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and facilitating (products and services that are necessary for smooth operation of a company and help an organisation achieve its objectives). 5.Buying decisions of business buyers can be influenced by environmental factors. They are physical, technological, economic, political and legal, ethical, and cultural factors. 6.Organisational factors also influence buying decisions. They are buying tasks, structure of an organisation (formal and informal structure), technology adopted by an organisation and the characteristics of people within the organisation. 7.A business customer is a party who is buying on behalf of an organisation rather than buying for personal use. Business organisations may be classified into business and commercial, reseller, government and institutional organisations. 8.The decision-making unit (DMU) or buying centre is a group of individuals who will make the buying decision in an organisation. The roles of the members include: initiators, buyers, deciders, users and influencers. 9.There are three types of buying situations in business buying; they are straight re-buy, modified re-buy, or new task.
MKT361 STUDY UNIT 1 SU1-19 References Biederman, I. (1987). “Recognition by components: A theory of human image understanding.”Psychological Review, 94, 115-147. Kijewski, V. and Yoon, E. (1990). “Market-based pricing: Beyond price-performance curves.” Industrial Marketing Management, Vol 19, No. 1 (February), 11-19. Verville, Jacques, Palanisaimy, Ramaraj, Bernadas, Christine, and Halington, Alannah (2007). “ERP acquisition planning: A critical dimension for making the right choice.” Long Range Planning, Vol. 40, Iss. 1, 45-63.
STUDY UNIT 2 STRATEGIC PLANNING FOR GLOBAL BUSINESS MARKETS & MARKET ENTRY TACTICS
MKT361 STUDY UNIT 2 SU2-1 Learning Outcomes By the end of this unit, you should be able to: Chapter 1 1.Define the concept of strategy. 2.Explain the importance of the strategic planning process. 3.Examine the steps involved in the strategic planning process. 4.Discuss the various competitive strategies to create competitive advantage. 5.Propose appropriate competitive strategies to create competitive advantage. 6.Explain value creation in a value chain.7.Examine the key value creation activities in a value chain.8.Explain value networks.9.Examine the key considerations in the development of value networks. 10.Differentiate between value chain and value networks.11.Discuss the different types of marketing strategies related to competitive positions. 12.Propose appropriate marketing strategies related to competitive positions. 13.Explain hypercompetition. 14.Discuss the strategic options open to a globalising company. 15.Analyse potential market choices using the market choice matrix. Chapter 2