| The whole bundle of benefits a company promises to deliver to the customer, not just the benefits of the product itself. |
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| The level of liking an individual harbors for an offering. |
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| A customers commitment to a company and its products and brands for the long run. |
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| Low propensity among a firm’s customer base to consider switching to other providers. |
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| The synthesis of activities within a firm involved in designing, producing, marketing, delivering, and supporting its products or services. |
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| value-creating activities |
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| Activities within a firm’s value chain that act to increase the value of its products and services for its customers. These can take the form of either primary activities or support activities. |
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Definition
| The ongoing process of developing and implementing market-driven strategies for an organization. |
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Definition
| The resulting document that records the marketing planning process in a useful framework. |
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Term
| market-driven strategic planning |
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Definition
| The process at the corporate or strategic business unit (SBU) level of a firm that acts to marshal the various resource and functional areas toward a central purpose around the customer. |
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Term
| corporate-level strategic plan |
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Definition
| An umbrella plan for the overall direction of the corporation developed above the strategic business unit (SBU) level. |
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Definition
| Planning that occurs within each of the firm’s strategic business units (SBUs) designed to meet individual performance requirements and contribute satisfactorily to the overall corporate plan. |
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Definition
| A tool used in strategic planning for multibusiness corporations that views SBUs, and sometimes even product lines, as a series of investments from which it expects maximization of returns. |
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Term
| Boston Consulting Group (BCG) Growth-Share Matrix |
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Definition
| A popular approach for in-firm portfolio analysis that categorizes business units’ level of contribution to the overall firm based on two factors: market growth rate and competitive position. |
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| A popular approach for in-firm portfolio analysis that categorizes business units’ level of contribution to the overall firm based on two factors: business position and market attractiveness. |
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| Plans for each business function that makes up one of the firm’s strategic business units (SBUs). These include core business functions within each SBU such as operations, marketing, finance, as well as other pertinent operational areas. |
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Definition
| The verbal articulation of an organizations purpose, or reason for existence. |
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| Often included within a firm’s mission statement, it is a discussion of what the company would like to become in the future. |
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| General statements of what the firm wishes to accomplish in support of the mission and vision. |
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| Specific, measurable, and potentially attainable milestones necessary for a firm to achieve its goals. |
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| A comprehensive plan stating how the organization will achieve its mission and objectives. style The look and feel of a product. |
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| An overall directional strategy at the business level. |
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| An organization-wide strategy designed to increase a firm’s performance within the marketplace in terms of its competitors. |
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| The activities a firm can do exceedingly well. |
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Definition
| A firm’s core competencies that are superior to those of their competitors. |
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Term
| sustainable competitive advantage |
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Definition
| The resulting advantage a firm has when it invests in distinctive competencies. |
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Term
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Definition
| Firms of a particular strategic type have a common strategic orientation and a similar combination of structure, culture, and processes consistent with that strategy. Four strategic types are prospectors, analyzers, defenders, and reactors—depending on a firm’s approach to the competitive marketplace. |
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Definition
| When a firm introduces a new market offering, thus defining the scope of the competitive marketplace. |
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| An analysis of the macro-and micro-level environment within which a firm’s marketing plan is being developed. |
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Term
| market penetration strategies |
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Definition
| Strategies designed to involve investing against existing customers to gain additional usage of existing products. |
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Term
| product development strategies |
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Definition
| Strategies designed to recognize the opportunity to invest in new products that will increase usage from the current customer base. |
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| market development strategies |
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Definition
| Strategies designed to allow for expansion of the firm’s product line into heretofore untapped markets, often internationally. |
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| diversification strategies |
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Definition
| Strategies designed to e on opportunities to serve new markets with new products. |
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Definition
| The process of measuring marketing results and adjusting the firm’s marketing plan as needed. |
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Definition
| The value (BLANK) may include the whole bundle of benefits the company promises to deliver – not just the benefits of the product itself. |
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Definition
| The (BLANK) serves as a means for firms to identify ways to create, communicate, and deliver more customer value within a firm. |
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Term
-inbound logistics
-operations
-outbound logistics
-marketing and sales
-service |
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Definition
| the 5 primary activities in the value chain are... |
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Term
-firm infrastructure
-human resource management
-technology development
-procurement |
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Definition
| the 4 support activities in the value chain are |
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Definition
| primary activity of the value chain; how the firm goes about sourcing raw materials for production |
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Definition
| primary activity of the value chain; how the firm converts the raw materials into final products |
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Definition
| primary activity of the value chain; how the firm transports and distributes the final products to the marketplace |
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Definition
| primary activity of the value chain; how the firm communicates the value proposition to the marketplace |
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Definition
| primary activity of the value chain; how the firm supports customers during and after the sale |
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Definition
| support activity of the value chain; how the firm is set up for doing business; are the internal processes aligned and efficient |
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Term
| human resource management |
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Definition
| support activity of the value chain; how the firm ensures it has the right people in place, trains them & keeps them |
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Definition
| support activity of the value chain; how the firm embraces technology usuage for the benefit of customers |
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Definition
| support activity of the value chain; how the firm deals with vendors and quality issues |
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Definition
| (BLANK) is the ongoing process of developing and implementing market-driven strategies for an organization. |
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Term
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Definition
| The resulting document that records the marketing planning process in a useful framework is the (BLANK). |
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Term
-Marketing plan is connected to the firm’s business plan
-Conduct a situation analysis
-Perform any needed market research
-Establish marketing goals and objectives
-Develop marketing strategies
-Marketing mix strategies
-Develop implementation plans |
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Definition
| Framework for Marketing Planning (7) |
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Term
| Market-driven strategic planning |
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Definition
| (BLANK) is often used to describe the process at the corporate or strategic business unit (SBU) level of marshaling the various resource and functional areas of the firm toward a central purpose around the customer. |
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Term
-Growth
-Concentration
-Diversification
-Stability
-Retrenchment |
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Definition
| The 5 Generic Business Strategies |
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Term
-Low Cost
-Differentiation
-Focus (or Niche) |
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Definition
| Three primary categories of competitive strategy: |
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Term
-Prospectors
-Analyzers
-Defenders,
-Reactors |
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Definition
| Miles and Snow’s Strategy Types (4) |
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Definition
| firm exhibits continual innovation by finding and exploiting new product and market opportunities |
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Definition
| frim haevily relies on analysis and imiation of the successes of the other organizations, especially prospectors |
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Definition
| firm that searches for market stability and production of only a limited product line directed at a narrow market segement, focusing on protecting established turf |
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Definition
| firm that lacks any conherent strategic plan or apparent means of effectively compeling; reactors do well to merely survive in the competitive advantage |
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Definition
| Plans that can be implemented should something happen that negates the viability of the marketing plan. |
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Term
-Stay flexible
-Utilize input, but don’t become paralyzed by information and analysis
-Don’t underestimate the implementation part of the plan
-Stay strategic, but also stay on top of the tactical
-Give yourself and your people room to fail and try again |
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Definition
| TIPS FOR SUCCESSFUL MARKETING PLANNING (5) |
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Term
-Political, Legal, and Ethical
-Socio-Cultural/ Demographic
-Technological
-Economic
-Natural |
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Definition
| five parts of the Macro-level external environment |
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Term
-Threat of new entrants
-Rivalry among existing firms
-Threat of substitute products
-Bargaining power of buyers
-Bargaining power of suppliers |
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Definition
| five competitive environmental factors |
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Term
-supplier
-industry
-buyers
-potential entrants
-substitutes |
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Definition
| Forces Driving Industry Competition |
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Term
-Firm structure and systems
-Firm culture
-Firm leadership
-Firm resources |
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Definition
| Internal Environmental Factors (4) |
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Term
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Definition
| (BLANK) is a ratio of benefits to costs, as viewed from the eyes of the beholder (the customer). |
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