Flashcards in Chapter 2 Deck (14)
What is value?
A ratio of the bundle of benefits a customer receives from an offering compared to the cost incurred by the customer in acquiring that bundle of benefits
What is a mission statement?
It articulates an organization's purpose, or reason for existence
What are the components of a mission statement?
1. Strategic vision - What the company would like to become in the future
2. Goals - what the firm hopes to accomplish
3. Objectives - provide the benchmarks by which organizational performance is assessed
What are the functions of a mission statement?
1. clarifies the purpose and primary, measurable objectives of the organization
2. A mission statement is meant for employees and leaders of the organization.
What is Strategic Planning?
The process of marshaling the various resource and functional areas of the firm toward a central purpose around the customer
What is a SWOT analysis?
1. Internal strengths vs. weaknesses
- competitive advantages
- internal barriers to growth
2. External opportunities and growth
- Macro and micro environmental factors
market opportunity analysis
- unfavorable trends or developments
What are the components of a marketing plan?
Establish goals and objectives
Develop Marketing strategies
Create an implementation plan
Develop contingency plans
the level of liking an individual harbors for an offering
a customer's commitment to a company and its products and brands for the long run
low propensity among a firm's customer base to consider switching to other providers
activities within a firm's value chain that act to increase the value of its products and services for its customers.
value creating activities
The five primary activities in the value chain are...
-Marketing and sales
The four support activities in the value chain are..
-Human resource management