Term
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Definition
| the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. |
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Definition
| a set of related actions that managers take to increase their company’s performance. |
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Term
| Strategic Marketing Management |
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Definition
| A system designed to help management create, change, or retain a business strategy using available marketing tools. |
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Term
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Definition
Something that an organization is good at doing or some characteristics that gives the organization and important capability.
Something that an organization is good at doing or some characteristics that gives the organization and important capability. |
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Definition
| Something an organization lacks or does poorly relative to another organizations. |
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Definition
| Something that represents external developments or conditions in the environment that have favorable implications for the organization. |
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Definition
| Something that poses dangers to the welfare of the organization. |
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Term
The three M's
-Managing
-Marketing
-Manufacturing
R.O.F:
R&D (Innovative?)
Offerings (unique products?)
Finance |
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Definition
| Name some examples of strengths/weaknesses |
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Term
T.I.C.C.E.L:
Technology
Industry
Competition
Consumer Trends
Economic
Legal |
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Definition
| Name some examples of Opportunities/Threats |
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Term
| Distinctive Core Competencies |
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Definition
| Core competencies refer to skills within the firm that competitors cannot easily match or imitate |
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Term
Market Penetration
Market Development
New Offering Development
Diversification |
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Definition
| Name the 4 product-market strategies |
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Term
Existing offerings in existing markets
-Lower prices
-expand distribution in existing market
-heavier promotion. |
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Definition
| What is market penetration in regards to product-market strategies? |
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Term
Existing Offerings in New Markets
-different distribution outlets (new geographical locations)
-change in sales effort/advertising (marketing to women vs. men.) |
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Definition
| What is Market Development in regards to product-market strategies? |
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Term
New Offerings in Existing Markets
-totally new offerings
-enhanced value of existing offerings
-broaden existing line (colors, sizes, forms) |
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Definition
| What is New Offering Development in regards to product-market strategies? |
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Term
New Offerings in New Markets
- |
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Definition
| What is Diversification in regards to product-market strategies? |
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Term
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Definition
| Occurs when sales of a new product or service come at the expense of sales of existing products or services already marketed by the firm. |
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Term
| Customer Value Proposition |
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Definition
| A cluster of benefits that an organization promises customers to satisfy their needs. |
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Term
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Definition
| a formal, quantitative expression of an organization’s planning and strategy initiatives expressed in financial terms. |
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Term
| Consumer Value-Market Price |
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Definition
| What is the formula for Consumer Surplus? |
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Term
| Market Price-Cost of Production |
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Definition
| What is the formula for Profit Margin? |
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Term
| COGS, Materials, Sales Commissions, Labor, Discounts, Overhead, Delivery |
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Definition
| What are some examples of Variable Costs? |
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Term
| Programmed costs, committed costs, Advertising, Rent, Sales Promotion, Admin/Clerical, Sales Salaries |
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Definition
| What are some examples of Fixed Costs? |
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Term
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Definition
| Expenditures that are expected to occur in the future as a result of some marketing action |
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Term
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Definition
| Expenditures that are typically irrelevant in whole or in part to future decisions |
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Term
Total sales revenue- total VC
or
unit selling price-unit VC |
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Definition
| What is the formula for Contribution? |
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Term
Total FC/
Unit Selling- Unit VC |
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Definition
| What is the unit Break-Even Formula? |
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Term
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Definition
| A firm’s ability to meet short-term financial obligations within a budget year |
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Term
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Definition
| refers to the extent to which fixed costs and variable costs are used in the production and marketing of products and services |
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Term
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Definition
| are future cash flows expressed in terms of their present value |
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Term
D.E.C.I.D.E:
Define the problem
Enumerate the decision
Consider relevant information
Identify the best alternative
Develop a plan for implementing the chosen alternative
Evaluate the decision and the decision process |
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Definition
| What are the six steps in the decision making process? |
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Term
A well defined problem should include:
-Objectives
-constraint recognition
-Success Measure/goal |
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Definition
| Explain what "Defining the Problem" entails, in the decision making process. |
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Term
Establishing what your factors are.
Alternative courses of action:Controllable by the decision maker such as the marketing mix
Uncertainties:Uncontrollable factors that the manager cannot influence |
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Definition
| Explain what "Enumerating the decision factors" entails, in the decision making process. |
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Term
Relevant information consists of information that relates to the alternatives identified by the manager as being likely to affect future events.
Characteristics of the industry, consumers, competitive environment, the organization, and alternatives. |
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Definition
| Explain what "Consider Relevant Information" entails, in the decision making process. |
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Term
Decision Analysis:
Matches each alternative with the uncertainties in the environment
Assigns a quantitative value to the outcome associated with each match |
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Definition
| Explain what "Identify the Best Alternative" entails, in the decision making process. |
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Term
You cannot just decide you have to implement. This involves
-Allocating marketing, financial, and manufacturing resources
-Considering the time needed to develop a marketing plan |
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Definition
| Explain what "Developing a plan for implementing the chosen alternative" entails, in the decision making process. |
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Term
Two questions you must ask yourself:
1. Was a decision made?
2. Was the decision appropriate, given the situation identified in the case setting?
Critically examine your performance by asking:
Was the problem defined adequately?
Were all the alternatives/uncertainties identified?
Was all the relevant information considered?
Was an appropriate course of action recommend?
How can the recommendation be implemented? |
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Definition
| Explain what "Evaluating the decision and the decision process" entails, in the decision making process. |
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Term
| Opportunity Identification---> Opportunity-Organization matching---> Opportunity evaluation |
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Definition
| What are the three interrelated activities that an opportunity analysis consists of? |
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Term
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Definition
| consists of the prospective buyers (individuals or organizations) willing and able to purchase the existing or potential offering (product or service) of an organization. |
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Term
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Definition
| A technique that involves breaking down or building up of potential buyers into groups |
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Term
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Definition
| Tailors products and services to the tastes and preferences of individual buyers in high volumes and at a relatively low cost. |
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Term
1. Socioeconomic (Gender, age, job, income, education, location)
2. Behavioral (benefits sought, usage)
3. Psychographic (Lifestyle, attitudes) |
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Definition
| Describe the three bases for consumer market segmentation |
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