marketing

strategic planning

the managerial process of creating and maintaining a fit between the organizations objectives and resources and the evolving market opportunities

strategic business unit (SBU)

a subgroup of a single business or collection of related businesses within the larger organization (IT HAS ONE OR MORE SPECIFIC TARGET MARKET)

BCG Portfolio Matrix

To determine the future cash contributions and cash requirements expected for each SBU

Ansoff Matrix

matches products with markets

Star

a business unit that is a fast-growing market leader (build and hold)

cash cow

a business unit that generates more cash than it needs to maintain its market share (harvest and hold)

problem child

a business unit that shows rapid growth but poor profit margins (divest)

Dog

a business unit that has low growth potential and small market share (divest)

marketing myopia

defining a business in terms of goods/services rather than in terms of the benefits customers seek

Mission statement

a statement of the firms business based on a careful analysis of benefits sought by present and potential customers and an analysis of existing and anticipated environmental conditions

situational analysis (swot)

identifying internal strengths and weaknesses and also examining external opportunities and threats

competitive analysis strategy

a set of unique features of a company and its products that are perceived by the target market as significant and superior to those of the competition (cost competitive, product service differentiation, niche)

marketing objective

a statement of what is to be accomplished through marketing activities

Develop marketing mix

THE FOUR P’s

product

starting point

place

making products available when/ where customers want them

promotion

advertising, PR, sales promotion, and personal selling

price

what buyer must give up in order to obtain a product

benchmark

compared to SMART goals

market opportunity analysis

description and estimate of the size and sales potential of market segments that are of interests to the firm

disposable income

income remaining after deduction of taxes and other mandatory charges, available to be spent or saved as one wishes (after tax)

discretionary income

the amount of money an individual or household has left to spend on wants/non-essentials (after tax and essentials for life)

technological environment

the most significance in terms of both opportunities and threats and must be monitored by an organization

disruptive technology

fundamentally changes an industry. based on innovation, and innovation requires imagination and risk taking

Signals Amidst the noise

a new technology comes on the market but is yet to be disruptive

change takes hold

the core technology and economic factors of the disruptive force are violated

the inevitable transformation

the future is pounding at the door

adapting to the new normal

the disruption has reached the point at which companies must accept the fact that the industry has fundamentally changed

Sherman act

makes trusts and conspiracies in restraint of trade illegal

Clayton act

outlaws discrimination in prices to different buyers, prohibits tying contracts, makes illegal the combining of two or more competing corporations by pooling ownership of stocks

FTC act

antitrust matters, outlaws unfair methods of competition

Lanham act

establishes protection of trademarks

Foreign corrupt practices act

prohibits bribery of foreign officials to obtain business

food and drug act

misbranding of food and drugs

consumer product safety act

authority to specify safety standards for most products

food and drug administration

distributing adulterated, misbranded, or hazardous food or drug products

federal trade commission

federal agency empowered to prevent persons or corporations from using unfair methods of competition in commerce

social control

any means to maintain behavior norms and regulate conflicts

ethics

standards of behavior by which conduct is judged, it consists of personal moral principal

laws

the values and standards enforced by the courts

deontological theory

people should adhere to their obligations and duties when analyzing an ethical dilemma.

utilitarian ethical theory

founded on the ability to predict the consequences of an action, greatest good for the greatest amount of people

casuist

current ethical dilemma with similar ethical dilemmas and their outcomes

moral relativism

time and place ethics, doesn’t consider impact on others

virtue

trait valued as being good

morals

foundation of ethical behavior

code of ethics

guidelines for a business decision

stakeholder

anyone effected by the business

INTERNAL stakeholder

employee, management

EXTERNAL stakeholder

supplier, customer, local community, owners/stockholders

CSR pyramid

economics, legal, ethical, philanthropical

sustainability

outperform peers

green washing

minimize negative effects on the physical environment or to improve environment

cause-related marketing

cooperation marketing efforts between a for-profit and nonprofit

basic research

pure

applied research

new/improved products