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54 Cards in this Set
- Front
- Back
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What is strategic planning?
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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.
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What is the goal of strategy?
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to match an organization's core capabilities to its environment to gain/maintain competitive advantage.
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What 3 characteristics are part of a successful business plan?
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Clearly articulated, understood, accepted
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What is a SWOT analysis?
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Strengths and Weaknesses (internal) vs. Opportunities and Threats (external)
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What are the 4 characteristics of marketing objectives?
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Realistic, measurable, time specific, compared to a benchmark
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What are the 3 types of competitive advantage?
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Cost, Product/Service Differentiation, Niche
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What are examples of sources of sustainable competitive advantage?
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Patents, Copyrights, Technology, locations, equipment, customer service, promotion
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What are the 4 strategic alternatives?
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Market penetration, market development, product development, and diversification
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Market Penetration
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increase market share among existing customers
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Market development
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attract new customers to existing products
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Product development
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create new products for present markets
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diversification
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introduce new products into new markets
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What are the 2 key factors for market portfolios?
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relative market share, market growth rate
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What are the 4 quadrants of a portfolio matrix?
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Star, cash cow, question mark, dog
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What are the 4 portfolio matrix strategies?
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Build, hold, harvest, divest
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Dog
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Small market share of a slow growing market
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Cash Cows
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Large market share in a slow growth market
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Question marks
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Small share in growth market
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Star
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Large Market share in a growth market
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marketing strategy
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the activities of selecting and describing one or more target markets and developing and maintaining a marketing mix that will produce mutually satisfying exchanges with target markets
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Marketing Opportunity Analysis
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the description and estimation of the size and sales potential of market segments that are of interest to the firm and the assessment of key competitors in these market segments
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Marketing Mix
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a unique blend of product, place, promotion, and price
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What are the 3 factors involved in effective strategic planning?
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continual attention, creativity, management commitment
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what are the three approaches to developing morals/ethics
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examine the consequences of a particular act, stress the importance of rules, develop moral character within individuals
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ethics
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moral principles or values that generally govern the conduct of an individual
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morals
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the rules people develop as a result of cultural values and norms
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Foreign Corrupt Practices Act (FCPA)
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Prohibits US corporations from making illegal payments to foreign officials
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What are the four levels of the Pyramid of corporate social responsibility?
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Economic, Legal, Ethical, Philanthropic
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What is Milton Friedman's argument about social responsibility concerning the free market?
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the free market, not companies, should decide what is best for the workld - socially responsible companies are using shareholders' money to further their own agendas. Businesses should focus on making a profit and leave social and environmental concerns to nonprofits.
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What are the four areas of the marketing environment?
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Macroenvironment, Public Policy, Societal Institutions, Societal Resources
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What are the 4 dominant social forces in the US market?
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American values, time, component lifestyles, and the changing role of family/women
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3 demographic factors
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age, population shifts, growing ethnic groups
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What legislation regulates pricing?
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Robinson-Patman Act
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What legislation Controls false advertising?
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Wheeler-Lea Act
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What 6 pieces of legislation regulates the competitive environment?
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Sherman, Clayton, FTC, Celler-Kefauver Antimerger, Hart-Scott-Rodino, and FCPA Acts
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Bureau of Competition
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reviews mergers and acquisitions, challenges anti-competitive conduct, promotes competition, provides info
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Bureau of Consumer Protection
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Enforces federal laws that protect consumers, empowers consumers with info, communicates w/ consumers about fraud and identity theft
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What two acts protect consumer privacy?
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CAN-SPAM act, and the Children's ONline Privacy Protection Act Rule
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Having a global vision
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recognizing and reacting to international marketing opportunities, using effective global marketing strategies, being aware of threats from foreign competitors
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What are the 5 external environment factors facing global marketers?
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culture, natural resources, Economic and Technological development, political structure, and demographic makeup
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quota
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limit on the amount of a product entering a country
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exchange control
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foreign exchange must be sold to a control agency
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market grouping
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common trade alliance
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trade agreement
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an agreement to stimulate international trade
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licensing
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legal process allowing use of manufacturing/patents/knowledge
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contract manufacturing
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private-label manufacturing by a foreign country
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joint venture
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domestic firm buys/joins a foreign company to create new entity
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direct investment
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active ownership of a foreign company/manufacturing facility
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countertrade
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a form of trade in which all or part of the payment for goods or services is in the form of other goods or services
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Consumer behavior
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how consumers make purchase decisions, use, and dispose of products
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what are the 5 steps of the consumer decision making process?
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need recognition, info search, evaluation of alternatives, purchase, post purchase behavior
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What two places to customers reference for their information search?
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internal, external
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Evoked set
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group of brands, resulting from an information search, which are the consumer's most preferred alternatives.
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Culture has what 4 parts?
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pervasive, functional, learned, dynamic
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