Final Exam Review (Sorted) - Chapter 2Developing Successful Marketing and Organizational Strategies Strategic marketing processplanning implementation

Final Exam Review (Sorted) - Chapter 2Developing Successful...

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Chapter 2—Developing Successful Marketing and Organizational Strategies Strategic marketing process—planning, implementation and evaluation o 1) Situation (SWOT) Analysis – strengths, weaknesses, opportunities, and threats o 2) Market-Product Focus and Goal Setting – set goals, set target markets, find points of difference, and position the product o 3) Marketing Program – development of marketing mix elements and budget for each offering Business portfolio analysis – A technique that managers use to quantify performance measures and growth targets to analyze its clients’ strategic business units (SBU’s) as though they were a collection of separate investments Cash Cows – generate lots of cash, slow growth (Pepsi) Stars – high share of high growth markets that may need extra cash to finance future growth; when growth slows, they become cash cows; customers want cheap (Walmart) Question Marks – low share of high growth markets; require large amounts of cash to maintain market share; high demand for car repairs (car repair garage) Dogs – low shares of slow-growth markets; generate enough cash to get by, but don’t expect to be winners in their business (small town theater) Chapter 7—Understanding and Reaching Global Consumers and Markets Global Market Entry Strategies o Exporting – producing goods in one country and selling them in another (least profit potential; least amount of a firm’s financial commitment, risk, and marketing control) o Licensing – a company offers the right to a trademark, parent, trade secret, or other similarly valued items of intellectual property in return for royalty/fee (2 nd least profit potential; 2 nd least amount of a firm’s financial commitment, risk, and marketing control) Contract Manufacturing – a US company may contract with a foreign firm to manufacture products according to stated specifications Contract Assembly – a US company may contract with a foreign firm to assemble (not manufacture) parts/components that have been shipped to that country o Joint Venture – when a foreign company and a local firm invest together to create a local business (2 nd highest profit potential and amount of firm’s commitment, risk, and control) o Direct Investment – a domestic firm investing in and owning a foreign subsidiary or division (highest profit potential; most of a firm’s financial commitment, risk, and marketing control) Global Environmental Scan – global companies conduct continuing environmental scans on 5 sets of factors (social, economic, technological, competitive, and regulatory forces) o Cultural Diversity Cross-Cultural Analysis – the study of similarities/differences among consumers in two or more nations/societies Values – represent personally/socially preferable modes of conduct/states of existence that persist over time Customs – what is considered normal/expected about the way people do things in a specific country Symbols
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  • Spring '08
  • YENIYURT
  • Marketing, producer, products/brands

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