Midterm Exam Review - Michael Sinitsa Marketing Analysis...

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Michael Sinitsa Marketing Analysis Midterm Exam Review Bring calculator Chapter 1 Strategic marketing management processes Business definition – how we satisfy the needs and wants of customers Business mission Business goals or objectives – convert the mission into something tangible Situation analysis – is an appraisal of operations to determine reasons for the gap between what was or is expected and what had happened or will happen The three main questions – what might we do, what do we do best, what must we do Environmental opportunities, distinctive competencies, success requirements SWOT analysis – formal framework for identifying and framing organizational growth opportunities. See if you can see trends between our weaknesses and opportunities in the market Product market strategy Market penetration (low risk, less resources required to enter market), market development (same product but different market, finding new customers to existing customers), new offering development (new products introduced into existing markets), diversification (new products and new markets, highest risk and resource amount required). Draw this graph.
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