Exam 1 Intro to Mrkt Study Guide Ch1-4

Process of anticipating future events conditions and

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- process of anticipating future events & conditions and of determining the best way to achieve organizational objectives Top Management- spends more time engaged in strategic planning Board of Directors, CEOs, COOs Focus planning on long-range strategic issues Middle- operational planning, creating & implementing tactical plans for their own units Advertising Executives, Regional sales Managers, Market Research Directors Supervisory Managers- more likely to develop specific plans designed to meet the goals assigned to them Marketing Planning Process Defining the organization’s missions & objectives Assessing organizational resources & evaluating environmental risks & opportunities Formulating, implementing, & monitoring the marketing strategy Porter’s 5 Forces Potential New Entrants- increase competition in a market Bargaining Power of Buyers- can depress prices Bargaining Power of Suppliers- increase costs or reduce selection Threat of Substitute Products- lure customers to other products Rivalry Among Competitors- price wars or divert companies from their main goals
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First Mover - a firm attempts to capture the greatest market share by being first to enter the market Benefits- capturing the greatest market share & developing long-term relationships with customers Disadvantage- companies that follow can learn from mistakes by first movers Second Mover - a firm observes the innovations of first movers & then attempts to improve on them to gain advantage SWOT Analysis- helps planners compare internal organizational strengths & weaknesses with external opportunities & threats Strategic Window- identifies the limited periods during which the key requirements of a market and the competencies of a firm best fit together Developing Marketing Strategy (2 Steps) Basic Elements of a Marketing Strategy Select a Target Market o Target Market - the group of people toward whom a company decides to direct its marketing efforts Marketing Mix o Blends 4 strategy elements to fit the needs & preferences of a specific target market Product, Distribution, Promotion, Pricing Dimensions of Marketing Environment Competitive, Political-Legal, Economic, Technological, & Social-Cultural Natural Environment- new regulations & increasing cultural diversity in the global marketplace; affect political-legal environment Business Portfolio Analysis - evaluates a company’s products & divisions, including SBUs SBU - focuses the attention of company managers so that they can respond effectively to changing consumer demand within certain markets BCG Matrix - places SBU in a 4 Quadrant chart that plots market share against market growth potential Stars, Cows, Dogs, & Question Marks Mission- the essential purpose that differentiates the company from others Its objectives guide development of supporting marketing objectives & plans Chapter 3 Marketing Environment Competitive - the interactive process that occurs in the marketplace as competing organizations seek to satisfy markets
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Political-Legal - the laws & interpretation of laws that require firms to operate
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  • Spring '11
  • STAFF
  • Marketing, similar products, Nontraditional Marketing, Marketing Myopia- management

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