Defining Marketing's Role
The process of developing and maintaining a strategic fit between the organization's goals and capabilities and its changing marketing opportunities.
Strategic Planning
The one that best fits the company's strengths and weaknesses to opportunities in the environment.
Business Portfolio
The series of internal departments that carry out value-creating activities to design, produce, market, deliver, and support a firm's products.
Value Chain
What acts as an "invisible hand" that guides people in the organization
A clear mission statement
What is Walmart's Slogan?
"Save Money. Live Better"
Define Mission Statement
A statement of the organization's purpose - what it wants to accomplish in the larger environment
Define Market Penetration
Company Growth by increasing sales of current products to current market development segments without changing the product.
Define Value delivery network
A network composed of the company, suppliers, distributors, and, ultimately, customers who partner with each other to improve the performance of the entire system in delivering customer value.
Define Product Development
Company growth by offering modified or new products to current market segments.
The process by which management evaluates the products and businesses that make up the company.
Portfolio Analysis
What are the Three Steps of Strategic Planning?
1. Defining the company mission
2. Setting company objectives and goals
3. Designing the business portfolio
Management's first step is to identify the key businesses that make up the company, called?
Strategic business units (SBUs)
Marketers shouldn't practice partner relationship management.
False (they should).
Companies usually prepare annual plans, long-range plans, and strategic plans. True or False
True (to achieve long term company goals)
Did Team A get cheated last week?
YES
What Is IKEA's Mission Statement?
Creating a Better Everyday Life for the Many People
What are the Four Types of SBUs in the Growth-share matrix?
Stars, Cash Cows, Question Marks, Dogs
Customer engagement and value are the key ingredients in the marketer's formula for success. True or False
True
What is one of the following questions in forging a sound mission?
What is our business?
Who is the Customer?
What do Consumers Value?
What should our business be?
Name 5 media platforms for marketing.
Instagram, Facebook, X, YouTube, Pinterest, LinkedIn, TikTok.
Mission Statements should be market-oriented and defined in terms of satisfying basic customer needs. True or False
True
Define Diversification.
Company growth through starting up or acquiring businesses outside the company's current products and markets.
What is Walmart's Overall Goal?
To create customer value and satisfaction (providing products to shoppers at low-affordable prices)
A business approach that prioritizes identifying the needs and desires of consumers and creating products that satisfy them is called market development. True or False
False (Correct answer Market Oriented)
Who the best Team?
Team A of course