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Definition
| Ongoing process of making decisions that guide the firm. |
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Term
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Definition
| Plan that includes the decisions that guide the entire organization |
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Term
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Definition
| Plan that describes the marketing environment, outlines the marketing objectives & strategy, and delegates the tasks accordingly. |
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Term
| The Three Levels of Planning |
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Definition
i) Strategic Planning
ii) Functional Planning
iii) Operational Planning |
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Term
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Definition
| Managerial decision process that matches an organization's resources and capabilities to its market opportunities for growth and survival. |
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Definition
| What a firm is going to do to achieve its objectives |
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Term
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Definition
| how a strategy is going to be enacted |
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Term
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Definition
| Strategic Business Units - have their own missions, objectives, and strategies |
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Term
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Definition
| Decision process that concentrates on developing short-term strategies and tactics that support the long-term strategic plan |
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Term
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Definition
| Planning that focuses on the day-to-day execution of the functional plans & includes detailed plans for shorter time horizons. |
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Term
| The Five Steps to a Strategic Plan |
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Definition
i) Define the Mission
ii) Situational Analysis
iii) Set Objectives
iv) Establish the Business Portfolio
v) Develop Growth Strategies |
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Term
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Definition
| Uncontrollable elements outside of an organization that may affect the business - positively or negatively. (Macro trends, consumer analysis, industry analysis, competition analysis) |
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Term
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Definition
| Controllable elements inside an organization that influence the operations of the operation. (Current strategy & performance, organization systems & culture, skills & resources, beliefs & values) |
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Term
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Definition
| BCG Matrix - High market share; High market growth |
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Term
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Definition
| BCG Matrix - Low market share; Low market growth |
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Term
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Definition
| BCG Matrix - Low market share; High market growth |
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Term
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Definition
| BCG Matrix - High market share; Low market growth |
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Term
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Definition
| Ansoff's Matrix - Existing market; Existing Product |
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Term
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Definition
| Ansoff's Matrix - New market; Existing product |
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Term
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Definition
| Ansoff's Matrix - Existing Market; New product |
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Term
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Definition
| Ansoff's Matrix - New Market; New Product |
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Term
| The Five Steps to a Marketing Plan |
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Definition
i) Situational Analysis
ii) Set Marketing Objectives
iii) Set Marketing Strategies
iv) Implementation
v) Evaluation |
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Term
| The Six Fatal Business Flaws |
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Definition
i) Failure to innovate
ii) Failure to persist
iii) Failure to adapt
iv) Failure to create value
v) Failure to maintain uniqueness
vi) Failure to appropriate value(?) |
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Term
| The Four Step Process to Determining Global Expansion |
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Definition
i) Should we go global?
ii) Where do we go?
iii) How much commitment?
iv) How do we adapt the marketing strategies? |
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Term
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Definition
| Find local merchants to represent the company; least amount of commitment, allows for the control of production and provides the least economic risk |
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Term
| Contractual Agreements (2) |
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Definition
i) Licensing - provides another firm the right to produce and market the product for royalties
ii) Franchising - provides the right to adapt an entire system of business; second least commitment |
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Term
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Definition
| Relationship between a local firm & an international one looking to establish deeper commitments. i.e. Joint Ventures - two of more firms pooling their resources to form a new entity |
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Definition
| Investing into the purchase of an existing business or the creation of your own company; most commitment |
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Term
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Definition
Straight extension - same product into a new country
Product adaptation - moderate changes to an existing product
Product invention - total redesign of a product |
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