BUSINESS ENTERPRISE SIMULATION

Internal Analysis of The Environment

The initial step in environmental scanning focusing on assessing factors within the organization.

SWOT Analysis

A strategic planning tool examining internal strengths and weaknesses, and external opportunities and threats.

Strengths

Aspects a company excels in, distinguishing it from competitors, including internal resources and tangible assets.

Weaknesses

Areas where a company lacks compared to competitors, such as resource limitations and unclear unique selling proposition.

Opportunities

Underserved markets, few competitors, emerging needs, and positive press coverage that a company can capitalize on.

Threats

Emerging competitors, changing regulations, negative press coverage, and shifting customer attitudes that pose risks to a company.

External Environment Analysis

Evaluating external forces affecting business operations, closely related to SWOT analysis.

Industry

a group of companies offering products or services that are close substitutes for each other (soft drinks, mobile phones, sportswear)

Market Segment

distinct groups of customers within a market that can be differentiated from each other based on individual attributes and specific demands.

Supply Chain

the system involved in converting a product or service from raw materials into finished goods and then transporting finished goods from the supplier to the consumer

PESTEL Analysis

Examination of Political, Economic, Social, Technological, Environmental, and Legal factors impacting the industry.

Political, Economic, Social, Technological, Legal, Environmental

what does PESTEL stand for?

PESTEL

it helps determine the steps to take in starting a business and the bases of SWOT analysis

Strategic Management

The process of formulating, implementing, and evaluating decisions to achieve organizational objectives.

Strategic Plan

• a company’s game plan

• The results from tough managerial choices among numerous good alternatives and signals commitment to specific markets, policies, procedures, and operations

Strategy Formulation

this includes developing the vision and mission, identifying an organization’s external opportunities and threats, determining internal strengths and weaknesses, establishing long-term objectives, generating alternative strategies, and choosing particular strategies to pursue

Strategy Implementation

this requires a firm to establish annual objectives, devise policies, motivate employees, and allocate resources so that formulated strategies can be executed

Strategy Evaluation

is the reviewing of the external and internal factors that are the bases for current strategies, measuring performance, and taking corrective actions

Decision Making

Most organizations can benefit from strategic management which is based upon integrating intuition and analysis in ____

Intuition

is particularly useful for making decisions in situations of great uncertainty or little precedent

Competitive Advantage

Anything a firm does exceptionally well compared to rivals, contributing to its success.

Strategists

the individuals who are responsible for success or failure of an organization

Vision Statement

Defines what the organization aspires to become, guiding strategic planning.

Mission Statement

Enduring statements of purpose distinguishing a business from others, identifying its scope of operations.

Objectives

Specific results an organization aims to achieve, aligned with its mission and long-term goals.

Business Objectives

a measurable result an organization is aiming to accomplish

Specific

make your goal specific and narrow for a more effective planning

Measurable

the goal and progress are measurable

Achievable

the goal should be reasonably accomplished within a certain time frame

Relevant

the goal should align with your values and long term objectives

Time-Based

are realistic and ambitious end date that clarify task prioritization and increase motivation

Strategies

Means by which long-term objectives are accomplished, guiding the organization's actions.

Annual Objectives

are short term milestones that organizations must achieve to reach a long-term objective

Policies

the means by which objectives will be achieved

Marketing Plan

The advertising strategy implemented to sell products or services, including target market, pricing, and promotion.

Communication

is a key to successful strategic management

Enhanced Communication, Improved Understanding, Greater Commitment

the benefits to a firm that does strategic pplanning

Strategic Planning

the process of developing and maintaining a strategic fit between the organization’s goals and capabilities and its changing marketing opportunities

Google.com

one of the leading internet search engines

Business Portfolio

a collection of businesses and products that make up the company

Marketing Plan

the advertising strategy that a business will implement to sell its product or service

Marketing Implementation

The process of putting your marketing strategy into real-life practice to drive useful results

Market Analysis

a quantitative and qualitative assessment of a market

Marketing Control

the process of comparing actual performance of marketing department with standards

Segmentation

divides the market into distinct groups of customers

Targeting

determines which customer group focs marketing efforts on

Positioning

creates product positioning and market mix that is most likely to appeal to the selected audience

Market Segmentation

Dividing a market into distinct groups based on geographic, demographic, psychographic, or behavioral characteristics.

Geographic Segmentation

creating a group of customers based on geographic boundaries

Psychographic Segmentation

grouping target audience based on behavior, lifestyle, attitudes, and interests

Demographic Segmentation

dividing market into different variables (age, gender, income, etc.)

Behavioral Segmentation

focuses on specific reactions and the way customers go through their purchasing processes

Analyzing Marketing Opportunities

strategic planning and business portfolio analysis, help identify and evaluate marketing opportunities

Selecting Target Markets

segmentation process divides market into market segments

Target Marketing

chooses which segments are to be pursued

Market Positioning

the process of creating a distinct image for a product or service in the minds of the target market by highlighting its unique features compared to competitors.

Developing The Market Mix

the competitor analysis guides the competitive marketing strategy development

Product, Place, Price, Promotion

the 4ps

Customer Solution, Cost, Convenience, Communication

the 4cs

Marketing Analysis

provides information for planning, implementation, and control

Marketing Planning

are strategies and tactics

Marketing Implementation

turns the plans into action

Marketing Control

includes operating control and strategic control

Customer Value

The worth of a product or service to a customer, essential for building long-term relationships and repeat business.

Perceived Value

Customers' evaluation of the benefits versus costs of a product or service, influencing their purchasing decisions.

Loyalty

Deep commitment to repurchase a preferred product or service, influenced by factors like product quality and brand image.

Product Quality, Brand Image, Perceived Value, Switching Cost, Availability and Service, Customer Psychology

Brand loyalty factors:

Value Proposition

Cluster of benefits promised by a company to customers, summarizing why they should choose its products or services.

Incentive

A positive motivational influence designed to incentivize a visitor to act right away. They are not value propositions

Catchphrase

A value proposition is not a slogan or tagline; group of words combined in a special way

Positioning Statement

expression of how a given product, service, or brand fills a particular consumer need in a way that it’s competitors don’t. This is a subset of a value proposition

Customer Satisfaction

a product’s perceived performance relative to customer’s expectations

Product and Service Quality

quality is the totality of features and characteristics of a product or service that bear on its ability to satisfy needs

Total Quality Management

an organization-wide approach to continuously improve the quality of all the organization's processes, products, and services

1. Average Customer

2. Customer Anonymity

3. Standard Product

4. Mass Production

5. Mass Advertising

6. One way message

7. Economies of Scale

MASS MARKETING:

1. Individual Customer

2. Customer Profile

3. Customized Market Offering

4. Customized Production

5. Economies of Scope

6. Share of Customer

One-on-One Marketing:

Application Letter

Also known as a "cover letter," a document sent with a resume when applying for a job, introducing the applicant and highlighting qualifications.

Mock Job Interview

Simulated interview experience to practice common questions, build confidence, and receive feedback on performance.