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MKTG2030 Chapter 2
All the terms and process steps.
29
Marketing
Undergraduate 2
04/11/2013

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Term
Business Planning
Definition
Ongoing process of making decisions that guide the firm.
Term
Business Plan
Definition
Plan that includes the decisions that guide the entire organization
Term
Marketing Plan
Definition
Plan that describes the marketing environment, outlines the marketing objectives & strategy, and delegates the tasks accordingly.
Term
The Three Levels of Planning
Definition
i) Strategic Planning
ii) Functional Planning
iii) Operational Planning
Term
Strategic Planning
Definition
Managerial decision process that matches an organization's resources and capabilities to its market opportunities for growth and survival.
Term
Strategy
Definition
What a firm is going to do to achieve its objectives
Term
Tactic
Definition
how a strategy is going to be enacted
Term
SBU
Definition
Strategic Business Units - have their own missions, objectives, and strategies
Term
Functional Planning
Definition
Decision process that concentrates on developing short-term strategies and tactics that support the long-term strategic plan
Term
Operational Planning
Definition
Planning that focuses on the day-to-day execution of the functional plans & includes detailed plans for shorter time horizons.
Term
The Five Steps to a Strategic Plan
Definition
i) Define the Mission
ii) Situational Analysis
iii) Set Objectives
iv) Establish the Business Portfolio
v) Develop Growth Strategies
Term
External Environment
Definition
Uncontrollable elements outside of an organization that may affect the business - positively or negatively. (Macro trends, consumer analysis, industry analysis, competition analysis)
Term
Internal Environment
Definition
Controllable elements inside an organization that influence the operations of the operation. (Current strategy & performance, organization systems & culture, skills & resources, beliefs & values)
Term
Stars
Definition
BCG Matrix - High market share; High market growth
Term
Dogs
Definition
BCG Matrix - Low market share; Low market growth
Term
Question Marks
Definition
BCG Matrix - Low market share; High market growth
Term
Cash Cows
Definition
BCG Matrix - High market share; Low market growth
Term
Market Penetration
Definition
Ansoff's Matrix - Existing market; Existing Product
Term
Market Development
Definition
Ansoff's Matrix - New market; Existing product
Term
Product Development
Definition
Ansoff's Matrix - Existing Market; New product
Term
Diversification
Definition
Ansoff's Matrix - New Market; New Product
Term
The Five Steps to a Marketing Plan
Definition
i) Situational Analysis
ii) Set Marketing Objectives
iii) Set Marketing Strategies
iv) Implementation
v) Evaluation
Term
The Six Fatal Business Flaws
Definition
i) Failure to innovate
ii) Failure to persist
iii) Failure to adapt
iv) Failure to create value
v) Failure to maintain uniqueness
vi) Failure to appropriate value(?)
Term
The Four Step Process to Determining Global Expansion
Definition
i) Should we go global?
ii) Where do we go?
iii) How much commitment?
iv) How do we adapt the marketing strategies?
Term
Exporting
Definition
Find local merchants to represent the company; least amount of commitment, allows for the control of production and provides the least economic risk
Term
Contractual Agreements (2)
Definition
i) Licensing - provides another firm the right to produce and market the product for royalties
ii) Franchising - provides the right to adapt an entire system of business; second least commitment
Term
Strategic Alliances
Definition
Relationship between a local firm & an international one looking to establish deeper commitments. i.e. Joint Ventures - two of more firms pooling their resources to form a new entity
Term
Direct Investment
Definition
Investing into the purchase of an existing business or the creation of your own company; most commitment
Term
Production Decisions (3)
Definition
Straight extension - same product into a new country
Product adaptation - moderate changes to an existing product
Product invention - total redesign of a product
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