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Marketing (Fach) / Chapter 3 (Lektion)
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- Business Planning Ongoing process of making decisions that guide the firm both in the short term and for the long haul
- Strategic planning Who does it and what they do Top-level corporate management, who match firm's resources and capabilities to its market opportunities for long-term growth
- Mission statement Formal document that describes the organisation’s overall purpose and what it hopes to achieve in terms of its customers, products and resources
- Evaluating the internal environment Internal environment are all controllable elements inside a firm that influence how well a firm operates
- External Marketing Environment External environment consists of largely uncontrollable elements outside the firm that may impact positively/negatively
- Economic Environment Overall economic health/level of development of a country - Indicators such as GDP, GNP, unenployment, inflation - Developed vs. developing vs less developed country
- Competitive Environment Analysing the competition - Analysis of strenghts and weaknesses
- Competition in microenvironment means the alternatives from which the target may choose. Which levels? Level 1: competition for discretionary income Level 2: product competition (different products to satisfy same consumers’ needs and wants) Level 3: brand competition (competitor offer same goods for share of wallet)
- Competition: industry structure Monopoly–one seller controls market. Oligopoly–small number of sellers, each with a substantial share of market. Monopolistic–many sellers compete for buyers; each offers a slightly different product and has a small share of market Perfect competition –many small sellers each offering the same product.
- Sociocultural environment Sociocultural environment refers to the characteristics of the society, the people who live in that society and the culture that reflects the values and beliefs of that society.
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- Ethnocentrism Ethnocentrismis the tendency to prefer products or people of one’s own culture over those from other countries.
- SWOT analysis Allows managers to focus on: o Strengths (S) and Weaknesses (W) in the internal environment o Opportunities (O) and Threats (T) coming from the outside environment
- SMART criteria Specific Measurable Attainable Relevant Time bound
- Strategic business units (SBUs) Strategic business units (SBUs) are individual units representing different areas of business within the firm that are each different enough to have their own mission, business objectives, resources, managers and competitors.
- Portfolio management The range of products owned by a large firm is called a business portfolio
- Portfolio analysis Portfolio analysis allows a firm to assess the potential of its products and businesses
- BCG growth–market share matrix Focuses on the potential of existing products to generate cash New products chosen for their potential to generate future cash