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the managerial process of creating and maintaining a fit between the organization's objectives and resources and the evolving market opportunities. Long run profitability and growth |
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| the process of anticipating future events and determining strategies to achieve organizational objectives in the future. |
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| designing activities related to marketing objectives and the changing marketing environment |
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| written document that acts as a guidebook of marketing activities for the marketing manager; issues such as product lines, distribution channels, marketing communications, and pricing |
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| a statement of the firms business based on a careful analysis of benefits sought by present and potential customers and an analysis of existing and anticipated environmental conditions; should be in terms of the benefits that customers seek: Product, Economic, Social. |
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| defining a business in terms of goods and services rather than in terms of the benefits customers seek; narrow, short-term thinking |
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| strategic business unit (SBU) |
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| a subgroup of a single business or collection of related businesses within the larger organization; should have distinct mission and specific target market, control over its resources, its own competitors, and plans independent of other SBU's within the organization. |
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S-internal strengths
W-weaknesses
O-External opportunities
T-Threats |
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| collection and interpretation of information about forces, events, and relationships in the external environment that may affect the future of the organization or the implementation of the marketing plan..social, demographic, economic, technological, political and legal, and competitive |
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| a statement of what is to be accomplished through marketing activities. Should be: realistic, measurable, time specific, Compared to a benchmark |
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| a set of unique features of a company and its products that are perceived by the target market as significant and superior to the competition. >3types: Cost (being the low cost competitor in an industry while maintaining satisfactory profit margins. costs reduced by experience curves, efficient labor, no-frills goods and services, government subsidies, product design, reengineering, production innovations, new methods of service delivery), product/service differentiation (the provision of something that is unique and valuable to buyers beyond simply offering a lower price than that of the competition. Brand names/strong dealer network/product reliability/image/service), and niche (the advantage achieved when a firm seeks to target and effectively serve a small segment of the market). |
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| curves that show costs declining at a predictable rate as experience with a product increases..learning by doing, technological advances, economies of scale |
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| Ansoff's strategic opportunity matrix |
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Market penetration-present market, present product; increase market share among existing customers.
Market development-new market, present product; attracting new customers to existing products
Product development-present market, new product; production of new products for present markets
Diversification-new market, new product;
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a tool for allocating resources among products or strategic business units on the basis of relative market share and market growth rate.
-star:fastest growing market leader. Ex: iPad
-cash cow:business that generates more cash than it needs to maintain market share
-problem child (question mark): rapid growth but poor profit margin
-dog: low growth potential and small market share.eventually leave marketplace. |
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Allocate future resources through:
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-build
-hold
-harvest
-divest |
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Market opportunity analysis (MOA)
the description and estimation of the size and sales potential of markets segments that are of interest to the firm and the assessment of key competitors in these market segments...must be fully described through..demographics, psychographics, and buyer behavior |
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a unique blend of product, place(distribution), promotion, and pricing strategy designed to produce mutually satisfying exchanges with target markets. (4 Ps)
PRODUCT- the heart. Packaging, warranty, after sale service, brand name, company image, value. To us(status, quality, or reputation)
PLACE-making products available when and where customers want them!
PROMOTION-advertising,PR, sales promotion, and personal selling..by informing, persuading, educating, and reminding of the benefits of an organization or product.
PRICING-what a buyer must give up in order to obtain a product. most flexible of all p's and easiest to change. |
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| Follow up on the marketing plan |
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Definition
Implementation:turns the marketing plan into action assignments and ensures that these assignments are executed in a way that accomplishes the plan's objectives.
Evaluation: gauging the extent to which the marketing objectives have been achieved during the specified time period.
Control: provides the mechanisms for evaluating marketing results in light of the plan's objectives and for correcting actions that do not help the organizations reach those obj with budget guidelines.
marketing audit: a thorough, systematic, periodic evaluation of the obj, strategies, structure, and performance of the marketing organization. |
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| sustainable competitive advantage |
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| an advantage that cannot be copied by the competition. Ex: Netflix |
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Stars, ?, cash cow, dog
Build--if have a ?
Hold--if cash cow
Harvest--appropriate for all except starts
Divest--? and dogs |
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| ethical development has three levels |
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1. preconventional morality: childlike, self-centered, manipulative, based on what is immediately punished/rewarded.
2.conventional morality: loyalty and disobedience to company; concerned only if the decision is legal and what others will think.
3.postconventional morality: mature adult. Less worried about others thoughts and more concerned with how they judge themselves |
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| The following factors tend to influence ethical decision making and judgement |
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>extent of ethical problems within the organization
>top management's actions on ethics
>potential magnitude of the consequences
>social consensus
>probability of harmful outcome
>length of time bt the decision and the onset of consequences.
>number of ppl to be affected |
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Foreign Corrupt Practices Act
(FCPA) |
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| law that prohibits US corporations from making illegal payments to public official of foreign governments to obtain business rights or to enhance their business dealings in those countries. No bribery |
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| a business's concern for society's welfare...SUSTAINABILITY |
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philanthropic responsibility
ethical responsibility
legal responsibility
economic responsibility |
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| the development and marketing of products designed to minimize the negative effects on the physical envir or to improve the environment |
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| a defined group most likely to buy firm's product |
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when a company implements strategies that attempt to shape the external environment within which it operates..social, demographic, economic, technological, political and legal, competitive, media.
*social most challenging to forecast..attitudes, values, lifestyles |
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| self-sufficiency, upward mobility, work ethic, conformity |
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| the practice of choosing goods and services that meet one's diverse needs and interests rather than conforming to a single, traditional lifestyle. |
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| people born between 1965-1978 |
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| a comparison of income v the relative cost of a set standard of goods and services in different geographic areas |
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| a measure of the decrease in the value of money, expressed as the percentage reduction in value since the previous year |
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| a period of economic activity characterized by negative growth, which reduces demand for goods and services |
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| research that aims to confirm an existing theory or to learn more about a concept or phenomenon |
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| an attempt to develop new or improved products |
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Consumer Product Safety Commission
(CPSC) |
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| a federal agency established to protect the health and safety of consumers in and around their homes |
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| a federal agency charged with enforcing regulations against selling and distributing, adulterated, misbranded, or hazardous food and drug products. |
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| a federal agency empowered to prevent persons or corporations from using unfair methods of competition in commerce |
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| the moral principles or values that generally govern the conduct of an individual or a group |
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| the rules people develop as a result of cultural values and norms |
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