Choosing the value
___represents the "homework" marketers must do before any product exists.
"segmentation, targeting, positioning (STP)"
The
... [Show More] formula which is the essence of strategic marketing.
Providing the value-
Phase of Value Creation where marketing must determine specific product features, prices, and distribution.
value chain.
per Michael Porter the ___ is a tool for identifying ways to create more customer value.
primary activities
Below are the primary or secondary activities of the value chain?
(1) inbound logistics, (2) operations, or converting materials into final products; (3) outbound logistics, or shipping out final products; (4) marketing
secondary
_—(1) procurement, (2) technology development, (3) human resource management, and (4) firm infrastructure.
are ____ activities of the value chain
Core business processes
activities which are necessary for the the survival of the firm.
core competency
A ___ has three characteristics
1)It is a source of competitive advantage and makes a significant contribution to perceived customer benefits
2)It has applications in a wide variety of markets
3)It is difficult for competitors to imitate
SBU (strategic business unit)
•It is a single business or collection of related businesses
Strategic Business Unit (SBU)
a subgroup of a single business or a collection of related businesses within the larger organization
A distinct mission and specific target market
Control over its resources
Its own competitors
Plans independent of other SBUs
An SBU has...
Market penetration
market ___ increases market share among existing customers
Market development
Market ____ is; attracting new customers to existing products
Diversification
___ is introducing new products into new markets
Corporate culture
the shared experiences, stories, beliefs, and norms that characterize an organization
Internal environment
Controllable elements inside of an organization (human capital, organizational culture-Google, financial stability, corporate reputation, quality products, brand strength, etc.)
These elements represent key strengths and weaknesses of the firm
•Situation analysis
•An assessment of a firm's internal and external environments
External environment
•Uncontrollable elements outside of an organization that may affect its performance either positively or negatively (economy, competition, technology, political unrest, etc.) (Greece)
SWOT
enables the firm to develop strategies that maximize strengths and capitalize upon opportunities
customer groups, customer needs, and technology.
A business is defined on three dimensions
Overall cost leadership-
__ __ __ is when firms work to achieve the lowest production and distribution costs so they can underprice competitors and win market share
Differentiation
concentrates on achieving superior performance in an important customer benefit area valued by a large part of the market
Focus
focuses on one or more narrow market segments, gets to know them intimately, and pursues either cost leadership or differentiation within the target segment
Product or service alliances
One company licenses another to produce its product, or two companies jointly market their complementary products or a new product is known as ____
Marketing
an organizational function that creates, communicates, and delivers value to customers
market
a collection of buyers and sellers who transact over a particular product or product class (such as the housing market).
Consumers
sell their labor and receive money with which they pay for goods and services
Consumer Markets
Companies selling mass consumer goods/services focus on establishing a strong brand image by developing a superior product and packaging, ensuring availability, and backing it with engaging communications and reliable service
Business Markets
Companies selling industrial goods/services often face well-informed professional buyers skilled at evaluating competitive offerings
metamarket
a market with a cluster of complementary products closely related in the minds of consumers
Value
a combination of quality, service, and price (qsp), which is called the customer __ triad.
Satisfaction
reflects a consumer's judgment of a product's perceived performance in relation to expectations. [Show Less]